“We are working on a concept plan for a multifamily, for-rent product,” said Chris Paulus, vice president of development for U.S. real estate at Cooper and Company—formerly Cooper & Stebbins—which is responsible for the development of Southlake Town Square.
Cooper and Company has sold much of its property but still owns some parcels in the city’s most notable commercial center.
The proposed development would sit directly east of North Carroll Avenue and close to SH 114, according to the presentation. It would be bordered by the Southlake Department of Public Safety Headquarters and McPherson Park.
“Right now, it’s envisioned to be what we describe internally as a ‘residential club,’” Paulus said.
In terms of quality, a comparable development would be The McKenzie, a 22-story luxury apartment building in Dallas. But the proposal for Southlake would be on a smaller scale—not 22 stories, Paulus said.
City of Southlake officials are aware of the proposal but said no formal application has been submitted yet for review, according to Mayor Laura Hill.
Any application will have to go through regular channels, including public hearings with the Planning and Zoning Commission and the City Council, Hill said in a post on Facebook. She also added that the city has asked that the developer host a town hall meeting before filing its application so that residents can learn more about the project and get questions answered.
"We will handle this case with full transparency making sure everyone who wants to be informed or involved has the opportunity," Hill said in her post. "Please know that Council does not have the right to 'shut down' a request before it is heard in a legal open meeting, but as always, you will be kept informed."
Paulus told attendees at the chamber luncheon that the preliminary concept plan features 350 units averaging 1,000 square feet each. It would also include amenities, such as a pool, fitness center and meeting spaces. A structured parking garage would be built for residents. There is also a discussion about providing shuttle services for residents.
Rent cost is targeted to be an average of $3,000 per month, Paulus said. There are also discussions of implementing a type of homeowners association structure to set guidelines for potential residents moving into the building.
There are also plans to add some restaurants and office space nearby, he said.
The issue of traffic was also brought up at the presentation, and plans to improve Carroll Avenue are expected to be announced shortly, Paulus said. The development is also close to SH 114, which would provide easy access to the major highway.
This multifamily development would highlight and maintain Southlake’s position as an attractive destination, he said.
“From our perspective, adding that diversity of housing helps evolve and enhance Town Square, to ... protect what it is,” Paulus said.
Editor's note: This story has been updated to include information from Southlake Mayor Laura Hill.