The developer, Terrence Maiden of Dallas-based Russell Glen Company, proposed buying the land from the city to create a multi-use development to be named The Hamptons. It could include between 8-11 restaurant spaces–both fast food and sit-down restaurants–three office spaces, three potential retail spaces, a hotel and a larger retail space designed for a grocery store, according to the presentation.
The plan also includes several green spaces surrounding the plot, with a pavilion in the center. The center green space would allow for outdoor concerts and patio outdoor dining space, while outer grass areas could hold outdoor activities such as yoga classes and adult swings, Maiden said.
Lewisville purchased the land earlier this year for $9.25 million to preserve city leaders' vision for that area. It is part of the Northern Gateway, where the city has chosen preferred uses for a group of properties generally bounded by I-35E, McGee Lane and the railroad tracks to the south.
“The purchase of the property will accommodate and secure the city’s long-term vision for the Northern Gateway and provide the city the opportunity to work with developers to implement that vision,” City Manager Donna Barron wrote in a letter to council members before their February vote on the purchase to prevent warehouses from being built there.
According to the Oct. 18 presentation, Maiden's company would purchase the property from the city for $9.25 million within a year of an approved agreement. It would also conduct a traffic impact analysis, attract the tenants and obtain financing for the project. A master plan for the site is expected to be finalized by December, according to the presentation.
City Council would need to approve a change on the property from its current light industrial zoning to planned development in order for the proposal to move forward, according to the discussion.