April 28, 2007

Update (as of 4/27): NW Terrace Apartments

The L Streets Board of directors have been in contact with local leadership including Bill Blaydes, Jerry Allen and the LHAIA regarding recent developments at the NW Terrace property. We have reached out to other bordering neighbors including Highland Meadows Neighborhood Association to our east and the Elks Club whose facility is bordered by NW Terrace. Obviously, we have many organizations that have an interest in the future of this property, so we are centralizing our energy and communication to ensure our voices are heard effectively.

We have confirmed that the NW Terrace property is under contract; however, we are unsure of the closing date at this time. The potential buyer also owns several other apartment complexes in the Lake Highlands area and owns a local shopping center, so they have experience in both residential and commercial investments and management. We believe everyone has been looking forward to the NW Terrace apartments being sold and now that we have a buyer, we are optimistic they will do the right thing and redevelop this property.

With that being said, as concerned neighbors, we are making sure your voice is heard in these conversations. Since the potential buyer has not officially taken ownership of this property, it is premature to assume this will return to Section 8 Housing at this time. We have not confirmed that as a fact and we need to be clear we are working only with facts.

We understand we are not in complete control of what any owner decides to do with their property, but we also understand as neighbors and voters we have some influence on the process. Along with our City Council, LHAIA, Code Compliance and other partners in the area, we will leverage our knowledge, relationships and voices to influence this situation in a positive direction. At this point, we know that Bill Blaydes has a call into the potential buyer to have a face-to-face meeting with them to discuss more details and gather facts.

We ask our residents to stay positive about this situation and if they gather additional information, please send it to the L Streets Board of Directors designated Email NWTerrace@lstreets.org to ensure we continue to work with facts and speak with one voice.

Our goal is to centralize our communication efforts to have the greatest impact.

We will continue to update everyone as we receive quality information. This will also be a topic of discussion at our May 8th meeting, which we encourage everyone to attend. Please visit our website, www.lstreets.org, and Upcoming Events on the Home Page for meeting time and location.

Kind Regards,

L Streets Board of Directors