Realty Capital plans to build Lakeside Center, which will contain two Class A office buildings totaling 138,000 square feet facing FM 2499 and eight townhomes that face Northwood Drive.

Mayor Pro Tem Jason Webb said he believes this is the highest and best use for the property.

"We want this kind of project in the Lakeside area," he said. "2499 is the entrance into our community so it is a special area. And to me this project—although it's going to be a 4-story office building—is going to have a Flower Mound feel, and it's going to make me feel like I'm still in Flower Mound when I'm driving by."

The development will feature a four-story office building with 120,000 gross square feet and a two-story office building with 18,500 square feet.

Realty Capital officials said they are aggressively recruiting a large coworking space company such as WeWork, Common Desk or Regus. The coworking space is intended to create an incubator for office tenants to grow into larger spaces in Flower Mound.

The development had been reviewed by Town Council before, and the developer received incentives to build the office component per the approved 380 Agreement that was approved in April. Part of that agreement included the requirement of a parking garage, which the developer will be providing, and it will include more than the 80 percent of the required parking to service the 4-story office building.

In between the built environment, the development preserves the existing stream that runs down the middle of the property and which acts as a site amenity and natural open space area. This area will be accessible to both the office users and the townhome residents.

There will also be a direct pedestrian connection to Lakeside Crossing and Lakeside DFW, which is aimed at promoting the live, work, and play benefit of the site and surrounding developments.