The development comes from Thompson Realty Capital, LLC in partnership with Trez Capital, according to an Aug. 22 Thompson Realty Capital news release. The property is scheduled to break ground this fall with Phase 1 completion slated for early 2024.
The first phase of the project includes a four-story, 200-unit, garden-urban mix, multifamily community and 15,000 square feet of retail with space for three restaurants as well as a 60,000-square-foot office building with one level of underground parking, according to the release. The development will include about 20 acres of public parks, open space and more than 2.5 miles of trails.
“After more than four years and numerous site designs, Flower Mound’s planning and zoning commission approved the project plan, and we will ensure we deliver a new mixed-use destination district that meets the town’s vision,” Thompson Realty Capital CEO Taylor Field said in the release. “This is our first project in Flower Mound, and we are excited to create a new gateway to the area and to the Lakeside District that will provide a unique live, work, play environment for residents.”
The multifamily community will also include a private fitness center, concierge services, a resort-style pool and a community dog park.
This project is a part of Trez Capital’s joint venture partnership program, which provides experienced developers, such as Thompson Realty Capital, with equity financing for value-add and ground-up developments in key markets with strong population, employment and GDP growth, according to the release.
“With more than 25 years of experience in acquisition, development and property management of multifamily, office and single-family residential projects, Thompson Realty Capital is the perfect partner on this project, and we look forward to launching our ninth joint venture project with them,” said John Hutchinson, Trez Capital vice chair and global head of origination, in the release. “Flower Mound is a growing area, which is just one of the many reasons this is an ideal location for a new mixed-use development.”
McAdams will handle civil engineering and landscape architecture for the project. Other architects for the mixed-use project include Cross Architects, GSO Architects and Alliance Architects.
Thompson Realty Capital and Trez Capital have seven other multifamily projects under construction in Texas, according to the release.
