Lakeside DFW offers over 40 shops and restaurants, 260 single-family homes, 1,090 multifamily units, and 165,000 square feet of office space.
“We’ve been building out the original project, and we’ve been adding on to the project as well,” Realty Capital Master Developer Jimmy Archie said. “With the existing project, we’re kind of in the final stages. We still have a long way to go, but from a land area standpoint, it’s about 160 acres, and we’ve developed about 120. So you could say we’re in the fourth quarter of the game, if you compare it to a ball game.”
New homes to be built in Lakeside Village, the final phase of the Lakeside development, will attract certain buyers and increase home values, said Bill Nelson, real estate agent and broker/owner for Highland Village- and Flower Mound-based realty company Team Nelson.
A closer look
Realty Capital has been developing Lakeside DFW since 2012, Archie said.
The final phase includes 52 custom single-family villas starting at $2 million, Archie said. There are also 207 high-rise rental units being built.
“Those will be targeted for empty nesters and Baby Boomers that have lived out in the suburbs for the last 15-20 years that want a high-rise, lock-and-leave lifestyle but don’t want to go to downtown Dallas or downtown Fort Worth, or the Plano-Frisco area to get it,” he said.
He said there are also 21 condos that will be built on top of the 181-room hotel.
The rental units will range from $4,000-$15,000, and a 2,000-square-foot condo would be $2.4 million.
Lori Walker, Flower Mound Chamber of Commerce president, said the Lakeside Village development provides access to shopping and lake views.
Zooming in
Nelson said Flower Mound has seen more mixed-use developments in recent times, noting a change in Town Council leadership over the years has helped pave the way for developers to get more projects off the ground.
Melissa Demmitt, Flower Mound communications director, said more developments in town are due to the increased housing demand in North Texas. Flower Mound is a “sought-after community to buy into,” she said, and the town’s consistent growth rate in recent history happened primarily because of policies crafted by previous and current councils to manage that growth.
The average home price increasing could lead to higher appraisal values and ultimately more in taxes for residents down the line, Nelson said.
The project should increase the average value of homes in Flower Mound, which is now $774,000, Nelson said, and with the addition of the Lakeside Village homes, he estimates it would increase the average in the town by about $8,000-$10,000.
What's next?
The town’s estimated build-out population is 112,271, Demmitt said. The June 2024 population was 81,270, according to town figures. The timeline for reaching the build-out population number primarily depends on when property owners choose to develop their properties and how quickly they do so, she said.
“When it comes to residential development, the town’s goal is for quality housing that is responsibly developed in line with our master plan and provides for a variety of options that meet our residents’ and future residents’ needs,” Demmitt said.
Archie said there’s a segment of the Flower Mound population that has been here for a long time and is looking to move.
“They are at a different point in their life, but they’re still Flower Mound people,” he said. “[Residents are] looking for a different lifestyle, but want to remain a Flower Mound resident. Mixed-use communities offer a place ... for a different lifestyle.”
