Prescott Realty, the developers of Lake Highlands Town Center, last Friday sent out a press release confirming their involvement in two projects in Lake Highlands in addition to the Lake Highlands Town Center [visit our Town Center topic link, here]. They also sent this cool overhead shot of our neighborhood (above).
We reported last month on both projects, without Prescott’s comment, because they would not comment at the time, but based on public documents and other involved parties. So now they are commenting, and you can find all of Prescott’s commentary below.
Also below are links to our previous articles with details about the two projects Prescott has confirmed “reigniting.”
Toscana apartment project, May 29.
Prescott also recently confirmed to us vie email that the multifamily-living construction at Town Center will be named Haven Lake Highlands.
Below, the entire press release from Prescott Realty, regarding Toscana and Bordeaux:
DALLAS, June 21, 2013 – Prescott Realty Group, in conjunction with neighborhood efforts and the City of Dallas, has reignited two projects located near Lake Highlands Town Center that were delayed by the downturn in the local real estate market. Prescott is forging ahead with these projects to meet the needs of the market and surrounding Lake Highlands neighborhood.
Beginning with the recent sale of a land tract at Church Road and Skillman Street, Prescott transformed a new single-family residential vision into a reality. Before selling this parcel of land to MasterPlan Development Company for the development of 37-single-family lots, Prescott initially purchased the vacant church and homestead, non-operational utility easements and alley from the city of Dallas. The purchase ultimately procured the necessary entitlements for selling the parcel to MasterPlan.
“Prescott’s continued investment in the Lake Highlands area helped drive this project, bringing this piece of land, which had never been improved, onto the tax rolls,” said Prescott CEO, Jud Pankey.
“After overcoming numerous challenges, we were able to sell this land to Stephen Davis, president of MasterPlan Development who is a Dallas “native” and current Lake Highlands resident. We look forward to seeing his progress and his new development that will bring needed residential lots to the neighborhood,” added Brian Leslie, Prescott’s property manager for the asset.
“Without a coordinated effort with the neighborhood, the City of Dallas staff and Councilman Allen; this project would not have been possible,” said Vance Detwiler, Prescott’s president.
“Being a long-time resident of Lake Highlands, I have watched this community blossom over the years and wanted to become a bigger part of its growth. Over the past year we have worked closely with Prescott to pave the way to bring additional single-family homes to the area,” said Davis. “This new custom-home neighborhood called the Bordeaux at Lake Highlands will showcase three custom builders – Coventry Homes, Highland Classic Homes and New Leaf – and will be ready early next year.”
Adding to this positive momentum, Prescott is taking the first step in multifamily development by beginning the abatement process of the White Rock Trail and Toscana apartments, to be followed by demolition this summer. This milestone culminates five years of efforts to create a new vision for the project after the 2008 recession. The yet to be named project is a $45-million multifamily development which sits on 11 acres and will be a three-story, craftsman style building with masonry and side exteriors consisting of 362 apartment homes. Additionally, it becomes the gateway project into Lake Highlands via Northbound Skillman Street.
This newly designed project reflects the forwardDallas! plan, a first-of-a-kind city-led, citywide comprehensive plan driven by direct citizen involvement. Including fewer units than in previous plans, the traditional multifamily project is responsive to feedback from the City of Dallas Design Studio and the Lake Highlands Tax Increment Financing (TIF) Board. This new vision incorporates a proposed public hike and bike trail connection to the forth coming Lake Highlands Trail and the existing White Rock Creek Trail. The Class A property will include a stunning clubhouse and all modern amenities.
“This Class A multifamily project Prescott designed will be a welcome new component of the neighborhood and a great replacement to the shuttered White Rock Trail and Toscana apartments. The new property will provide the quality construction and amenities seen in the Uptown submarket, and will provide a great community for young families and professionals, school teachers and empty nesters,” said Dave Dierkes, Prescott’s project manager for the development.
“Prescott re-examined the White Rock Trail and Toscana project to create a new offering that speaks to the dynamics of the Lake Highlands market. The commencement of the abatement and demolition process coupled with the new single-family development from MasterPlan Development and the mixed-use construction of the Haven Lake Highlands at Lake Highlands Town Center marks the beginning of three new developments that will bring Class A residential opportunities to a community that is in short supply of available residences,” said Detwiler.
The redevelopment of White Rock Trail and Toscana apartments is projected to open in late summer 2014.
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About Prescott Realty Group
Employing 16 years of real estate expertise, Dallas-based Prescott Realty Group (www.prescottrealtygroup.com) specializes in the investment and redevelopment of mixed-use, urban infill projects and infrastructure-rich settings. Since the company started in 1996, Prescott has been a prime contributor and quiet leader in transit, mixed-use developments and residential projects providing people with live, work and play environments.
About MasterPlan Development Company
MasterPlan Development Company (www.masterplandevelopment.net) is a full-scale real estate development, marketing and sales organization engaging in mixed-use development projects including highly amenitized residential communities, selling both custom retail and builder homesites across Texas.
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