COCKRELL HILL – Jefferson Boulevard in Cockrell Hill is lined with rundown buildings in a worn out city; a place progress often passes.

But city leaders now see something else.

Potential.

"It's one of those things where you have to look at what it's going to be rather than what it is," said Donald Silverman, Managing Partner, Margaux Development.

Silverman’s company has just cleared 10 acres of shoddy homes and tired buildings at the southwestern corner of Cockrell Hill and Jefferson Boulevard.

It will soon be replaced with a 100,000 square foot shopping center including retail and a grocery store.

Across the street, at the corner of Penrod and Cockrell Hill, another new store is nearing completion.

"There are good incomes here,” Silverman added. “There are hardworking people here. And they have virtually no retail amenities."

Silverman’s projects are a small part of a big plan along Jefferson Boulevard.

In all, Cockrell Hill wants to demolish a dozen blocks of outdated buildings to make way for larger stores and restaurants.

"Our streets are in bad shape,” said Luis Carrera, Cockrell Hill’s Mayor. “The infrastructure is in bad shape. Ten years from now I hope to see it similar to Addison."

The redevelopment project could eventually cut property taxes in this city of 4,443 residents. Right now, homeowners in Cockrell Hill pay one of the highest property tax rates in all of North Texas because the city has so little retail to rely on. It's hoped the new business moving in will eventually share more of the tax burden.

Six months ago, the City of Cockrell Hill was mired in a financial mess and on the brink of bankruptcy, Carrera said.

Now though, with property so cheap, developers are helping the city finally realize its potential.

E-mail jwhitely@wfaa.com