A plan to expand one of Flower Mound’s largest mixed-use projects is back on track after the town signed off on a scaled-down version of Realty Capital Management’s Lakeside Village buildout.
The developer’s bid to extend its $2.2 billion, 160-acre development hit turbulence earlier this year over concerns about density. Realty Capital proposed a 21-acre addition with 350 luxury apartments, a four-story office and a hotel. But the zoning commission recommended denial in March, and city council tabled the project in April amid resident pushback, the Dallas Business Journal reported.
Realty Capital returned to the table with a less-dense $160 million plan that the Flower Mound City Council unanimously approved this month. The reworked “Lakeside East” development will include 132 townhomes, a hotel, 43,000 square feet of retail, multiple plazas and a public nature trail — about one-third the residential density of the initial proposal.
The town approved an economic development agreement granting the developer just over $5 million across seven years to support the hotel and retail portions.
Jimmy Archie, managing director of Realty Capital, said the lower density improved community buy-in, even if it reshaped the project’s economics.
Construction on Lakeside East is expected to begin next summer and wrap the following year. Shop Companies’ Jake Sherrington is handling retail and restaurant leasing.
The larger Lakeside Village project — already 80 percent complete — includes 40 shops and restaurants, 1,090 garden-style apartments, 260 single-family homes, a 207-key hotel, 48 condo units and 165,000 square feet of office space.
Realty Capital recently finished construction on a parking structure and is designing a wedding venue and Marriott Autograph Collection hotel within an expanding entertainment district. When fully built, Lakeside Village is set to deliver 2,200 residences and roughly 705,000 square feet of commercial space.
— Eric Weilbacher
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