Flower Mound Town Council members unanimously approved two rezoning proposals and a Master Plan Amendment Monday night that will pave the way for Lakeside DFW, a $1 billion proposed mixed-use development in south Flower Mound.
The changes will allow a mix of uses that include single family homes, apartments, retail and office space, an amphitheater and hotels on 155 undeveloped acres between FM 2499 and Lake Grapevine.
Members of the Flower Mound Planning & Zoning Commission unanimously passed the same rezoning proposals at their meeting on Nov. 12.
Previously, an office park was the only approved use for the acreage.
Councilman Steve Dixon stressed that with the zoning approvals, developer Realty Capital will still need to plat the property and submit specific site plans to the Planning and Zoning Commission for approval before any buildings go up.
See the concept plan for Lakeside DFW here.
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.
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.
Jimmy Archie of Realty Capital mentioned Trader Joe’s or a similar specialty supermarket as an anchor.
“We are prepared to unleash a massive marketing effort to attract the kind of retailers and restaurants that will play a crucial role in the project’s success,” said Archie
It is estimated that it will take 10 to 15 years to completely build out the project.
“The people in Flower Mound appear eager for a project that can do so much for Flower Mound’s quality of life while giving the town’s economic development a boost,” said Archie.