“I can’t build the buildings if I don’t have the parking,” explained Jimmy Archie, managing director with Realty Capital Management, the developer of the Lakeside Village project in southern Flower Mound.
A request to rezone two areas allowing interim surface parking lots is the result of council members’ vote on June 21, 2019, not to pursue a TIRZ (Tax Increment Reinvestment Zone) to accelerate development in the commercial/retail, hotel, wedding chapel, amphitheater and restaurant area in the southernmost part of the project.
Some surface parking in the form of interim and/or offsite parking facilities (valet) will be needed in areas planned for other future uses, until the parking garages are completed.
During his presentation, Archie attempted to clarify the need for passage of the rezoning text amendment, making it possible for the developer to present future plans.
He explained that without knowing that he may present site plans for future buildings– restaurants and the hotel– because he’s built that part of the parking infrastructure required by the town, he has no guarantee of physical access to that land.
He pointed out that spending millions of dollars to cut the streets and construct utilities– prior to having the permission guaranteed by the rezoning amendment– would eliminate any future investors.
Council members were still concerned that there might be just “a sea of parking spaces” and no buildings if the economy goes bust or the developer can’t get future funding.
“You [council members] gave up your seat at the table, when you didn’t approve the TIRZ,” stated former council member Don McDaniel during public comments. “The TIRZ allowed the town to have any input [how the project is developed].”
Former council member Bryan Webb advised approving the rezoning request, adding: “Get out of the way so the development can succeed.”
Archie pointed out that after the restaurants are built, the increased value of the surrounding land will guarantee construction on the interim parking sites.
“We have millions of dollars of development tied-up in this land,” said Archie. “If the parking goes away, the restaurants [to be built on top of the underground parking structure] go away.”
Following more than an hour of initial discussion, in which some council members failed to understand the item being voted was allowing the developer to present future requests before P&Z and council– not the design of parking lots. Mayor Steve Dixon finally proposed adjourning to closed session with Town Attorney Bryn Meredith.
When Town Council returned, some additional discussion on specific number of parking spaces led to a final motion to allow interim surface parking.
In addition to the original rezoning request, it was determined that the large lot in MZ-1 (see graphic) is capped at 300 spaces, the hotel lot of 180 spaces will be in MZ-5 and the structured parking garage will have a minimum of 200 spaces. Additionally, a building for the structured garage in MZ-2 is required before any surface lot is opened.
A sunset timeline, included with its recommend to approve by P&Z commissioners, was eliminated.
The motion passed 4-1; Place 3 Ben Bumgarner voted nay.
The 35-acre Lakeside Village development is located west of Long Prairie Road along both sides of Lakeside Parkway and south of its intersection with Northwood Drive.
Infrastructure construction is anticipated to take 12 months to complete, with restaurants opening in the first quarter of 2022.