Lakeside DFW, a 117 acre mixed-use property on the northern shore of Lake Grapevine in Flower Mound, has emerged from bankruptcy protection after a year of uncertainty.
“We are pleased to have found new capital partners that have invested substantial monies in the project. This new capital has enabled us to work out a new loan with our lender, BBVA Compass Bank”, said Peter Stewart, President of Lakeside DFW, Inc.
Stewart did not name the new partners but said that they consist of a financial institution and a master developer.
“We are now prepared to move forward and work with the town and our neighbors to begin getting some zoning in place,” said Stewart.
Lakeside DFW is located in the 1,500-acre Lakeside Business District in southern Flower Mound between FM 2499 and Lake Grapevine. The Stewart family of Dallas has owned the property for 38 years.
Hines, a large international development company, purchased a site in Lakeside several years ago to develop an 18-story hotel and luxury condominium project on 9 acres that overlooks the lake. Lakeside Resort & Residences was originally scheduled to break ground in February 2007.
Much of the remainder of the property also fronts directly on Lake Grapevine and is zoned for a mix of commercial uses.
“Now that the property financing is completed, we will be meeting with our neighbors and the town to determine the appropriate vision for Lakeside”, said Stewart. “We are excited to be able to start working on that and look forward to receiving some great ideas from them.”
“We may now continue our efforts to create the high-quality, mixed-use project that the town and our family has always hoped it would become.”