Flower Mound has approved construction of the first major office building in the city’s Lakeside business district. The 10-acre Lakeside Center project includes four- and two-story office buildings near FM2499 and Northwood Drive. The 138,500-square-foot project will be Flower Mound’s largest new office development.
Realty Capital Management is the developer of the project, and Staubach Capital is the equity partner. First United Bank is the construction lender.
“This project is a big deal for several reasons,” said Jimmy Archie, Realty Capital managing director. “It will be the first building of its kind in the Lakeside Business District, which is the part of town that has been master-planned for this type of project for almost 20 years.”
And Flower Mound made an economic incentive agreement with the developers that will allow them to finance the project without preleasing.
“The town agreed to cover any negative net income needed to cover our debt service for a three-year period after the building is complete,” Archie said. “This incentive was very well-received in the debt market.”
BOKA Powell designed the buildings.
“We are negotiating with several general contractors at this stage but haven’t selected the final one yet,” Archie said.
The Lakeside business district on Grapevine Lake is a mixed-use development with retail, entertainment, residential and commercial buildings.
Published on February 8, 2019 by Dallas News