Town Council approved the Chapter 380 agreement during its regular May 2 meeting. The incentives, all of which have a seven-year limit, include a hotel occupancy tax grant, a sales tax grant, a real property grant, a tangible personal property grant, three new business grants and a cash grant, according to the May 2 agenda item.
The project will include the construction of a 130,000-square-foot hotel with an approximately 7,000-square-foot ballroom and meeting space. It will also include a 140,000-square-foot Class AA office space. The site is located at the southwest corner of Lakeside Parkway and Edgemere Road within the overall Lakeside DFW development, according to the agenda. Realty Capital Management will build the facilities.
Realty Capital is the primary developer within Lakeside DFW.
Sunset Boulevard Partners requested the incentives to offset the costs associated with developing the site, according to the agenda and meeting presentation. The costs are estimated to be more than $500 million.
Lakeside Village, a 40-acre resort community on Lake Grapevine, is the newest addition to the Lakeside Business District in Flower Mound. The $175 million project includes boutique hotel Hotel Miramar, a Class AA office building and private social club Eden Roc, according to a Realty Capital press release.
The project should break ground in the fourth quarter of 2022.
“We owe the town of Flower Mound a big thank you for trusting our vision and facilitating our ability to develop a legacy project like this,” Realty Capital Managing Director Jimmy Archie said in the news release. “The town had the foresight to see that the incredible lake views are an amenity that enhances the quality of life and produces significant tax revenue for generations to come.”
