A more than $500 million development coming to the shores of Grapevine Lake will bring an apartment tower, a luxury hotel and office space.
The high-rise development is planned for Flower Mound’s Lakeside Village, a mixed-use project on Long Prairie Road.
Irving-based Realty Capital hopes to break ground on the development late this year or in early 2023.
With postcard views of the lake, the development would be one of the biggest such projects on the way in southern Denton County.
On Monday night, Flower Mound’s Town Council voted to provide almost $17 million in incentives to support the hotel and office development — mostly tax abatements and refunds.
The development would adjoin the Lakeside Tower condominium high-rise, which opened last year.
Realty Capital is developing the Lakeside project in partnership with the Stewart family, the property’s longtime owners.
“We are fortunate to have such a beautiful piece of property,” said Realty Capital’s Jimmy Archie. “We are in the epicenter of the Metroplex.”
Designed by Dallas-based Merriman Anderson Architects, the next phase of the development will include a 210-unit apartment tower called Terranea.
There also will be an 12-story Curio Collection Hotel by Hilton called Miramar, with 181 guest rooms and suites and balconies with lake views. On top of the hotel will be 21 condominiums.
And the complex will have a six-story office building with 170,000 square feet of space. Jones Lang LaSalle is leasing the offices.
“We are going to go for that select office tenant,” Archie said. “We are going to do a private social club on the second floor with an outdoor terrace.
“We have six restaurants with patios that look out over the lake,” he said. “Everything is lined with retail and restaurants on the ground floor.”
The 16-story apartment tower would include more than 200 units.
Archie said the developer decided to build the next residential high-rise after the success of the Lakeside Tower condominiums, which are almost fully sold.
“We think there is an untapped demand,” he said. “There are people that want this lifestyle but aren’t willing commit to buying yet.”
He said most of the owners at the condo tower are empty-nesters.
“I would say 80% of the buyers are from Southlake, Coppell and Flower Mound.,” Archie said. “It’s people who live out in the suburbs and don’t want to go to downtown for the high-rise lifestyle.
“We’ve got some East Coast and a couple of West Coast people, too.”
Flower Mound’s Town Council voted unanimously for the incentives for the project.
“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,” Archie said.
Published by Dallas Morning News on May 2, 2022