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.
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.”
“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.