Lakeside Village is moving forward after a lengthy discussion Monday night about parking.
The Flower Mound Town Council approved a rezoning request that will allow a phasing option for a parking garage near the southern end of the project. To accommodate the phasing there will be a temporary surface parking lot constructed nearby.
Lakeside Village is a 35-acre, $1.5 billion project located west of FM 2499 and south of Lakeside DFW. It’s set to include office and residential towers, single-family villas, restaurants, hotels, retail, a wedding chapel and an amphitheater.
Jimmy Archie, managing director at Realty Capital, said getting the parking lot plan finalized is important in starting construction on the infrastructure and the restaurants.
After the meeting he said the plan is to break ground on the public infrastructure this spring.
“The goal is to finish the public infrastructure within 12 months,” Archie said. “Once the infrastructure is complete we’ll start pulling building permits.”
Archie said the restaurants should open by the spring of 2022.
Archie said the project’s original plan was to use a tax increment reinvestment zone (TIRZ) to pay for the public infrastructure, including two parking garages. But the council decided last year not to pursue a TIRZ district.
Archie said the new plan is to build one underground parking garage initially, as well as six restaurants and Sunset Boulevard, the road that will take visitors to the entertainment area at the southern end of the project. A second parking structure would be built in the future.
In the meantime, the surface lot will serve the entertainment area since the second garage won’t be built yet. He said the surface lot would eventually be replaced by a hotel, an office tower, a restaurant and the second garage as the project’s value increases.
Council members were hesitant to approve the amendment at first since rough estimates called for the surface parking lot to include approximately 430 parking spaces.
“I’m not a fan of surface parking in large swaths,” said Deputy Mayor Pro Tem Claudio Forest.
After much deliberation the council agreed to the request with a cap of 300 parking spaces on the surface lot. A maximum of 180 spaces would be constructed on a piece of land that was planned for future parking just north of the site anyway. The structured parking garage will have a minimum of 200 spaces.
In addition, the council and the developer agreed the first section of the surface lot would not be open until the completion of the parking garage.
The Planning and Zoning Commission last month recommended a sunset for the surface parking lot, but Archie said a time restriction would make it hard to get financing for the other pieces of the project. So the council agreed to remove a sunset condition.