In a work session before the Flower Mound Town Council on December 5, 2011, Richard Myers of Realty Capital suggested Flower Mound will be the key to the success at Lakeside DFW.

The statement was made in response to a question from councilman Tom Hayden during a presentation on plans for Lakeside DFW.

Councilman Tom Hayden:

Flower Mound residents have heard a lot of promises …  If you can deliver something like Legacy Town Center, all of Flower Mound would be excited.  We need that kind of gathering spot here …  But why, in this economic climate, do you think you can be successful?

Richard Myers, managing partner of Realty Capital:

We are not doing this for today’s economic climate. We are looking long term, the next 3, 5, 10 years.  Realistically this is probably a 10-12 year project. (If this gets done in 12 years, that would be two years faster than Legacy today).

Why do I think we will be successful?

I actually think it is the town that will make this project successful.

Because, in a way, it is simple.  We need to create a plan that ensures high quality and is responsive to the marketplace.  Both of these elements are in your hands.  They can be written into the plan.

If you look at businesses today — restaurants, high-tech firms, retailers — everything is happening so fast. Retailers spring up and then go out of business.

We think it is important to have a project with zoning that — five years from now — won’t be obsolete.

The way you beat your competition around DFW is to have a project where a business can come in and say I can make a make a decision now and I can be under construction soon …  I don’t have to go through 2-3 years [in getting the zoning] everytime a new business wants to build here.

It is a little scary from the town’s standpoint, but the market tends to be pretty smart.  They tend to know what works and what doesn’t.

More on this presentation can be found at  Flower Mound TV:

http://flowermoundtx.swagit.com/player.php?refid=12052011-135

Skip to the Lakeside DFW presentation by clicking Item M (Parts 1 and 2) to the right of the video image.

Myers’ presentation covered a wide range of topics, including:

• how Realty Capital (RC) became involved at Lakeside DFW
• Realty Capital’s development experience and exptertise
• how RC fits into the overall structure at Lakeside DFW
• how RC plans to direct, manage, and grow the development
• what experts have to say about the prospects for office, retail, restaurants, and housing
• preferences of Flower Mound residents (gathered through over 300 surveys)
• he pointed out that 151 acres will included in the plan that is expected to be presented to the town in early 2012
• he discussed the Dec. 1 bus tour of Flower Mound residents to Legacy Town Center as well as the nearly 15-year history of commitment from the City of Plano
• the competition for key office tenants
• the most popular office destinations in DFW are Uptown and Legacy Town Center — dynamic, pedestrian-friendly areas that feature a mix of housing, retail, and office uses