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 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.
Visit the website at www.LakesideDFW.com and www.Facebook.com/LakesideDFW.
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I had a friend tell me that you were personally involved in the whole Southlake Town Center. I wasn't aware of that --is that the case? Another friend has asked if Whole Foods has committed to being a tenant, yet?
Has any Hotel chain made a commitment, yet?
Thank you.
The way that you stated your answer still makes me think that parts if not all of it will be sold to other developers right after you obtain your zoning and you may or may not be in charge of the project from that point forward so a little clarification re. that might be helpful.
As I posted on your website, I remember hearing Mr. Hayden giving a speech a year ago explaining why “Mixed Use” developments are questionable projects and how many times the town has been burned -- just like Mr. Bob Weir pointed out on your website. Until I heard his speech, I was totally confused about the issues but he quite won me over and even though he seems to have completely changed his stance for some reason, I’d never support one until I am convinced that the applicant will be the developer has the wherewithall and determination to see it through to the end.
You asked if we are willing to stay the course to the completion of the project. We are. We have a serious investment in the property along with the Stewart family and outside investors. If the ownership group continues to believe that our firm is doing a good job, they will likely keep us as the “quarterback” of the development team. Our job as the project developer is to recruit other quality developers to help develop the retail buildings, restaurants, offices, single-family and multi-family residences. A community like Lakeside that potentially has $1 billion of buildings is too big for any one developer. Fortunately, we already have several quality development firms that are quite interested in Lakeside. We are excited to have construction start at Lakeside and believe that the first buildings may be able to commence about six months after zoning approval.
Thank you very much for your questions and comments. Regarding your concern about airplane noise, I was also be worried about that right before we got involved with the project. Once I spent many hours on the property, I no longer had any concern about it. In fact, all of the luxury homebuilders, residential realtors, and restaurant and retail developers that have visited the site have no concern about it either. They all believe that Lakeside will be an outstanding location for upscale homes. Airplanes have become much quieter since the 1980’s and in fact, none of our Lakeside project is in the airport’s noise cone. We would be delighted to have you visit the property with us to check this out. Please feel free to contact us.
Is your company committed to staying the course all the way through all phases of development and do you have the financial wherewithall to accomplish it guaranteed? Are you willing to make that guarantee? Or are you just a company that goes in to sell the project to a Town's P&Z and Council and then you have a more valuable piece of land to flip on the market? Do you own it now or do the Stewart's still own it?
1. Does anyone know what the noise level and air quality is like between 5-7p.m.?
2. I can remember sitting in a town meeting many years ago while there was some discussion about the Master Plan and there was a general consensus that land south of Spinks and east of 2499 was just too noisy, etc. to be appropriate for residential living and should be reserved for industrial and maybe some office space. Lakeside is just west of 2499 but still in the same line up when you take into account the curvature of the roadbed. I lived by Timbercreek Elementary in the late 80's and it was almost unbearable noise some evenings and that's several miles further from the airport than Lakeside will be. Hence, I think the town should do a small, inexpensive, in house feasibility study since we don't want a failed project in our town. Tomorrow evening should be a good time to start.
Your idea of "over"crowded is "over"inflated. Both Bluebonnet and Shadow Ridge students are projected to decline in the next few years. Shadow Ridge is near or slightly under capacity now at around 700-800 kids.
You want overcrowed...look at McKamy at over 1,000 students and expected to stay there for at least 5 yrs!!That's overcrowded!!
Besides significant increase in property tax revenue for LISD from a project like this means many more services for our school kids!!
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