BY CONNOR PITTMAN
Officials approve Chapter 380 Agreements for office, retail projects A Class A office project and over 20-acre retail site are progressing in Flower Mound. The details Council approved a Chapter 380 Agreement for each project, which allows town funds to incentiv- ize economic development projects. An office building within the Silveron park mixed-use development should help attract jobs to Flower Mound, officials said. A separate retail project could provide more shopping and dining options in western Flower Mound. From the office project, officials expect to generate a net benefit of $3.7 million , while the retail development could generate more than $28 million in property taxes and as much as $2.3 million in annual sales tax collections.
Upcoming project
Upcoming project
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1 Silveron Park Phase One Project: Thompson Realty Capital, the developer of Silveron Park, plans to build a 64,000-square foot Class A office building in the development’s first phase. Other first phase projects include 200 multifamily units, a 17,000-square-foot retail strip center, and two or three retail pad sites. Update: Council members approved a Chapter 380 Agreement for the office building July 21. The agreement provides around $2 million in property and business personal property tax abatements, grants to cover the cost of impact fees, and debt service for the building.
2 Western Flower Mound retail Project: AAB Venture Capital plans to develop a 22.2-acre retail center near the proposed Brookview neighborhood in Flower Mound. Per terms of the agreement, a Hill Country-style retail center anchored by a boutique grocery store or entertainment venue must be built. Update: Council approved a Chapter 380 Agreement and a separate purchase and sale agreement worth nearly $8 million July 21. The Chapter 380 Agreement does not have economic development incentives, but requires the developer to invest at least $10 million for the project.
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