Lakeside Village, a “game changer” for Flower Mound, has been a long time coming.
And after years of developing the rest of Lakeside, construction is on the horizon starting this summer on the first key piece of Lakeside Village.
“This first residential tower, hotel and office building will be a catalyst for the rest of Lakeside Village,” said Rebecca Everitt, development partner at Realty Capital, Lakeside’s master developer. “The success of these projects should lead to the success of the rest of Lakeside Village.”
What is Lakeside Village?
Lakeside is a planned 165 acre development in the far south of Flower Mound along FM 2499. Approximately 125 acres have been developed with some of Flower Mound’s most popular restaurants and bars, the town’s only cinema, stores, offices, single family homes and apartments. The remaining 40 acres, at the south end of Lakeside, will be Lakeside Village, “the first part of the property with incredible lake views,” Everitt said.
Realty Capital is currently installing infrastructure, sidewalks and landscaping along the east shore of Grapevine Lake. Lakeside Village will house 62 single-family detached custom homes, four luxury residential towers, three hotels, a wedding chapel, a private club, six lakeside restaurants (including a new concept by local restaurateur Marty Bryan), an amphitheater, a waterfall and more . This is the final phase of Lakeside and is expected to be completed within the next seven to ten years.
Construction begins soon – early this summer – on a two-year build of a 207-unit, 16-story, lake-view luxury residential tower. Starting construction on the tower this summer “will be key to a quick schedule,” Everitt said. The skyscraper, called Terranea, will be Lakeside DFW’s second residential tower, joining Lakeside Tower, a 16-story, 52-unit condominium that is 92% sold.
“Residents of Terranea are going to be captivated by the views from the residences,” said Alex Brown, president of Realty Capital Residential. Rivaling the finest skyscrapers in Dallas with stunning interior design and fine finishes, we expect to attract Dallas-Fort Worth residents due to the spectacular views of Grapevine Lake. Ground floor shops, lakeside restaurants and plenty of outdoor activities will provide residents with a luxurious lifestyle surrounded by nature that you won’t find anywhere else in town.
Terranea’s grand opening will soon be followed by some of the single-family homes, Van Trease Architectural Designs’ Mediterranean Villas starting at over $1.3 million.
“We’re preparing to have a lot sale event, where we’re releasing 36 of these residential lots, and we already have a waiting list for those,” Everitt said. “The lots will sell out this summer and go vertical this fall.
“The demand we’ve seen for single-family homes has been more than we could have asked for. We’ve had a lot of positive feedback on that.”
Realty Capital plans to begin construction in early 2023 on Hotel Miramar, an 11-story 4.5-star Curio Collection by Hilton hotel with 181 rooms and suites featuring lake-view balconies. Amenities include a resort-style rooftop pool and deck, spa, restaurant, lounge, ice cream parlor, water sports concierge, ballrooms, fitness center, and more. The Mediterranean-style hotel will have 21 luxury residences on the top three floors of the hotel. All will have stunning views of Grapevine Lake.
“The Miramar Hotel is unlike any other hotel in Dallas-Fort Worth,” said Jimmy Archie, managing director of Realty Capital Management. “Guests can stay in a beautiful hotel room with a view of the lake, walk to lakeside restaurants, take a morning stroll on the lakeside boardwalk, ride mountain bikes on the North Trail Shore, attend a concert in the amphitheater and attend a board meeting at the adjoining office. building.”
Adjacent to the Miramar Hotel will be 3301 Sunset Boulevard, a six-story, 170,000 square foot Class AA office building. Miramar Hotel, 3301 Sunset and Terranea will be built around a community lawn, creating a walkable “resort community” for residents, businesses and visitors who can walk to lakeside restaurants, to the lake, nearby amenities and the rest of Lakeside.
Realty Capital is currently planning both the Miramar Hotel and 3301 Sunset which will be completed in late 2024. The City of Flower Mound recently approved a $16.7 million Chapter 380 incentive agreement for the $175 million project.
A game-changing destination
Lakeside Village is big business financially for the town of Flower Mound, said Ray Watson, director of economic development for the town.
“This is a new $1.5 billion tax roll,” he said, adding that it would alleviate much of the tax burden currently on Flower Mound owners. “This area will become the highest taxable area in the city from a property tax perspective, and it will be a destination to bring people from outside our area to spend money in Flower Mound.
“It’s a game changer. It’s the first true destination location in Flower Mound.
People in Flower Mound and other parts of the DFW Metroplex will be going to restaurants, people working in office buildings will be going too, and then there will be travelers who wouldn’t otherwise come to Flower Mound. The location’s proximity to DFW airport and high-end hotels and offices with views will be key to attracting foreigners.
“The River Walk is great for the local community, but the Courtyard Hotel isn’t full service and there’s no lake view,” Watson said. “Lakeside Village will be genuinely geared towards people who come to Flower Mound for vacation, to work, to be associated with this hotel and this lake. It’s just a different product. Watson said Lakeside Village will offer the highest quality office buildings with lake views, something you won’t find anywhere else at DFW. He expects these vantage points, along with the rest of the development, to attract good business to town.
“Many executives, decision makers live here at Flower Mound, and it will be an opportunity for them to choose to locate their businesses here,” Watson said.
The six sit-down restaurants are expected to be built following the completion of the Miramar Hotel and 3301 Sunset. Realty Capital says it will take care to build unique, quality lake view concepts. But perhaps the best and most important part of Lakeside Village for residents and visitors will have nothing to do with tax revenue, hotel rooms or offices.
“Before we started developing Lakeside, we surveyed Flower Mound residents and found they wanted restaurants with waterfront views and lake access,” Everitt said. “We have agreed to keep the entire western border public so everyone can have access to the lake.
“Lakeside Village will enhance the quality of life for Flower Mound residents and be an attraction that shares the city’s treasures with the rest of Dallas-Fort Worth.”