Developers of a Flower Mound mixed-use project have secured $41 million in financing to move ahead with the development.
The planned Lakeside Village development will include shops, restaurants, offices and residences on Grapevine Lake.
The 40-acre development is being built by a partnership between the Peter P. Stewart family of Dallas and Realty Capital of Irving.
It’s the last phase of the 165-acre Lakeside DFW development on Long Prairie Road on the northeast shore of Grapevine Lake.
The loan will pay for infrastructure to support the buildings. First United Bank provided the construction financing for Lakeside Village.
“The infrastructure being built with this financing will lay the groundwork for one of the most intriguing suburban mixed-use communities in the United States,” partner Peter B. Stewart said in a statement. “Lakeside Village will offer luxury residential, hotels, retail, and Class A office within a walkable community overlooking Lake Grapevine.
“The horizon-long lake views framed by restaurants, public spaces, venues and trails will make it a world-class destination.”
Construction will start in early 2020 on the infrastructure to support Lakeside Village projects, including an amphitheater and bluff trails above the lake that will lead to six restaurants and a wedding chapel. The work also includes streets, an underground parking garage, sidewalks, landscaping, utilities and other public amenities.
Developer Realty Capital is already building a $75 million, 16-story condo tower in Lakeside Village.
First United Bank also provided a construction loan for the nearby Lakeside International Office Center, which is being built by a partnership of Realty Capital and Staubach Capital.
Published November 26, 2019 by the Dallas News