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eastsider

Lake Grapevine: 16-story hotel/condo

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The Hines Co. is planning to build a 16-story conference hotel on Lake Grapevine. It will be located in Flower Mound at the Lakeside DFW business park. The four star hotel will have 280 rooms with 28,000 sf of ballroom and meeting space. 45 condominiums will also be included in the project. Construction may begin early next year and be completed in late 2007.

The west-facing hotel will have two restaurants, a spa, pool, large windows and balconies for views of sunsets across the lake.

"We are purposely elevating the hotel some to make sure we get the views," Elliott said. The 9-acre project is expected to have a value of $51 million, generating $980,000 a year in hotel occupancy taxes and $80,000 a year in food and drink sales, according to an agreement with Flower Mound.

The Hines Co. included condominiums in the project because of the demand for living spaces with restaurant service, Elliott said. The condos will have an average sales price of $500,000.

Fort Worth Star-Telegram: Construction on hotel may start next year, official says

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This project is still planned to begin inearly 2006 after voters passed Proposition 3 last month.

The proposition passed Nov. 8 and clarified that cities can issue long-term debt for economic development purposes.

If the proposition had failed, it could have affected the hotel's seven-year incentive agreement with Flower Mound. Under the $8 million agreement, the town will rebate hotel and occupancy taxes and other taxes and fees, contingent on a $45 million investment from Hines after five years in operation.

Also, The Hines Co. closed on the 9-acre property in early November.

Dallas Business Journal: Flower Mound luxury hotel still on tap

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Hines finally broke ground today on the Lakeside Resort & Residences, which will be the first skyscraper in Flower Mound. The building will be 18-stories with 289 hotel rooms and 64 condominiums on the upper floors. It is scheduled to be completed in fall 2008.

Benchmark Hospitality International will operate the hotel and resort, which will include a conference center, 12,000-square-foot spa, two restaurants and an outdoor pool.

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