Six other developers have failed to get the project off theground in the past four years. It was the aligning of a bondpackage, tax increment financing district and Dallas Area RapidTransit plan for a new station that brought the Texas-seeded JV tothe table. "When we saw that happening, we made the move to puteverything under contract," says Vance Detwiler, managing directorand principal for the Dallas-based Prescott. "I felt like it wassomething that could succeed."

The Lake Highlands Town Center's preliminary plan calls for250,000 sf to 300,000 sf of retail, 50,000 sf to 100,000 sf ofoffice and more than one million sf of residential units of varioustypes, including 100 townhouses and patio homes. The residentialbuild-out has a 20% affordable component. Detwiler tellsGlobeSt.com that he's interviewed two retail developers and willdecide within two weeks which one will be the JV's partner for theurban-retail component.

The mixed-use space will replace three class C complexes thatare 50% occupied. More than 1,400 units will be scraped: WhisperingCreek on the northeast corner of Walnut Hill Lane and SkillmanRoad; Sutter Woods at the southeast corner and its abuttingneighbor, Bella Palms. Detwiler expects to close the deals with thethree sellers in late April or early May, delivering itsAustin-based equity partner's inroad into Dallas/Fort Worth.Cypress' mixed-use and residential footprints are located inHouston and Florida.