June 30, 2022

McKenzielee Blog

Wicked Clever House Experts

Portion of Lake Highlands shopping center being demolished for townhomes

3 min read

Barbara Reeves, a longtime real estate agent with Re/Max, remembers the excitement of her brokerage’s office moving to a new shopping center in Lake Highlands around 1985.

The building is northeast of Tom Thumb at the intersection of Skillman Street and Audelia Road, known by its large tiled dome roof. In the years that followed, she said the property — known as the Plaza National Bank shopping center after its former anchor tenant — became a community gathering place where tenants and community members could support local businesses instead of leaving their neighborhood.

“It was a place to go, a destination for the Lake Highlands people at that time,” Reeves said. “It was an iconic-looking thing, I mean, it was this beautiful shopping center that was just the greatest thing.”

Reeves gathered many of those former tenants and community members together May 6 to share memories as the two-story building of the 100,000-square-foot center along Audelia is being demolished for a 5.6-acre townhome development.

Tenants on site over the years included a dance studio, bakery, restaurant and dentist’s office, among many others.

Barbara Reeves (center) worked in a Re/Max office from the 1980s to 2003 at what is now the Lake Highlands Village shopping center. She gathered former tenants as her building is torn down for a townhome development.(Lola Gomez / Staff Photographer)

“It’s kind of sad,” said Gerry Taylor, who worked in the center for about 12 years with Bankers Financial Mortgage Group — a company that eventually merged into LegacyTexas Bank, acquired by Prosperity Bank in 2019. “It was a very vibrant area of Lake Highlands for quite a while.”

JAH Realty — which owns 34 shopping centers across Dallas-Fort Worth and Oklahoma City — bought the shopping center at the end of 2019. The company has owned the adjacent Royal Highlands Plaza anchored by Tom Thumb since 2007.

After the 2019 deal, the firm renamed its full 20 acres Lake Highlands Village, including the Tom Thumb retail center, the remaining 50,000-square-foot portion of the Plaza Bank center and the future townhomes.

The owner is working with a developer to build the townhomes but has not signed a contract or completed the permitting process. Plans call for 85 townhomes for sale, and construction is expected to begin in 2023 and take about two years.

The eastern portion of the former Plaza National Bank shopping center is being demolished...
The eastern portion of the former Plaza National Bank shopping center is being demolished for townhomes.(Lola Gomez / Staff Photographer)

“It’s certainly going to be quality townhomes, but I cannot specify the price point right now,” said Graham Irvine, managing director of JAH Realty.

Irvine said the addition of other retail buildings in the neighborhood over the years has created tough competition. The two-story building has been primarily vacant over the past couple of decades, with BBVA Compass operating a financial center there until 2018.

“Despite it being an attractive product, it just hasn’t had demand,” Irvine said.

Reeves’ Re/Max office left the property in 2003. She said she has mixed emotions about the building being torn down, but she knows as a real estate agent that residential is now the best use for the site.

“The demographics have changed, and you know, people have changed,” Reeves said. “That’s not a go-to destination anymore.”

https://www.dallasnews.com/business/real-estate/2022/05/10/portion-of-lake-highlands-shopping-center-being-demolished-for-townhomes/

Copyright © mckenzieleeblog.com | Newsphere by AF themes.