Live, work, and play on 150 acres overlooking Lake Grapevine

Deal completed with Greystar to bring urban living, amenities to Lakeside DFW

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Greystar Real Estate Partners has purchased 28 acres at Lakeside DFW and plans to begin site work in July on 17 buildings featuring 648,000 square feet for retail/commercial, apartment, and town home uses.

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Click to view a fly-through of the Greystar project.

The sale of the property, which includes the western corners of International Parkway (FM 2499) and Lakeside Parkway in Flower Mound, was announced today by officials of Greystar and Realty Capital Management, master developer of Lakeside DFW.

“This will be a Class A project in a very high quality suburban community,” said Laird Sparks, managing director of Greystar.

“It is part of an overall strategy by Realty Capital,” he added, “to deliver a thoughtfully planned mixed-use community to the Flower Mound area, where no similar developments exist.”

Six mixed-use structures along Lakeside Parkway, which will feature 45,000 square feet of retail/commercial uses on the ground floor, are scheduled to be completed first (as early as July 2014).

A total of 170 loft-style apartment units will be located above the ground-floor retail.

Three parks will play an important role in the mixed-use area, providing opportunities to mix leisure pursuits with commercial activities (e.g., a restaurant space will front one of the plazas).

“The vision of a walkable community with spectacular lake views and trails is bound to make Lakeside very popular,” Sparks said, “not just with residents but with people from all around Lake Grapevine.”

A restaurant space sits across from this plaza in Lakeside's first phase.

A restaurant space sits across from this plaza in Lakeside’s first phase.

“We think Lakeside will attract a lot of cool things,” he said, “and we hope Flower Mound residents understand our restaurants and shops will need their support.”

“It will be great for Flower Mound residents to be able to hang out and dine in town rather than driving to other communities.”

Laird said Greystar would work closely with Realty Capital and town officials to make the retail component a success.

“Everyone on the town staff has been great, very professional,” he said. “It could not have been a better experience. They were open and transparent. When we had disagreements, we worked through them calmly and efficiently.”

Greystar is currently building mixed-use projects with significant retail components in Austin, Denver, and Charleston (where the company has its headquarters).

According to Multifamily Executive, the firm ranked as the country’s most prolific apartment builder in 2012, with 5,360 starts.

With lot development and construction underway on 23.8 acres for single-family homes, the Greystar purchase puts approximately 51 acres of new construction in the pipeline at Lakeside.

Comments

  1. Chris Womack says:

    With all the apartments at the Grapevine border, and all the apartments and retail going in a Lakeside, we call all add 10 more minutes to the 20 minutes it takes to get out of Flower Mound and go south. I’m afraid this is too much density without enough setbacks off the main roads. While we all appreciate having retail and restaurants, commute times are going to be problematic with the density at this location. Too many people and too few roads. I see another traffic like at SIlveron and FM 2499 in the near future. I already have 10 traffic lights between the south border of Flower Mound in Southwest Flower Mound. I think traffic would be helped a lot of Simmons Road could connect to Lakeside so that those of us living in the Southwest part of town can avoid 2499 and 3040.

  2. It would be nice to get some great anchor restaurants like Gordon Bierch, California Pizza Kitchen, Rock Bottom Brewery, Claim Jumper, etc and atleast 1-2 fine dining restaurants ie: Nick & SAMs or Capitol Grille.

  3. What will the price range be for the townhomes and condos?

  4. I like the concept of Lakeside but how will you keep the integrity of the apartments over time? If I’m spending almost 500k on a home in Lakeside I have some big concerns about my home value as the apartments age and rental prices fall i.e. Valley Ranch. Also, what are the height restrictions of the surrounding apartment and retail buildings?

  5. Delinda Richman says:

    I would love for you to approach Lucille’s restaurant on Camp Bowie in Ft Worth to see if they would put a restaurant in Lakeside.

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