The spot that town and project leaders stood on Tuesday morning in south Flower Mound was significant, both for town’s past and quite possibly for its future.
Officials broke ground Tuesday on Lakeside Village, a 35-acre, $1 billion mixed-use project that’s expected to give Flower Mound the first project of its kind.
The project will be located west of FM 2499 and south of the Lakeside DFW project, and it will overlook Grapevine Lake.
It will be built on land owned by the Stewart family, which has a long history in Flower Mound and has been an integral part to the project’s planning in recent years. Various community meetings took place on the property to gauge resident interest.
“Ten years ago we started meeting with the residents of Flower Mound on the very ground that we held the ground breaking,” said Jimmy Archie, managing director of Realty Capital. “At those meetings was when Flower Mound residents planned and decided how to best use this property to increase the quality of life for the residents of Flower Mound.”
Once complete the project is expected to include up to seven restaurants with lake views, as well as an outdoor music area, office and residential towers, single-family villas, a boutique hotel, retail and public open space, including trails.
“This piece of property has lake views from the ground level,” Archie said. “Lakeside Village is the part of this project that got people excited when we first met with them. To break ground and open the land for development to allow people to have access to this beautiful property, it was an epic day for the Stewart family and for Realty Capital.”
Archie said it will take about a year to get the infrastructure in place, including the streets, parking, electrical, drainage and water.
“A year from now we’ll start pulling the building permits for different parts of the project where the market demands it,” Archie said.
Archie said it will take several years for the entire project to get built out.
“Our hope is that in the early stages the restaurants, outdoor amphitheater, all bluff trails, single-family cottages, for-sale homes and residential tower will be the first to get built,” Archie said.