Sunset Legacy LP, a partnership between the Peter P. Stewart family of Dallas and Realty Capital of Irving, closed Nov. 22 on a $41 million loan with First United Bank for infrastructure funding, according to Rebecca Everitt of Realty Capital.
Construction on the infrastructure is slated to begin in March or April, Everitt said. The infrastructure includes lakeside trails, an amphitheater, streets, sidewalks, landscaping, utilities and an underground parking garage.
Everitt said construction of the infrastructure is expected to take a year to complete and that residents can expect vertical development to begin in that same time frame, though it will take several years until the development is fully built out.
Realty Capital moved to secure a private loan for the development after Flower Mound Town Council decided last summer not to establish a tax reinvestment zone, or TIRZ. The zone would have helped to fund the infrastructure needed to move forward with Lakeside Village. A TIRZ is a form of financing that captures growth in property tax value of a certain area and uses that captured value to fund improvements within that area.
The 40-acre Lakeside Village will consist of a mixture of retail spaces, restaurants, offices and residences and will also host three hotels, according to Realty Capital. The development is the final phase of the 165-acre Lakeside DFW mixed-use project.
