Condos Coming to the ‘Burbs

Condo towers aren’t unusual in Uptown, but they’re certainly out of the norm in the suburbs, says Realty Capital Management managing director Richard Myers. That hasn't stopped the interest in RCM's The Lakeside Tower and Bungalows on the northeast shore of Lake Grapevine in Flower Mound. In 60 days, RCM has pre-sold about half of its 44 units. Condos are making a huge comeback in San Francisco, Miami, and New York City, but there are very few comps in Dallas and none in the suburbs, Richard says. So, pre-selling is important. Once RCM hits about 60% to 65% in pre-sales, construction will start. Richard anticipates that to be around May, with a summer 2016 open.

RCM started by seeking feedback from area residents. The response was tremendous, Richard says. Many of the buyers are couples coming out of large homes or empty nesters seeking a more comfortable lifestyle, as well as folks seeking a second home, he tells us. Beyond the resort-style amenities, being part of the 150-acre mixed-use Lakeside DFW project (the Shops at Lakeside construction pictured) has played a key role, he says. State Sen. Jane Nelson has already purchased one (talking politics while walking the dog could really get some results). The project was designed by Humphreys & Partners and will be constructed by Yates Construction. Away from work, Richard is spending a lot of time on the SMU campus with his daughter, who just started school this fall.