Infrastructure work began this week on the last 40-acres of Lakeside, a 165-acre mixed-use development in Flower Mound developed by Irving-based Realty Capital Management.
The development team said it has saved the best for last, as these last 40 acres are some of the most prime in the entire development and offer some of the only unobstructed views of Lake Grapevine. This last portion of Lakeside is being called Lakeside Village.
While vertical construction won’t begin until at least summer 2021, plans call for 80,000 square feet of retail and restaurant space, 58 luxury villas, up to 825 apartment and condo units spread across three or four high-rise buildings, up to three hotels with 310 rooms total, a 250-300 person amphitheater and a high-rise office tower of up to 400,000 square feet.
Once infrastructure is in place, RCM Managing Director Jimmy Archie said the villas, retail and at least one high-rise residential tower will break ground first. The villas will be priced between $1 million and $1.2 million each and are being designed and built by Van Trease Architectural Designs.
“We have a home builder who is bullish on those (villas), and we believe the market has proven that there’s demand for detached single-family homes here. We previously built 250 homes within Lakeside that have sold for some of the highest per-square-foot rates in all of Flower Mound,” said Archie.
Prior to COVID-19, demand was also strong for new retail and restaurants in the area. In fact, Archie said two new restaurants have opened in Lakeside within the past two weeks.
“For the most part, our existing businesses are doing well. This project has really established itself as a shopping center and entertainment destination for southern Denton County and for Flower Mound. Before COVID, we had a lot of interest from restaurant users. I think that will come back once we get the virus under control,” Archie said.
Demand has also been strong for high-rise residential at Lakeside. The development’s first high-rise condo tower, Lakeside Tower, opened earlier this month and is about 75 percent sold-out, according to Archie. The success of this project has allowed RCM to obtain financing for the future high-rise condo and apartment towers planned at Lakeside Village.
It has not been determined when the office tower or first hotel will break ground at the development. Archie said the office portion would need an anchor tenant to break ground and no hotel flag has been found to lead the initial hotel development. RCM plans to lease and market the office tower itself.