Developers share plans for Lake Highlands Town Center

Dallas Business Journal - March 22, 2007

Prescott Realty Group has unveiled plans for a 2-million-square-foot development in Lake Highlands.

Preliminary plans for the Lake Highlands Town Center include a mix of retail, residential and office uses that would replace several aging apartment complexes in the area, near Walnut Hill Lane and Skillman Street.

Prescott Realty buying the Whisper Creek, Sutter Woods and Bella Palms apartment complexes, which will be demolished, to make room for the new development, said Vance Detwiler, managing director and principal of Prescott.

Detwiler met with about 400 residents from surrounding neighborhoods Tuesday night to discuss plans for a proposed Lake Highlands DART light rail station, and a hike and bike trail that will run along creeks and park areas before it ultimately connects to White Rock Lake and an outdoor amphitheater.

In addition, the developers are planning about 250,000 to 300,000 square feet of retail space, 50,000 to 100,000 square feet of office space and more than 1,000 residential units, consisting of townhomes, lofts, flats and condominiums, Detwiler said.

Work could begin as soon as the current apartment residents are relocated, which could occur as early as this summer.

"If various approvals proceed as anticipated, the project's first phase -- demolition, dirt work and infrastructure improvements -- is expected to require 18-to-24 months to complete," Detwiler said. "Phase two, including the construction of the residential, for-sale housing, office and retail, should follow completion of Phase One by an additional 12-to-18 months."

The project is within the Skillman Corridor Tax Increment Financing District, and Detwiler said funding from public entities, including the TIF district was essential because of the center's significant planned public space, demolition requirements and dirt work and infrastructure.

He said some funding has been approved and more is under consideration from the City of Dallas, Dallas Area Rapid Transit, Dallas County, Richardson Independent School District and the North Texas Council of Governments.

Details of the public financing component of the project are still being worked out, Detwiler said, so he could not comment at this time.

New aloft Brand Hotel Slated for Dallas Area

March 09, 2007
By Tonie Auer, Southwest Correspondent

Hoping to capitalize on its success with the W brand of hotels, Starwood Hotels & Resorts Worldwide Inc. plans to develop a new line of lifestyle hotels with the first aloft hotel in Texas, located in the affluent Dallas suburb of Las Colinas.

Starwood plans to partner with Dallas-based developer Hillwood, led by Ross Perot Jr., the company which developed the master planned Victory Park in Dallas.

Aimbridge Hospitality, Champ Development and JF Capital Advisors are also partners in the venture. Hillwood will serve as the primary equity contributor, Champ is developing the hotel and JF Capital has provided the underwriting and is managing the debt placement. In addition to having an investment interest, Aimbridge will manage the aloft property once completed.

The 136-room aloft Las Colinas will be the first aloft hotel to be built in Texas and will be located on Texas Highway 114, minutes from the Dallas Fort Worth International Airport and about midway between the cities of Dallas and Fort Worth.

“We are aggressively growing the aloft brand in strategic locations and Dallas--Las Colinas, in particular--is a thriving market and a place we’re excited to be in,” a spokesperson for Starwood told CPN.

Construction is set to begin later this month with a targeted opening for first quarter 2008, the spokesperson said. No financials on the project were disclosed.

Following the success of Starwood’s W Hotels, aloft properties (pictured) will feature urban-influenced design and a social atmosphere with guest lofts featuring loft-like nine-foot ceilings and oversized windows. The aloft line will be designed by David Rockwell and the Rockwell Group. Starwood anticipates the first aloft hotels to open in early 2008, with 500 properties worldwide expected by 2012.

In addition to Las Colinas, the partnership is also looking to develop aloft properties in several other locations throughout the country, including the suburban Dallas area.