This is a scary quote if you’re doing any kind of real estate development in Dallas, and especially something as big as the Lake Highlands Town Center.
This is the toughest financing market that I’ve seen in the last 20 years. So we’re going to have to pause and look at reprogramming it.
That was Tom Hicks, who announced yesterday he was indefinitely postponing his $510 million Glorypark development at in Arlington.
Hicks’ company and the developer he brought in not only couldn’t find a department store to anchor Glorypark, but couldn’t line up financing to build the thing. Do Lake Highlands residents need to be worried that the same thing could happen to the Town Center?
Because there is one more quote to ponder, from a Dallas real estate analyst: "They’ve been talking about the project for a while, but they haven’t been able to announce tenants. I don’t think anybody thought they were moving full speed ahead."
We’re still waiting, in fact, to hear about Town Center tenants. An announcement was tentatively scheduled for March, then pushed back to this month, and has now been delayed another month or so. This is not in itself an indication of any problems, but it is something to ponder given the Glorypark news.
