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Prescott Realty Group Breaks Ground on Lake Highlands Town Center in Northeast Dallas.

Much-Anticipated Mixed-Use Transit-Oriented Development Promises a Landmark Destination to Shop, Live, Work and Play

DALLAS -- Development is underway for the much-anticipated Lake Highlands Town Center in Northeast Dallas. Project developer Prescott Realty Group and other private and public partners including Dallas Mayor Tom Leppert broke ground today for the signature 70-acre, 2 million square foot, mixed-use community. Located in the heart of Lake Highlands at the intersection of Skillman Street and Walnut Hill Lane, the $350 million transit-oriented, mixed-use development will offer a variety of retail, residential and office uses as well as more than 20 acres of public space including parks, lakes, an amphitheatre, hike and bike trail, and DART light rail station.

"Today marks an important milestone, both for this development and for the Lake Highlands community," said Vance Detwiler, president of Prescott Realty Group. "Our groundbreaking represents more than a year of collective efforts and an unprecedented public/private partnership that will create a landmark destination to shop, live, work and play."

Citing the support of event participants Mayor Leppert, District 10 - Dallas City Councilman Jerry Allen, and former Councilman Bill Blaydes, Detwiler acknowledged the collaboration of many public agencies including the Skillman Corridor TIF District, City of Dallas, Dallas County, DART, and the North Central Texas Council of Governments, all of whom partnered with Prescott Realty Group to bring the project to fruition.

Lake Highlands Town Center will feature a pedestrian-friendly environment, a retail promenade lined with 250,000-300,000 square feet of specialty retail shops and 50,000 - 100,000 square feet of office space - all located within walking distance of over 1,600 upscale residential units including townhomes, patio homes, flats and lofts. Anchored within the development will be the highly anticipated DART light rail station. A 20-acre park with natural water features, hike and bike trail and proposed creeks, lakes and park areas will ultimately connect to the White Rock Lake trail to the south. Outdoor concerts and live theater performances will be possible in the outdoor amphitheater surrounded by beautifully landscaped green spaces with mature trees and a natural creek setting.

"Lake Highlands Town Center is a significant development for Dallas and is expected to bring both economic growth and exciting public improvements to this beautiful and vibrant area of our city," said Mayor Leppert.

Explained Councilman Allen, "This project breathes new life into the Lake Highlands community, taking transit oriented development to a new level, offering the convenience of transportation, shopping, public parks and a broad range of housing options in one premier destination."

"Our first phase of work is now underway, with abatement and demolition of existing structures expected to be complete by April 2008, followed by dirtwork and infrastructure that should allow the vertical construction projected in 2009," explained Detwiler.

Added Detwiler, "Progress is also taking place behind the scenes in numerous other areas. We are at the planning and design phases for the public parks and lakes and are also in talks with several key retailers."

Project partners acknowledged at the event included investment partner Cypress Real Estate Advisors, retail development partner The Retail Connection, architect RTKL and public partners The City and County of Dallas, DART, The North Central Texas Council of Governments and Richardson Independent School District. Numerous other community leaders and residents attended the groundbreaking celebration featuring entertainment by local Lake Highlands High School students.

About Prescott Realty Group

Prescott Realty Group, developer of Lake Highlands Town Center, specializes in development of mixed-use, urban infill projects. Other current transit oriented developments include Mockingbird Central, a 20-acre urban infill project located in Dallas just north of Mockingbird Station.

Prescott's active residential projects in the Dallas area include The Stoneleigh Hotel and Residences, Regent's Park and Newton townhouses in Uptown. Current commercial projects include the 6060 North Central Expressway building, Walnut Glen Tower and Summit Office Park.

For more information, please visit www.prescottrealtygroup.com or www.lakehighlandstowncenter.com.
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Publication:Business Wire
Date:Nov 8, 2007
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