Work Begins on Multifamily Redevelopment in East Dallas
- Jun 24, 2013
Dallas—Prescott Realty Group, in conjunction with the city of Dallas, has restarted two projects located near Lake Highlands Town Center in East Dallas that were delayed by the late 2000s downturn in the local real estate market. One of these projects involves the development of an apartment community, the other preparing land for single-family residential development.
The company has taken initial steps in the redevelopment of the White Rock Trail and Toscana apartments by beginning the abatement process of the site, which will be followed by demolition of the existing structures later this summer. Plans for the site were formulated five years ago, but put on hold by the recession. The current, modified plans call for a 362-unit apartment building with a clubhouse and other common amenities on the site.
The yet-to-be named development, which sits on 11 acres, will be a three-story, craftsman-style building with masonry and side exteriors. According to Prescott, the apartments will be the gateway project into Lake Highlands via Northbound Skillman St., and will reflect the forwardDallas! plan, a city-led initiative dependent on direct citizen involvement.
The most recent plan for the site includes fewer units than in previous iterations, in responsive to feedback from the City of Dallas Design Studio and the Lake Highlands Tax Increment Financing Board. This new plan also incorporates a proposed public hike-and-bike trail connection to the forthcoming Lake Highlands Trail and the existing White Rock Creek Trail.
Prescott has already completed land planning for the single-family development near Lake Highlands Town Center. The company recently sold a tract at Church Rd. and Skillman St. to MasterPlan Development Co. for the development of 37-single-family lots. Prescott initially purchased the vacant church and homestead, non-operational utility easements and alley, all from the city of Dallas. The company then procured the necessary entitlements before selling the parcel to MasterPlan.