Lake Highlands Town Center receives approval for zoning and TIF funding from Dallas City Council

The Center is planned to be a unique, mixed use transit oriented development.

DALLAS — Developer Prescott Realty Group announced that its Lake Highlands Town Center project received both zoning and Tax Increment Financing (TIF) approval from the Dallas City Council on Wednesday, June 13, 2007. Lake Highlands Town Center is located along Skillman and Walnut Hill Roads in Dallas, Texas.

“Today is a big day for Prescott and the Lake Highlands community,” said Vance Detwiler, managing director and principal of Prescott Realty Group, the project’s developer. “With zoning and TIF approval, we’re moving forward with closing on the included properties the last week of June.”

“This project promises to transform Lake Highlands and create a stronger tax base for Dallas, yet it would not have been possible without the leadership of Dallas Councilman Bill Blaydes, who worked tirelessly to bring the TIF District and redevelopment in Lake Highlands to life,” Mr. Detwiler added.

Planned as a unique, mixed use transit oriented development (TOD), Lake Highlands Town Center will include 1.7 to 2.0 million square feet of retail, residential and office uses. The proposed Lake Highlands DART light rail station will be located at the northeast corner of the development. Structured public parking for DART riders, the “kiss and ride” drop-off, van pools and bus bays are also part of the proposed public improvements at Lake Highlands Town Center.

“Funding from public entities including the Skillman Corridor TIF is essential, due to the center’s significant planned public spaces and the site’s required demolition, dirt work and infrastructure,” said Mr. Detwiler.

Lake Highlands Town Center will be a 69-acre, landmark destination centered on a pedestrian friendly “Main Street” promenade with shopping, dining and entertainment venues, all of which will be accessible via convenient on-street parking.

Source: Prescott Realty Group