Apartments under consideration for redevelopment: These locations are currently the subjects of a feasibility study and could be removed to make way for single-owner homes and retail.
The new owners of several Lake Highlands apartment properties are exploring the possibility of turning four complexes into mixed-use developments.
Ronald Weisfeld is part of the local partnership that recently acquired the Adagio Palms, Toscana Palms, Sontera Palms and Montecito Palms apartments in the north Lake Highlands area. He and his partners have initiated a feasibility study to analyze the financial possibility of redeveloping the properties into a mix of residential and retail uses. The goal is “for a majority of the property to be used for residential owner occupied homes,” he says. Redevelopment would be contingent on financial assistance from the Lake Highlands TIF (Tax Increment Financing along the Skillman Corridor) and the City of Dallas planned development approval, he says.
Though this is only in the analysis phase, the implications such an idea has for the Lake Highlands area, home to a glut of the city’s affordable housing, are vast — according to Weisfeld, these four apartment communities contain 1,060 apartment homes and are more than 90 percent occupied.
If analysis shows the complete redevelopment to be unfeasible, Weisfeld promises renovations to the existing buildings, which all were built well over 30 years ago.
Prior to acquiring these properties, Weisfeld and partners bought and renovated both the 120-unit Everwood apartments and the 65-unit Newport Condominiums. We will continue to report on this as we learn more.
