6. In response to retailer requests, Prescott is requesting an additional curb cut on east bound Walnut Hill Lane turning right into LHTC. This SE corner is a prominent corner and accessibility is important for retailers. Prescott is also requesting to maintain an existing curb cut on northbound Skillman, south of Walnut Hill Lane - a remnant of the former apartments. Prescott had plans to demolish this, but retailers are requiring this ingress/egress.

7. Prescott is requesting flexibility on front setback requirements within the development, so that they can carve out some areas along the interior streets for plazas and/or open space. The idea for urban development is to have everything built close up to the sidewalks. This request aims to create some flexibility with that requirement to allow for gathering places.

8. Regarding tree mitigation, Prescott is requesting clarification of certain requirements in light of their extensive tree preservation efforts on the site. Clarification is needed because some trees were located very close to old building structures that were not able to be saved. That said, Prescott has spent nearly 500K on their tree mitigation effort to date, including 30K+ on the relocation of the LHTC signature tree, which Lake Highlands Today reported on here in July.

Vertical Construction: Given the current economic environment and difficult credit markets, Phase One vertical construction is planned to begin in early 2010 and will consist of 250 luxury residential units (for-lease) and approximately 100,000 SF of retail and restaurant space including the grocery anchor.

Prescott expects the anchor tenant to use about 25,000 square feet with the remaining split between retailers. Sizes will probably vary from 1,500 to 6,000 square feet, depending on the retailer’s use.

Phase One will be constructed in the area immediately south of Walnut Hill and will consist of mixed use for residential and retail. The buildings will include stand-alone retail and mixed retail along with residential buildings on the south side of the complex, where the anchor will be located.

The stand-alone retail will be built at grade to Skillman on an elevated deck. The idea is to utilize the natural topography of the site that slopes down easterly from Skillman.

As a result, the Town Center will have a well-lit parking field of below-deck parking that, while below grade to Skillman, will open up at grade onto Wildcat Way. "The goal is to make parking plentiful, convenient and safe," says Colovas.

Wildcat Way will be a spacious promenade (nearly 140’ wide) with a wide landscaped center median. Sidewalks, 14 to 16 feet wide, will line the restaurants and retail shops.

"Prescott envisions Wildcat Way as the hub of pedestrian activity and the lifestyle focus of the Town Center," says Colovas. "There will be a center plaza area and clock tower on Wildcat Way and mature trees, many of which have already been re-planted from our two on-site tree farms."

"The 20 acre park will feature a public amphitheater for community performances and entertainment, along with the hike and bike trail and green space for picnics and recreation," she says. "All of this will overlook the lake."

Financing: Phase One construction requires a $70 million financing package. "Prescott is still pursuing financing, and it is not completely secured yet," reports Colovas. "But we are very optimistic we will have the full amount in time for vertical construction to begin."

"Prescott will not begin construction until the money is raised and the space is leased," she concludes.

To view the most recent renderings of the LH Town Center, click here.

For more information on the Lake Highlands Town Center project, visit the Prescott website at http://www.lakehighlandstowncenter.com.