Six Reasons to Love Flower Mound
Development is hot in Flower Mound. Here are six reasons why you should keep your eyes on this changing town:
1. New Town Manager
Here's Flower Mound director of economic development Mark Wood and town manager Jimmy Stathatos. They tell us the town council wants to create more shopping and dining and keep tax dollars local. Jimmy wants developers to know the council is receptive to development and has made it a top priority -- streamlining processes and regulations without diluting requirements. Flower Mound (population 67,000) has tax incentives available and lots of land in prime locations within the Lakeside Business District just three miles from DFW Airport (among other locations), Mark says.
2. Retail and Restaurant Development
Among the retail coming: Market Street (November opening) with pad sites generating interest from national tenants; and a new Academy-anchored shopping center (also in November). The focus is on quality over quantity. Mark says there is an unmet demand in Flower Mound for jobs, retail, and restaurants. And residents want more eclectic and higher-end eateries, Jimmy says.
3. Lakeside DFW
The 150-acre Lakeside DFW breaks ground next week. Phase 1 includes sixtwo- and three-story buildings(45k SF of commercial space)on the northwest and southwest corners of FM 2499 and Lakeside Parkway. About 170 single-family homes and 425 urban-style residences (by multifamily developer Greystar) will also start in this phase. Realty Capital Management managing director Jimmy Archie tells us the master-planned community will include retail, restaurant, office, hotel, urban-style and loft apartments, single-family homes, townhomes, and condos.
The biggest selling point: its location along the northeast shore ofLakeGrapevine. Lakeview restaurants will be a key component of the Lakeside Village, which is located at the southern end of the property overlooking the Gaylord Texan Resort & Convention Center. Unique public amenities ofLakesidewill include an amphitheater, boardwalk, and an observation deck. The first phase will also include seven new parks. Ultimately, Lakeside will have about 2,200 residences and 705k SF of commercial space at a combined value of $750M to $1B.
4. $90M 121 Bypass
$90M in improvements are coming toFM 2499 from SH 121 north to Denton Creek. The logjam caused by the traffic signals at Grapevine Mills will be circumvented through grade separations that will allow traffic to flow beneath new bridges constructed for Stars and Stripes Way and Grapevine Mills Boulevard. Construction will take about 24 months and is expected to start this summer. Bonus: The bypass will extend right to Lakeside DFW, providing better connectivity and mobility. Basically, this will make it non-stop and cut commutes by 30 minutes, Jimmy says. What will you do with all that extra time? (How 'bout a leisurely drive with the family?)
5. Canyon Falls Project
A largely residential project,Canyon Fallsshould be starting soon on the far west part of the town, Mark says. Wheelock Street Capital bought the more than 1,000-acre master-planned community(with 626 acres within Flower Mound) from the original developers, who filed for bankruptcy. Plans call for more than 1,700 homes, commercial and retail offerings, walking trails, and schools. The planning and zoning commission approved a record plat this month to get the first residential component started and the council awarded a water line project this week that will extend water to the development. (Because it's not a school without too-high water fountains.)
6. Lakeside Business District
Construction went vertical this month on Atlanta-based Oakmont Industrial Groups 756k SF,two-building project on 43 acres for Phase 3 of Lakeside Commerce Center. Northwest of the intersection at Lakeside Parkway and Silveron Boulevard, construction should be completed this year.The business district's 5.4M SF is 96% occupied. Exeter Property Group is planning another 580k SF (the council approved a site plan this week). Mark says there's still available property, zoned campus commercial and campus industrial, primed for development.
Come say hi to us at the Dallas Power Networking at Energy Square this evening from 5 to 7pm. Dont miss it! Tell us if youre coming: tonie@bisnow.com.
