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FLOWER MOUND, TX -- April 15, 2002 - Lakeside DFW Land, Ltd., a joint
venture of the Peter P. Stewart family and Pat Cornell of Cornell-Rader,
and Hines, the international real estate firm, announced today that they
have signed an agreement to pursue the development of Lakeside DFW, a 163-acre
tract of land overlooking Grapevine Lake in Flower Mound, Texas.
Located six minutes north of DFW International Airport on International
Parkway (FM 2499) and the new Lakeside Parkway, the development will occupy
the last commercially developable site along the nine-mile-long lake.
Lakeside DFW is in the pre-development phase with plans for a conference center hotel, a Cooper Fitness Center/Spa and approximately 145 acres slated for build-to-suit office projects and other commercial uses. Lakeside DFW is zoned and the site plan is approved for up to six million square feet of corporate headquarters, office, hotel, conference center, and high-end retail. The Cooper Fitness/Spa and medical facilities will complement the hotel and provide unique amenities for the corporate users. Lakeside DFW is the largest Verizon SmartPark® planned for Texas, which will provide the most advanced telecommunications services available. The project will also have one of the most redundant electric power grids in the region. �We are proud to announce our association with the world-class developer
Hines,� said Lakeside DFW spokesman Alan Stewart. �Their impeccable reputation
and capabilities on similar mixed-use developments around the country will
complement Lakeside DFW�s extraordinary natural amenities and central location.�
Flower Mound�s Mayor Lori DeLuca said, �We�re confident that the quality that Hines brings to the hotel, Cooper Fitness and future offices at Lakeside DFW will generate a substantial commercial tax base for Flower Mound in the future�. She added that, �Flower Mound, Hines and Lakeside DFW will provide the entire region with extraordinary amenities without equal in North Texas. Lakeside will also become the catalyst for further high quality commercial development in the rest of the Lakeside Business District.� Hines� experience in the Dallas area includes the 3.8 million-square-foot Galleria mixed-use development (consisting of three office buildings, the Westin Galleria Hotel and the 1.8 million-square-foot shopping center anchored by Macy�s, Nordstrom, Saks Fifth Avenue and Gap, Inc.); the 825,000-square-foot Galleria North multi-use development (two office buildings and 112,000-square feet of retail space); and the 215,000-square-foot Computer Associates International building in Plano. Hines is a privately owned real estate firm involved in developing, acquiring, leasing and managing real estate, as well as providing extensive global investment management and advisory services. With offices in 76 U.S. cities and 11 foreign countries, and assets in excess of $10 billion, Hines is one of the largest real estate organizations in the world. Access www.Hines.com for more information. Lakeside DFW Land, Ltd, a joint venture of the Peter P. Stewart family
and Pat Cornell of Cornell-Rader, is also managed by partner Alan G. Stewart.
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Also See | Gaylord Entertainment Keeps City of Grapevine Officials Happy by Keeping Opryland in Name of Resort / Jan 2002 |
Dallas Report / 2002 National Lodging Forecast / Ernst & Young LLP / Feb 2002 |
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Lakeside DFW Alan G. Stewart [email protected] 972-233-8925 www.Lakesidedfw.com |