Lakeside DFW, a $1 billion proposed mixed-use development that will include homes, apartments, retail and office space, an amphitheater and hotels in south Flower Mound overlooking Lake Grapevine, is one step closer to reality.
Members of the Flower Mound Planning & Zoning Commission unanimously passed rezoning proposals Monday night that seek to transform the 150-acre site from an office park into a mix of uses that will include commercial and residential components.
“The plan represents the efforts and inputs of so many people in Flower Mound,” said Jimmy Archie, managing partner of Realty Capital Management, master developer of the project.
“We think Lakeside DFW is destined to become a really special community and destination,” he said, “one that capitalizes on this special location with an exemplary development.”
One major change that will affect commuters was the approval to redesign Lakeside Parkway to be pedestrian friendly.
The new street plan, called “Urban Minor Arterial with On-Street Parking,” is designed specifically for areas where pedestrian traffic receives priority over vehicular traffic.
Lakeside will go from six to four lanes, have angled on-street parking, and wide sidewalks with trees – features designed to slow traffic and promote walking.
Concerns from several residents who spoke primarily focused on the viability of upscale stores, restaurants and apartments and the possibility of two 25-story office towers.
The first phase of the project expected to develop in the next three years includes a retail area with a grocery store at the corner of Lakeside Parkway and FM 2499, along with single family homes adjacent to it on the north side of Lakeside Parkway.
It is estimated that it will take 10 to 15 years to completely build out the project.
The rezoning plan now goes to a Flower Mound Town Council vote for final approval on Monday, Nov. 19.