At Wednesday’s joint meeting between Flower Mound Town Council and the planning and zoning commission, residents and business owners came together to express their support for Lakeside Village, a 35-acre site to the south of Lakeside DFW near Lake Grapevine.
Lakeside Village is expected to include a mix of retail, restaurants, offices, possibly three hotels and residential, which would come in the form of villas, lofts over retail and up to five residential towers. The development would connect to Lakeside DFW, which consists of apartments, a movie theater, single-family homes, and a mix of retail and restaurants. Lakeside DFW was approved in 2012.
Lakeside Village was tabled by P&Z on March 26 as the members felt like they needed more time to make a decision on a development that has the potential to deliver $1 billion in tax revenue to the town. The tabling led to the joint work session that was held on Wednesday.
Lakeside DFW business owners from Epic Gelato, Paradise Bistro & Coffee Co., Hello Daffodil, Urban Vybe and Moviehouse & Eatery showed up to voice their support.
Many of the business owners said they decided to take a chance on Lakeside DFW because of the promise that Lakeside Village was coming in the future, which would add more housing to the area and in turn produce more customers. The owners said while business is OK, they need the council to follow through with Lakeside Village and not wait.
The owner of Paradise Bistro & Coffee Co. said his location in Lakeside does half of the business that his other location in Granbury does. The vice president of Moviehouse & Eatery said the Lakeside location is the lowest-performing theater in the company.
There were also some residents who voiced their opposition citing increased traffic and the amount of high-rise towers that will be built.
Realty Capital officials said they will need to spend approximately $20 million on infrastructure, and in order to spend such an enormous amount of money on only 35 acres, they need to build very expensive buildings on the land. Officials said these expensive high-rise buildings make the land valuable enough to cover the cost of the infrastructure.
The planning and zoning commission is expected to make its decision on Monday so that council can make a decision at its next meeting on April 16.