Flower Mound Council Approves 132-Townhome Plan for Lakeside East

Courtesy of BizJournals.com

The Flower Mound Town Council unanimously approved a revised Lakeside East proposal that replaces apartments with townhomes.

At the October 6 meeting, the council approved the master plan amendment and rezoning request, with one exception: allowing developer Realty Capital to build office and retail buildings up to three stories tall at the corner of FM 2499 and Spinks Road.

The approval also requires Realty Capital to finalize key parts of the development, including the location of private drives and utilities that would connect to individually platted townhome lots.

The updated proposal makes a few changes from the version tabled in April, including replacing 326 apartments with townhomes and trading a planned four-story office building for two smaller ones.

Lakeside East will include:

• Up to 132 townhome units, either individually platted or part of a condominium association
• Two retail or office buildings at the corner of FM 2499 and Spinks Road
• A full-service hotel
• Retail and restaurant spaces along FM 2499

According to town documents, the new development will also include 1.76 acres of open space. Once staff complete the subdivision site plan review, the developer will need to meet parkland requirements of 3.67 acres if the townhomes are on a single lot, or 4.44 acres if each townhome is platted individually.

Archie said the project should now meet all of the requests from council members and residents who voiced both support and opposition to the project.

Along with the new zoning and master plan amendment, the council also approved a Chapter 380 Agreement to provide economic development incentives for the retail and hotel portions of Lakeside East. According to town documents, the incentives are valued at about $5.07 million.

Ray Watson, Director of Economic Development, said the agreement includes provisions for a 128-room hotel, up to five restaurants, and two retail strip centers.

The agreement includes:

• A 100% rebate on permit fees, estimated at $94,520
• A 100% reimbursement of impact fees, valued at about $1.09 million, to be repaid to Realty Capital over five years
• A seven-year grant covering 50% of hotel occupancy tax collections, estimated at $1.15 million
• A seven-year grant covering 50% of sales tax collections, estimated at $1.76 million
• A seven-year grant for real and business personal property taxes, estimated at $978,030

With zoning now approved, the developer and the town will work together to finalize site details to ensure the project meets development standards.