Flower Mound officials estimate Atlanta-based Oakmont Industrial Group’s new Lakeside Commerce Center Phase III will contribute approximately $20 million annually to the town’s commercial tax base.
The project, scheduled for completion this summer, is projected to bring approximately 200 jobs to the town, based upon similar developments in the area.
Green-lighted by council last September, construction crews are working on the 43-acre site to construct two buildings, totaling 755,628 feet.
The property is located northwest of the Lakeside Parkway and Silveron Boulevard intersection and will increase the total square footage of the Lakeside Business District by 14 percent. The area currently has a 96-percent occupancy rate, town officials said.
“Oakmont has a proven history of developing high-quality industrial space and we are grateful they chose Flower Mound for their next project,” said Flower Mound Mayor Tom Hayden.
“Adding more than 700,000 square feet of warehouse space will deliver another valuable asset for the Lakeside Business District, which will result in increasing our commercial tax base and the possibility of creating hundreds of jobs for our community.”
The town and Oakmont are working together to identify tenants for the space.
As part of the Lakeside Business District, the location is ideal for distribution/logistics operations as well as corporate and regional headquarters.
The town invested more than $25 million in road, water, and wastewater infrastructure improvements in the 1,500-acre, master-planned Lakeside Business District.