Ground broken on massive development in northeast Dallas

Construction has officially begun the much-anticipated Lake Highlands Town Center in northeast Dallas, according the Dallas Morning News. The complex is planned to include some residential space as well as 7,450 square feet dedicated to retail. The sizable initiative will surely be a draw for those considering buying one of the homes for sale in Dallas.

After stalling during the recession, the project has once again gained steam and is expected to attract new residents, supply new jobs and boost local property values. A recently received $23 million loan from the U.S. Department of Housing and Urban Development has allowed the investors, Prescott Realty Group, to begin building the modern structures and shops.

"We are excited to finally see the project go vertical after the completion of the horizontal portion of the project," Vance Detwiler, president of Prescott, told the news source.

Once completed, the development will feature not only residential and retail space, but offices as well. The resumption of the construction and high aims for attracting new jobs to the area may be an indicator that real estate in Dallas is about to improve.