Lakeside Village will 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.
As part of the development agreement, a trail and amphitheater will go in with the first phase of infrastructure. The first phase will include 600 residential units or three residential towers, whichever comes first. Before the developer can build the 601st unit or fourth residential tower, a building permit must be issued for a hotel or three restaurants.
Once the hotel or restaurant permits are issued, the developer has 30 days to begin construction and cannot stop.
At the meeting, members also made an agreement with the developer that the town will make a decision within a year about whether council would like to put a fine arts facility in the development. If they vote in favor, construction must begin before Dec. 31, 2022.
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 $1.2 billion in tax revenue to the town. The tabling led to the joint work session that was held April 4. It was later approved by the commission April 9.
Look for a more in-depth story in Community Impact Newspaper's May issue.