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greyhound coach 1960s vintage.Most of Lake Air Mall and all of Lake Air Court are owned by Austin based Lake Air Holdings LLC. An outparcel that takes in Panda Express and a small bank branch is owned by Montana Avenue Preservation Co. of Hidden Hills, Calif., according to records at the McLennan County Appraisal District.In other Waco area real estate news:Land clearing has begun on 30 acres near Bagby Avenue and Central Texas Marketplace, where Dallas based Emerald Waco proposes to build a senior living complex.It also will market the land for professional offices and retail development, said Mark Matise, a partner in Emerald.Cathy Groppe, program supervisor for the city of Waco's inspection department, confirmed that Emerald Waco has submitted a site plan that includes a skilled nursing facility and apartments to accommodate residents who need assisted living or can live independently.The plan shows outparcels serving as sites for a pharmacy and restaurant or retail establishments."We have prospects, but none that I can announce at this time," Matise said Friday during a phone interview.Austin based SCC Development continues to market the Richard Karr Motors site at Lake Air and Valley Mills drives, which will become vacant when Karr relocates his Buick GMC Cadillac dealership to a new facility on West Loop 340, probably in December.Kelly Shaw, a principal with SCC Development, said the aging