Next up: rezoning for single family homes
Councilman Jerry Allen told us then that "many parts of this community are literally a blank canvas."
"This is no time to stop thinking about the future," he said. "We need to think big and get excited."
Eighteen months later, give or take a week or two, the Dallas City Council has officially approved the appropriation of TIF funding for the Lake Highlands Plaza project.
Why are TIF [Tax Increment Financing (District)] dollars so important? Consider it the city's carrot to help stimulate redevelopment.
An estimated $2 million in TIF funds will be used for necessary infrastructure improvements including things like demolition – funds which will be made available after those improvements have been made.
The TIF funding has literally paved the way for Audelia WGK, an entity created by a group of local real estate investors, to begin redevelopment of the center.
It's been a long time coming since Today Realty Advisors, the former owner of LH Plaza, defaulted on its loan and company founder Eric Brauss fled the country.
Thanks to the determined commitment of Lake Highlands volunteers, architects, and former and current city leaders, Walnut Hill and Audelia is finally set to see some dirt start flying.
Councilman Allen estimates several months, following necessary rezoning to allow for the construction of new single family homes.
Stay tuned to LH Today for future updates.
