Direct Development will develop The Point, a 35-acre mixed-use development in Flower Mound, according to press release issued by Sunwest Communications.
The project is expected to add $150 million to the Flower Mound tax base and bring approximately 1,000 jobs, the release said.
As the first high-density, mixed-use development in Flower Mound's Lakeside Business District, The Point will offer a unique mix of corporate office, multi-family, hotel and public amenities, a format previously unavailable in the area.
"Zoning has allowed for development of Class A office within the Lakeside Business District for 30 years, yet none has been developed. Our vision for The Point is to bring the kind of authentic, vibrant urban experience that is attractive to major corporate office tenants and the community to the heart of the Lakeside Business District," said David Watson, managing principal of Direct Development, in the release.
Located at FM2499 and Silveron Boulevard, The Point will feature two development sites that will offer up to 215,000 square feet of Class A corporate office, 585 multi-family units developed by Trammell Crow Residential, a 100-room Tru by Hilton hotel, and the potential for ground-floor retail and restaurant space in the office and multi-family buildings.
The highly amenitized project will also include 5.5 acres of public space, including pedestrian paths, a trailhead and ample green space, creating a dynamic, walkable experience.
The project is slated to break ground in fall 2018.