Tuesday, February 27, 2024

P&Z votes to approve interim parking in Lakeside Village

A rendering of Lakeside Village viewed from east of the southern roundabout looking west toward Lake Grapevine.

The Flower Mound Planning and Zoning Chairman’s responsibilities include running the meeting, but not voting on agenda items; unless there’s a tie-vote result on an item from the other commissioners.

On Monday, Chairman David Johnson cast the tie-breaking vote recommending approval by Town Council to allow interim surface parking, with the goal of including in Lakeside Village the construction of an underground parking garage, with the proposed six restaurants built above.

At the time the zoning was approved for the project, the possibility of a Tax Increment Reinvestment Zone (TIRZ) to assist in funding infrastructure and structured parking was discussed. There were initially two underground parking garages proposed to be constructed with TIRZ revenue. At this point, a single one-story underground garage is planned.

“Because the TIRZ was not realized, phasing the parking infrastructure is the obvious alternative and is the only alternative,” wrote Jimmy Archie, partner with developer Realty Capital Management, in his application letter-of-intent.

To facilitate the phasing-in of structured parking, amending the standards allows for interim surface parking until permanent structures are completed.

The interim surface parking would meet minimum requirements using off-site parking, provided it was through a valet service or a parking lot, located within 1500-feet of the use it is serving.

A total of 700 total permanent spaces are required for the amenities: 300 for the six restaurants; 150 for the hotel; 100 for the amphitheater; and 150 for a wedding chapel. The interim parking spaces include: 430 underground spaces, 40 on-street parking; and a 230-space parking lot.

Several commissioners were mistakenly concerned that residential components would be built first, rather than the commercial sites.

“This text amendment allows us to build the commercial — especially the restaurants, which already have an interest demand– in Phase 1, then lets land value fund future construction,” said Archie. “Besides, the current wording already allows the developer to build all the towers, plus the other residential construction– and not build any of the commercial components.”

Archie said the future deadlines for Lakeside Village include a Development Plan that will come forward during the next P&Z meeting in February, a record plat for approval in March; and, a groundbreaking for the public infrastructure and parking needed for commercial structures in one phase.

The amendment will come before Town Council on Feb. 3.

CTG Staff
CTG Staff
The Cross Timbers Gazette News Department

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