The proposal, which required approval of a master plan amendment and a rezoning request, were approved with one exception during the Oct. 6 meeting. The exception will allow Lakeside’s developer, Realty Capital, to build proposed office and retail buildings up to three stories at the corner of FM 2499 and Spinks Road.
The approval also requires Realty Capital to finalize components of the development, such as the location of private drives and utilities that would connect to individually platted townhome lots.
The details
The revised proposal includes a couple of changes to what was tabled by council in April, including replacing 326 apartments with townhomes and swapping out a proposed four-story office building for two smaller buildings.
Lakeside East will include:
- Up to 132 townhome units that will either be individually platted or included in a condominium association
- Two retail or office buildings at the corner of FM 2499 and Spinks Road
- A full-service hotel
- Retail and restaurant sites along FM 2499
“I appreciate Jimmy for working with us to remove the multifamily to address our concerns on the density,” council member Chris Drew said. “This is a vastly improved project. It brings exactly what we want to Flower Mound: quality restaurants, office [and] a hotel.”
The new development also includes 1.76 acres of open space, according to town documents. When staff complete a subdivision site plan review, the developer will be required to meet parkland requirements of 3.67 acres if the townhomes are platted into a single lot or 4.44 acres if each townhome is platted on its own lot.
Similar to the proposal in April, the developer will be required to construct at least 15,000 square feet of nonresidential space between the townhomes and FM 2499, including completion of a building final inspection, prior to a certificate of occupancy being issued for the townhomes.
What they’re saying
Archie said the project should now meet all of the requests from council members and residents who voiced both support and opposition to the project.
“We believe this revision aligns with the vision of Town Council with respect to attracting quality commercial development and limiting apartment uses,” Archie said.
Local resident and co-owner of Flurry's Market in Lakeside and Flurry's Market + Provisions, Clayton Flurry, who also spoke in support of the project in April, said he had numerous conversations about the development, including some with community members.
“It was a head scratcher when this thing continued to die on the vine,” Flurry said. “The support is real for this development.”
Diving deeper
In addition to new zoning and a master plan amendment, council approved a Chapter 380 Agreement to cover economic development incentives for the retail and hotel portions of Lakeside East. The estimated value of the incentives is $5.07 million, per town documents.
Director of Economic Development Ray Watson said provisions in the agreement cover a 128-room hotel, up to five restaurants and two retail strip centers.
The agreement includes:
- A 100% rebate for permit fees, estimated to be worth $94,520
- A 100% reimbursement of impact fees, which are estimated to be worth nearly $1.09 million, and will be repaid to Realty Capital over five years
- A seven-year grant for 50% of hotel occupancy tax collections, worth an estimated $1.15 million
- A seven-year grant for 50% of sales tax collections, worth $1.76 million
- A seven-year grant for real and business personal property taxes, estimated to be worth $978,030
With the zoning in place, the developer and town will need to finalize details of the site to meet development standards as the project moves along.
