Flower Mound is making plans for a river walk district with shopping, restaurants, homes and an amphitheater.
Centurion American has developed plans for a mixed-use development and central park off of Farm-to-Markets 2499 and 1171.
"It's going to be a town center ... where people come, gather and hopefully spend some money," said Mehrdad Moayedi, president and CEO.
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Plans for the area include office space, retail, restaurants, housing, parks, walking spaces, a 2,000-to-3,000-seat amphitheater and, of course, a river in the center. The district will have a lot of fountains, landscaping and seating areas," Moayedi said.
Centurion American came to the Town Council with the idea after another developer approached it about building a full municipal management district between Texas Health Presbyterian and the Market Square currently under construction.
"Back in 2008, this really kicked off for us," Councilman Bryan Webb said about the original project.
But those plans came to a fast halt when the recession hit and forced the original developer to cancel the project.
"The time is right that people are now looking at those projects that were put on hold and saying, 'OK, let's go back and revisit this,'" Webb said.
Before anything can be built, the town needs approval from the Legislature to create a municipal management district, which is basically a self-governed district that can provide infrastructure and other services through the issuance of tax exempt bonds, special assessments, property taxes and impact fees.
If the town and the developer can get it through, Moayedi is confident the fine details of the plan can be worked out with the council and residents, he said. Construction could possibly start by August.
Both Webb and Moayedi said they expect the final price tag would fall between $300 million and $400 million. But such details would have to be worked out after the MMD is approved, they said.
"Flower Mound's always been a great community, but we've never really had that central place," Webb said. "River walk is to be that."