A revised plan for the expansion of Lakeside Village, a major mixed-use development in Flower Mound, has received unanimous approval from the town council. Realty Capital Management adjusted its original proposal after concerns about density led to a previous denial by the zoning commission and project delays earlier this year.
The new $160 million “Lakeside East” plan is less dense than the initial version. It will feature 132 townhomes, a hotel, 43,000 square feet of retail space, several plazas, and a public nature trail. This is about one-third the residential density compared to what was originally proposed. The economic development agreement approved by Flower Mound provides Realty Capital with just over $5 million over seven years to help fund the hotel and retail elements.
Jimmy Archie, managing director of Realty Capital, commented on the community’s response: “The lower density improved community buy-in, even if it reshaped the project’s economics.”
Construction on Lakeside East is scheduled to begin next summer with completion expected the following year. Retail and restaurant leasing for the new area will be handled by Jake Sherrington of Shop Companies.
The overall Lakeside Village project is already 80 percent finished. The full buildout will include approximately 2,200 residences and around 705,000 square feet of commercial space when complete. Current features include shops, restaurants, apartments, single-family homes, hotels, condo units and office space. Recently completed amenities include a parking structure; additional plans call for a wedding venue and a Marriott Autograph Collection hotel as part of an expanding entertainment district.
