A revised plan to expand the Lakeside Village development in Flower Mound has received approval from the town council, following earlier concerns about project density. Realty Capital Management initially proposed a 21-acre addition featuring 350 luxury apartments, a four-story office building, and a hotel. However, the zoning commission recommended denying the proposal in March due to density issues, and the city council postponed a decision in April after residents voiced opposition.
Realty Capital returned with a scaled-back $160 million plan that reduces residential density by about two-thirds compared to the original proposal. The new “Lakeside East” phase will consist of 132 townhomes, a hotel, 43,000 square feet of retail space, several plazas, and a public nature trail.
The town approved an economic development agreement providing just over $5 million over seven years to support the hotel and retail components of the project.
Jimmy Archie, managing director of Realty Capital, commented on the changes: “The lower density improved community buy-in, even if it reshaped the project’s economics.”
Construction on Lakeside East is scheduled to begin next summer and finish in the following year. Shop Companies’ Jake Sherrington is responsible for leasing retail and restaurant spaces.
Lakeside Village as a whole is already 80 percent complete. The larger development includes 40 shops and restaurants, nearly 1,100 garden-style apartments, 260 single-family homes, a hotel with more than 200 rooms, 48 condominiums, and substantial office space. Realty Capital recently completed work on a parking structure and is planning additional amenities such as a wedding venue and Marriott Autograph Collection hotel within an expanding entertainment district. When finished, Lakeside Village will have approximately 2,200 residences and around 705,000 square feet of commercial space.
