Prescott Realty Group is demolishing more than 270 aging apartments on Skillman Street, where it plans to build 362 apartments. The site is south of its Town Center project, which is under construction.
And farther north on Skillman at Church Road, Prescott has sold a tract that will be developed into 37 single-family homes.
The new projects are a continuation of work that Prescott started more than seven years ago to redevelop the area along Skillman.
Late last summer, Prescott broke ground on the first 200 apartments and retail space in the 70-acre Town Center. Those rental units and ground-floor retail will be finished next year.
In the meantime, the developer is knocking down more apartments along Skillman that were built in the late 1960s and early 1970s to make way for additional construction.
“We’ve started environmental abatement this week, and the demolition crew should show up in August” at the old White Rock Trails and Toscana apartments, Prescott CEO Jud Pankey said. “Hopefully we can pull this project off in 18 to 24 months.”
The planned $45 million apartment development will be connected by a pedestrian trail to Lake Highlands Town Center. The three-story craftsman-style complex will have a combination of individual garages and surface parking.
Pankey said rents in the next apartments will be slightly below what’s being built at Town Center. And the projects will be priced lower than what new projects are getting in closer-in neighborhoods.
After planning and obtaining zoning for the land at Church and Skillman, Prescott sold the property to MasterPlan Development Co., which will develop the lots and sell them to builders.
“They already have most of the 37 lots sold to builders,” Pankey said. “The empty nesters have been calling.
“In Lake Highlands, the demand for new homes far exceeds the supply.”
Coventry Homes, Highland Classic Homes and New Leaf Realty will sell houses in the development starting early next year.
Prescott Realty began working in the area in 2006 when it started buying dilapidated apartments along Skillman.
The 2 million-square-foot Lake Highlands Town Center project was put on hold during the worst economic recession in generations. Construction began again late last year.
Via Dallas News