Lakeside DFW has released the initial concept plan for their 150-acre, $1 billion proposed development in south Flower Mound overlooking Lake Grapevine.
“We are very excited to present this concept plan to Flower Mound residents and to the town officials,” said Richard Myers, Managing Director of Realty Capital.
“This plan has been a work in progress as we have been incorporating the ideas and feedback from over 500 Flower Mound residents after numerous meetings with them over the last six months.”
Lakeside is a proposed mixed-use development west of FM 2499 along Lakeside Parkway with two main areas, Lakeside Village and The Shops at Lakeside.
Lakeside Village will be a collection of restaurants with lake views, shops, cafes, entertainment venues and possibly a boutique hotel with villas.
The Shops at Lakeside is designed as the “town center” and will have a variety of uses including shops, restaurants, offices and single-family homes, apartments, high-rise condominiums, townhomes, empty-nester homes and senior living.
Responding to concerns about overcrowding at nearby Bluebonnet Elementary and Shadow Ridge Middle School, Myers said that the homes in Lakeside are being designed to appeal to households without children.
“Of the hundreds of Flower Mound residents that we have already met, many of them told us that they are looking for “empty nester” housing types. They currently live in large homes with large yards, and they are looking for a new, high-quality home on a smaller lot.
“They want to stay in Flower Mound but can’t find that type of new home. Local realtors tell us the same thing. Lakeside will have very few school children compared to virtually any other neighborhood in Flower Mound.”
The homes in Lakeside are projected to range from $400,000 to $1.5 million, Myers said. High-rise condominium units will be priced similarly. Age-restricted senior apartments will rent for $1,000 to $3,000+ per month. Market rate apartments should rent in the same range.
“We plan to start by building a small community of people with higher-than-average disposable income,” said Jimmy Archie, managing director of Realty Capital. “We expect our residents to pack a lot of punch for the shops and restaurants that choose to locate at Lakeside, especially since they will live within walking distance.”
Flower Mound Town Council member Tom Hayden expressed cautious optimism regarding the project.
“I am excited about the Lakeside Plans as they have been presented, it will be very positive for our community. I would just like to have a level of comfort for our residents that the entire project will be completed, and not just a partial amount. I’ve been impressed though with Realty Capital, as they have put in an enormous amount of outreach to our residents in both time and resources. They seem very sincere in their efforts,” said Hayden.
Before anything happens at the site, the town will need to amend the current zoning in that area that calls for a corporate campus of high rise office buildings.
Realty Capital submitted the mixed-use zoning and Master Plan applications for the development to town officials on Feb. 24 after a meeting two days earlier with Mayor Melissa Northern and the town’s Economic Development Team.
At build-out, Lakeside DFW is projected to be valued between $750 million and $1 billion. Sales and property taxes to the Town of Flower Mound are estimated to be in excess of $5 million per year and property taxes to Lewisville ISD in excess of $10 million per year.
“We are responding to what the citizens have asked for, and we feel that not only will Lakeside provide additional tax base to the town but will truly be a place people will enjoy,” said Myers.