Richardson-based Thompson Realty Capital officially announced its plans to begin construction on a 50-acre mixed-use development on the southeast corner of Flower Mound.
The Flower Mound Planning and Zoning Commission approved the project on August 22.
The development is in partnership with Addison-based Trez Capital, which will provide equity financing to Thompson through its joint-venture partnership program, according to a press release.
As of right now, Thompson Realty Capital and Trez Capital have seven other multi-family projects under construction in Texas, for a total of 2,100 units. The Pair also announced a 304-unit development in San Marcos earlier this year, with a total equity investment of about $50 million, in addition to a 504-unit development in Austin that had $33.3 million invested.
“Flower Mound is a growing area which is just one of the many reasons this is an ideal location for a new mixed-use development,” said John Hutchinson of Trez Capital.
Flower Mound is one of the fastest growing residential suburbs in the city of Dallas, with the population having increased by over 250 percent since the 1990s and going from around 64,000 to over 78,000 from 2010-2022.
Irving-based Realty Capital also has several projects in the pipeline to take advantage of Flower Mound’s growth, including its 40-acre Lakeside Village development that will include 55 single-family homes and the new 16-story Terranea tower that will house 207 luxury residential units averaging 1,500 square feet.
The Lakeside community will also include a hotel and office development immediately south of the Terranea tower, approximately six lakeside restaurants, and three to four additional residential towers in the surrounding area.
The Thompson project will be located on FM 2499 and Lakeside Village Parkway Flower Mound, well within proximity to the Grapevine Lake reservoir and only 5.3 miles away from the DFW Airport.
The first phase of the project, expected to begin in fall 2022 and slated for compilation in early 2024, will include a four-story, 200-unit, urban-garden mixed multi-family community, according to the release.
It will hold 15,000 square feet of retail space for three restaurants and a 60,000-square-foot office building with one level of underground parking. The development will also include approximately 20 acres of public parks and more than 2.5 miles of trails on site.
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