This should be good news. Get a new owner with plans to reconfigure the center (split up the Fred's to small suites)or scrape the center & redevelop with the benefit of the TIFF. Remember without the two Ashton Apts on Skillman going into foreclosure, we would not have the the future Town Center. New ownership will be good rather that the old status quo.

Wouldn't it be great if a consortium of Lake Highlands investors could work together to own the destiny of this space. Any local investment bankers want to put together a plan? I think the community would support a center that they had ownership in. How many of us would buy a "share" just to see this space thrive? Stranger things have happened. I see a model for the rest of the city/country--if I had the credentials, I would lead the charge. As it is, it would be worth my quality of living/insurance of what was put in the space/safety to invest there if given the opportunity.

Update: 12:43 p.m. 12/10/09

A Wells Fargo representative has reported to LH Today that Wells Fargo does not own the debt, but that bond holders in a CMBS (Commercial Mortgage-Backed Securities) pool currently hold the debt.

We will continue to keep you updated as new information becomes available.

I think the Pollyanna rose colored glasses view that is so pervasive throughout much of Lake Highlands is sweet. Now let me give you the real world 411 on how this is going to go down. Capmark on behalf of Wells Fargo as Trustee for the CMBS Trust as mentioned above and acting in their fiduciary responsibility will seek to maximize returns or rather minimize losses and sell this property to the highest bidder. Capmark is not a developer and has no interest in how this plays out except for the bottom line$$$. The winning bidder will likely be a distressed debt investor who buys projects, such as this, to make a profit. Sadly a big new single family housing development is not the way to maximize returns in the new world economy. I did read the three part piece on the “wishes and buts” for that corner and a girl can have her dreams but don’t hold your breath, you’ll pass out. Merry Christmas.

True. Capmark is likely the Special Servicer to do a workout or dispose the asset. I would think any redevelopment will not, if at all, occur until the Town Center show signs of positive leasing. The purchase of the center out of foreclosure, with a much reduced basis, increases the feasibility of redevelopment or reworking the Fred's space & $$ to attract a tenant for the Wal-Mart space. The recent news of the leases signed for anchor tenants at the Timbercreek center is positive for the area. Residential redevelopment does not reflect the highest & best use of the LH Plaza site. The H&BU;is retail & will remain for the future.

Update: 11:15 a.m. 12/11/09

Dallas Morning News is reporting a group of investors has retained counsel to fight to keep the Brauss real estate companies out of federal bankruptcy court.

The investors are claiming that millions have been diverted from parnership funds. DMN reports that Today Realty Advisors had negative equity of $8.3 million at the end of October.