Many hope the project will boost Flower Mound’s quest to become a legitimate contender for office development and corporate relocations.
Completion of the two-story, 21,750-square-foot structure is expected in the summer of 2018, according to Jimmy Archie, managing partner of Realty Capital Management, developer of the project.
“We think entrepreneurial businesses or corporate tenants looking for a regional office will appreciate the location,” said Archie, “especially those with decision-makers who live in or around Flower Mound.
“They value the proximity to DFW Airport and major thoroughfares like FM 2499, Highways 121 and 114, and Interstate 635,” he added.
“With The Shops at Lakeside just across FM 2499,” he explained, “office workers will be able to walk to a variety of restaurants for lunch and dinner and enjoy the convenience of boutique shops and service providers.”
The newly opened 7-Eleven sits south of the Lakeside Professional Office, and the pad site at the corner of FM 2499 and Lakeside (see graphic below) could be occupied by a restaurant.“The location will give Flower Mound executives a way to cut their commutes while offering their employees a centralized DFW location.”
BancorpSouth is providing the construction loan. Realty Capital Management is partnering with Lakeside DFW Land, Ltd. to provide the equity funding.
Lakeside DFW Land, Ltd. (owned primarily by the Peter P. Stewart family of Dallas) has worked closely with Realty Capital Management in the development of the 150-acre Lakeside DFW mixed-use community (including the office site).
While office development has failed so far to gain traction along FM 2499 in the Lakeside Business District, the landscape is changing.
The emergence of Lakeside DFW offers office users amenities (nearby housing, recreation, entertainment, and dining) that didn’t exist in the past.
Projects like Lakeside DFW, The Shops at Lakeside, and the 16-story Lakeside Tower may be setting the stage for a new era in Flower Mound office development.