A couple of weeks ago, Prescott Realty Group, which is developing the Lake Highlands Town Center, halted construction on its Stoneleigh condo tower in Uptown and removed the cranes from the building. The reason why, according to the DMN story, was a lack of financing to complete the project.

The Stoneleigh project was mentioned again in another recent DMN story about the shaky financial foundation on which developers are finding themselves. "With financing at a virtual standstill, some Dallas developers have delayed or shelved projects. Property isn’t selling. Borrowers must renew or extend existing loans. Even ongoing construction isn’t safe," the story stated, then went on to quote Prescott chief executive Jud Pankey as saying that lenders "are being very conservative."

The question for Lake Highlanders then becomes, does this have implications for the Lake Highlands Town Center? I posed the question to Prescott’s Stephanie Colovas and the answer was no, not really.
"The Stoneleigh project is completely separate from the Lake Highlands Town Center," Colovas says, "different ownership structure, different investment partner … so it in no way affects the Lake Highlands Town Center. That’s the good news.

"The common thread here, though, is that it’s a sign of the time that financing is very difficult in this environment right now. In this particular case, we had a lender in tow who had literally pulled out at the last minute. A lot of these things are just out of our control. Things will get done, it’s just going to take longer, and it will take a little bit more tenacity."