A local construction company has broken ground on the first phase of what will be a sprawling residential community on Lake Grapevine.
Grapevine-based Van Trease Architectural Designs recently broke ground on the residential component of Lakeside Village. This multi-phase, mixed-use development project will include nearly 60 villa-style homes, public parks, shops, offices, hotels, and restaurants with terraces overlooking Lake Grapevine.
“Located on the shores of Lake Grapevine in Flower Mound, Lakeside Village captures the extraordinary character of the land and creates a village woven into the landscape and elevated topography,” the project description reads.
Villas at Lakeside Village will start at around $2 million and range between 2,700 to 3,800 square feet, according to Vanessa Van Trease, owner of Lakeside Village Realty Group, the brokerage firm selling the homes.
“The small footprint of the villa homes allows owners to benefit from a downscaled home with less maintenance, but with no sacrifice to fit and finish,” Van Trease said, per The Dallas Morning News.
Development on the initial residential phase is expected to last around 10-12 months and includes the construction of 21 luxury Mediterranean-style villas. In total, Lakeside Village will span 165 acres, with the final 40 acres reserved for the 58 villa homes.
The project is already about 75% done, according to DFW-based Realty Capital Management, which has been working to develop the community for over a decade.
Upon the completion of the remaining villas, Lakeside Village will feature roughly 2,200 residences and 705,000 square feet of commercial space, in addition to having a final value of $2.2 billion, according to Jimmy Archie, managing partner at Realty Capital, per the DMN.
Currently, 10 homes are under construction and will be completed around the summer of 2024, according to Corey Van Trease, principal at Van Trease Development, Inc.
“The Lakeside Villa homes offer a unique opportunity for those looking for a ‘lock and leave lifestyle’ in an active, walkable community where you live your life out the front door,” he told The Dallas Express.
With Lakeside Village being located in the heart of the metroplex and situated a short five minutes from DFW Airport, the mixed-use development “aims to enhance the quality of life in Flower Mound and to be an attraction that shares the treasures of the town with the rest of Dallas/Fort Worth,” its website says.
In general, the North Texas metro has become a major market for economic development.
But while cities like Flower Mound, McKinney, and Grand Prairie have seen success attracting new development projects, Dallas struggles to attract new projects due to its slow permitting process and administrative bottlenecks, seeing minimal growth compared to its neighbors.
Building permit delays have been a particularly prevalent issue in Dallas, with City Manager T.C. Broadnax yet to permanently solve the issue since it grew to prominence during the pandemic, as previously reported by The Dallas Express.
