Thursday, August 18, 2022

Developer has high hopes for Lakeside Village

Lakeside Village, a “game-changer” for Flower Mound, has been a long time coming.

And after years of developing the rest of Lakeside, construction is on the horizon beginning this summer on the first, key component of Lakeside Village.

“This first residential tower, hotel and office building will be a catalyst for the rest of Lakeside Village,” said Rebecca Everitt, development partner at Realty Capital, master developer of Lakeside. “The success of these projects should lead to the success of the rest of Lakeside Village.”

What is Lakeside Village?

Lakeside is a 165-acre master-planned development in far south Flower Mound, along FM 2499. About 125 acres have been developed with some of Flower Mound’s most popular restaurants and bars, the town’s only movie theater, shops, offices, single-family homes and apartments. The remaining 40 acres, on the south end of Lakeside, will be Lakeside Village, “the premier piece of the property with incredible lake views,” Everitt said.

Realty Capital is currently installing infrastructure, sidewalks and landscaping along the east shore of Lake Grapevine. Lakeside Village will be home to 62 single-family detached custom homes, four luxury residential towers, three hotels, a wedding chapel, a private club, six lakefront restaurants (including a new concept by local restaurateur Marty Bryan), amphitheater, waterfall and more. It’s the final phase of Lakeside and is expected to be completed in the next seven to 10 years.

Construction begins soon – early this summer – on a two-year build of a 207-unit 16-story luxury residential tower with lake views. Getting the tower construction started this summer “will be the key to a quick timeline,” Everitt said. The high-rise, called Terranea, will be the second residential tower in Lakeside DFW, joining Lakeside Tower, a 52-unit 16-story condominium that is 92% sold.

“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.”

Terranea’s groundbreaking will soon be followed by some of the single-family homes, Mediterranean Villas by Van Trease Architectural Designs starting at over $1.3 million.

“We’re getting ready to have a lot sales event, where we release 36 of those residential lots, and we already have a waiting list for those,” Everitt said. “The lots will sell this summer and go vertical this fall.

“The demand we’ve seen for single-family has been more than we ever could’ve asked for. We’ve gotten a lot of positive feedback on it.”

Realty Capital plans to begin construction in early 2023 on Hotel Miramar, an 11-story, 4.5-star 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 more. The Mediterranean-style hotel will have 21 luxury residences on the top three floors of the hotel. All will 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. “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.”

Adjacent to Hotel Miramar will be 3301 Sunset Boulevard, a 170,000 square foot, six-story Class AA office building. Hotel Miramar, 3301 Sunset and Terranea will be built around a community lawn, creating a walkable “resort community” for residents, businesses and visitors alike to walk to lakefront restaurants, the lake, nearby amenities and the rest of Lakeside.

Realty Capital currently projects both Hotel Miramar and 3301 Sunset to be completed in late 2024. The town of Flower Mound recently approved a Chapter 380 Incentive Agreement worth $16.7 million for the $175 million project.

A destination and a game-changer

Lakeside Village is a huge deal for the town of Flower Mound financially, said Ray Watson, the town’s director of economic development.

“It’s $1.5 billion worth of new tax roll,” he said, adding that this will relieve much of the tax burden that currently rests on Flower Mound’s homeowners. “That area will become the highest taxable acreage in the town from a property tax standpoint, and it’ll be a destination to bring people from outside our area to spend money in Flower Mound.

“It’s a game-changer. It is the first true destination location in Flower Mound.”

People from Flower Mound and other parts of the DFW Metroplex will go to the restaurants, people working in the office buildings will, too, and then there will be travelers who wouldn’t otherwise be coming to Flower Mound. The location’s proximity to DFW Airport and high-end hotels and offices with a view will be key in bringing in out-of-towners.

“The River Walk is great for the local community, but the Courtyard hotel is not full-service, and there is no lake view,” Watson said. “Lakeside Village is going to be geared truly toward people coming into Flower Mound to vacation, to work, to be associated with that hotel and that lake. It’s just a different product.”Watson said Lakeside Village will offer the highest quality office buildings with a lake view, something you can’t find anywhere else in DFW. He expects those views, plus the rest of the development, will draw good businesses to town.

“A lot of executives, decision-makers live here in Flower Mound, and this will be an opportunity for them to choose to have their businesses located here,” Watson said.

The six sit-down restaurants are expected to be built after Hotel Miramar and 3301 Sunset are complete. Realty Capital says it will take care to build unique, quality concepts focused on the lake views. But possibly the best and most important part of Lakeside Village for residents and visitors alike won’t have anything to do with tax revenue, hotel rooms or office space.

“Back before we started developing Lakeside, we surveyed residents of Flower Mound and discovered they want restaurants with waterfront views and access to the lake,” Everitt said. “We agreed to keep the entire western boundary public so everyone could have access to the lake.

“Lakeside Village will enhance the quality of life for residents in Flower Mound and will be an attraction that shares the treasures of the town with the rest of Dallas-Fort Worth.”

Mark Smith
Mark Smith is the Digital Editor of The Cross Timbers Gazette.

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