LAKE HIGHLANDS TOWN CENTER BREAKS GROUND

DALLAS — Construction is under way on the first phase of Lake Highlands Town Center, a mixed-use development located in northeast Dallas. The first phase includes a 200-unit multifamily development and 7,450 square feet of retail. Prescott Realty Group and its equity partner, Austin-based Cypress Real Estate Advisors, are co-developing the project. The multifamily complex will feature a clubhouse, fitness center, resort-style pool and outdoor dining areas. The development is slated to feature a 20-acre park with public art, jogging trails and an outdoor amphitheater. The project was financed through a conventional HUD loan under the agreement that 20 percent of the units be made available for work force occupants such as entry-level teachers, firemen, police officers, private sector employees and entrepreneurs who earn 80 percent of the area's median income.