Austin-based Cypress Real Estate Advisors ostensibly could be taking over operations at the Lake Highlands Town Center.
After I wrote about Lake Highlands Town Center and the lack of new information and progress, I received a few tips, all similar in nature:
Cypress Real Estate Advisors has been Prescott’s equity partner in the Town Center. After Cypress paid back the private lender (the town center also has received public funds for an apartment project, which is the only upward construction we have seen on the development on which we broke ground in 2007), they began taking a more active role in decision making and subsequently, more recently, shrinking Prescott’s role.
Visible changes at the Town Center site over the past few days back up the reports, which come from local real estate experts who didn’t want to be named at this point. The Prescott Realty Lake Highlands Town Center signs, which have been on both sides of the Walnut Hill and Skillman intersection are gone. Sometime last Thursday or Friday, Cypress Real Estate signs replaced them. Cypress Real Estate Advisors also recently added Lake Highlands Town Center to its online portfolio. However, when I contacted Prescott last week to see if anything new was happening with Town Center, they said, “no.”
I have contacted Cypress and hope to hear back Monday. I will report anything I learn.
