Friday, May 27, 2022

Lakeside Village hotel, office building receive $16.7 million incentive package from Flower Mound

Realty Capital Management, LLC, master developer of Lakeside DFW in Flower Mound, announced Tuesday that the Town of Flower Mound approved a Chapter 380 Incentive Agreement worth $16.7 million for a hotel and office building within Lakeside Village, a 40-acre resort community on Lake Grapevine.

The $175 million project includes Hotel Miramar, a boutique hotel; 3301 Sunset Boulevard, a Class AA office building; and Eden Roc, a private social club. The project should break ground in the fourth quarter of 2022.

Lakeside Village is the final phase of the 165-acre, two-billion-dollar Lakeside mixed-use project that includes shops, restaurants, offices, and a variety of residences, including the 16-story Lakeside Tower condominium.

Lakeside Village will offer single-family Mediterranean villas, high-rise living, hotels, a private social club, shops, offices, a wedding chapel, and lakefront restaurants within a walkable resort-style community overlooking Lake Grapevine.

Hotel Miramar is an 11-story, Curio Collection Hotel by Hilton with 181 guest rooms and suites featuring balconies with lake views. Amenities include a resort-style rooftop pool and terrace, spa, restaurant, lounge, ice cream shop, water sports concierge, ballrooms, a fitness center, and walkability to several lakefront restaurants. The Mediterranean-style hotel will have 21 luxury residences on the top three floors of the hotel. All have unobstructed views of Lake Grapevine.

“Hotel Miramar is unlike any other hotel in Dallas-Fort Worth,” said Jimmy Archie, Managing Director with Realty Capital Management. “Located in the resort community of Lakeside Village, guests can stay in a beautiful hotel room with lake views, walk to lakefront restaurants, take a morning stroll on the Lakeside Boardwalk, mountain bike on the North Shore Trail, enjoy a concert in the amphitheater, and attend a board meeting at the adjoining office building, 3301 Sunset.”

Adjacent to Hotel Miramar is 3301 Sunset Boulevard, a 170,000 square foot, six-story Class AA office building. 3301 Sunset connects to Hotel Miramar for convenient access to shared amenities, such as a private social club, spa, outdoor pool and terrace, fitness center, ballroom, and large meeting rooms.

“Office tenants that lease at 3301 Sunset will have the benefit of working in an office surrounded by nature,” said Archie.

“We owe the Town of Flower Mound a big thank you for trusting our vision and facilitating our ability to develop a legacy project like this,” said Archie. “The Town had the foresight to see that the incredible lake views are an amenity that enhances the quality of life and produces significant tax revenue for generations to come.”

“A big draw for office tenants at 3301 Sunset is the access to lakefront restaurants where they can bring clients. The connectivity to Hotel Miramar is also a selling point as firms will be able to host conferences and provide easy lodging options for their guests,” said Daryl Mullin with JLL, who will be the leasing company for 3301 Sunset.

Hotel Miramar and 3301 Sunset will break ground simultaneously. Expected completion is third quarter of 2024.

“Hotel Miramar and 3301 Sunset will be a major catalyst for the Lakeside Village project,” explained Archie. “The hotel guests and office tenants generate demand for lakefront restaurants, which will be designed to maximize lake views. Hotel Miramar will also help to program the wedding chapel and provide wedding guests with luxury accommodations and a large ballroom for wedding receptions. Villa homeowners will also benefit from all of the amenities that the hotel and office bring, including potential access to the private social club and its rooftop pool.”

In addition to Hotel Miramar and 3301 Sunset breaking ground by year end, Terranea, a 207-unit, 16-story luxury apartment tower will commence construction this summer with a planned 2024 opening. The high-rise is the second residential tower to be constructed within the Lakeside Village project. The first was Lakeside Tower, a 52-unit condominium that is currently 92% sold. Terranea will be the first luxury rental high-rise. Two additional high-rise residences are also planned for Lakeside Village.

“Residents of Terranea are going to be captivated by the views from the residences,” said Alex Brown, President of Realty Capital Residential. “Rivaling the finest high-rises in Dallas with stunning interior design and lovely finishes, we expect to draw residents from across Dallas-Fort Worth due to the spectacular views of Lake Grapevine. Ground floor shops, lakefront restaurants, and many outdoor activities will provide residents with a luxurious lifestyle surrounded by nature that you cannot find anywhere else in town.”

CTG Staff
The Cross Timbers Gazette News Department

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