Lewisville - Flower Mound - Highland Village - April 2022

KEY LAKESIDE DEVELOPMENTS Plans for the area started in the ‘80s. New projects are in the works.

TAXABLE VALUE COMMERCIAL Lakeside accounts for roughly half of the town’s commercial tax revenue. Lakeside: 50% $1.2B

CONTINUED FROM 1

even more. The 1,500 acres that make up the district are about 87% built out, Watson said. Flower Mound resident Salvko Vidovic has lived in the Lakeside DFW development, which is part of the Lake- side Business District, for four years. “I love this community,” he said. Vidovic is from Bosnia, and when he found Lakeside DFW, which is home to The Shops at Lakeside, he said it felt reminiscent of a European town. The Flower Mound transplant works at LakesideBarber&Co. and lives across the street fromhis job. “I don’t want to be too far from my job because time is important,” Vidovic said. “When you have your family, time is important.” Lakesidebeginnings The initial ordinance for the district was created in 1986 to design the roads and the layout, Watson said. The town put in $25 million as a grant to the dis- trict for infrastructure, Watson said. That grant is paid back to the town as dierent businesses come to the district through a special property assessment, and it is nearly paid o, he said. The proximity to the Dallas Fort Worth International Airport, which is less than 10 miles away, makes the dis- trict attractive for potential businesses and developers, Watson said. “Businesses choose Lakeside for the proximity of the airport and quality of life,” France said. Local leaders and developers saw the success of neighboring communi- ties, such as Coppell, Grapevine and Irving, and looked to capitalize on some of the town’s best amenities. These amenities include the town’s trails and Grapevine Lake. CommunitybenetsofLakeside Most of the businesses in Flower

2499 Retail District: 50% $1.2B

1986: Initial plans for the district are created, and Flower Mound invests $25 million in infrastructure. 2008: CTDI moves to Flower Mound. Communications Test

SOURCE: TOWN OF FLOWER MOUNDCOMMUNITY IMPACT NEWSPAPER

Mound are located in either the Lake- side Business District or the 2499 Retail District, Watson said. The town is completely built out in the 2499 Retail District, which means Lakeside is the only place where com- mercial development can be built that is already zoned commercial,Watson said. “We hope tohave some opportunities on the west side of town. But that’s still a ways o,” he said. Aside from commercial revenue, Lakeside oers people the opportunity to live right where theywork, which has become more valuable since the pan- demic, Watson said. “They work in that area, they eat lunch there, and then in the evenings, they hang out there to enjoy them- selves,” he said. “Where you really get the advantage of the work-live-play area is that not only are they working in an area and being there during the daytime, but they’re also there at night and helping to create more tax dollars and generate more opportunities for community.” Flower Mound has historically been a bedroom community where people live but commute to another city for work. Lakeside is shifting that narrative, Wat- son said. The International Oce Center recently opened in the district. The oce building is 90% full as of April. Most of those occupants are corporate relocations, he said.

“Most of these corporate decision makers see an opportunity to locate their business in an area where they can actually give the amenities to their employees. That really help them to not only recruit new employees, but also to retain those employees,” he said. It is not just the business amenities that draw in businesses but also the nat- ural amenities, Watson said. “That is a cornerstone of commu- nity,” France said about Lakeside. Businessbenets Lakeside oers business owners a built-in customer base through its res- idents, said David Stewart, managing partner of Lakeside DFW Land Ltd., which is a development in the district. “There is a loyal community built in at Lakeside,” he said. “It’s not big enough tomake business protable, but it’s a good base.” For example, none of the businesses at The Shops at Lakeside closed because of theCOVID-19pandemic, Stewart said. Restaurants are a big appeal at Lake- side and draw in people who don’t live in the district, he said. “You don’t have to be a resident of Lakeside to be amember of the commu- nity,” he said. Many of the businesses are owned and operated locally, and that contrib- utes to the high level of service people can expect, Stewart said. There is also a wide range of business oerings, such as health, beauty, gro- cery and restaurants, Stewart said. Lakeside has the top two highest grossing restaurants per square foot

It employs 1,050 people as of 2022. Design Inc. operates in 4 buildings, 780K sq. ft.

2017: Construction begins on Lakeside Tower luxury condos. 2018: Flower Mound Town Council approves Lakeside Village project. 2020: Developer breaks ground on Lakeside Village project. 2020: Lakeside Tower opens in the Lakeside Business District. 2020: Flower Mound Town Council approves the Silveron Park project. It is the largest employer in the Lakeside Business District.

SOURCE: TOWN OF FLOWER MOUND COMMUNITY IMPACT NEWSPAPER

in all of Flower Mound, said Jimmy Archie, managing director of Realty Capital Management. Those restau- rants are 1845 Taste Texas and The Tav- ern at Lakeside. Lakeside also hosts events that bring in large crowds from around the metro- plex. The LakesideMusic Series of sum- mer concerts, for instance, started its seventh season on April 1. These events, the constant foot traf- c, and general design and atmosphere are the key reasons businesses want to

BRAND BUSINESS your WITH STICKIES Exclusive front cover placement • Targeted mailbox delivery • Competitive pricing The reason for corporate relocations is the design of Lakeside and its oer- ings of restaurants, retail, living and oce spaces, Watson said.

COMMUNITYIMPACT.COM/ADVERTISE (866) 989-6808

COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM