A luxury development on 48 acres behind The Home Depot and PetSmart that will include residential, retail, office, and restaurant space with waterfront dining inched closer to reality when the Granbury City Council approved the developer’s rezoning request at its regular meeting on Dec. 7.
Plans by Irving-based Realty Capital Management for Lakeview Landing include a branded, luxury hotel, assisted living, and multi-story buildings with commercial space on the ground floor and residential units above.
Single family homes are also planned there, including some that will be built on an island accessible by a connective roadway.
The development will provide its estimated 1,000 residents with easy walking access to shopping and dining.
Those who don’t live at Lakeview Landing will nevertheless be able to shop and eat there, and can enjoy the development’s trails, boardwalk, and park.
According to city staff, the project meets goals outlined in the city’s 2016 Comprehensive Plan.
The land, owned by the Overstreet family of Granbury, is to the south and west of Overstreet Boulevard, at the southeast corner of U.S. Hwy. 377 and the Brazos River. It is across from where the tiered, five-story Dolce Vita apartment building for seniors is being built at 377 and SH 144. Lakeview Landing’s buildings will be of similar height.
Overstreet Boulevard runs between The Home Depot and PetSmart shopping centers. PetSmart has not yet opened but is in the former Bealls store next to Staples.
The city and the development team are working together on ways to fund extension of Overstreet Boulevard. The road will extend and curve to provide ingress and egress at Water’s Edge Boulevard, which Realty Capital Managing Director Tim Coltart said will help relieve congestion.
A traffic analysis will be done prior to approval of the final plat, City Manager Chris Coffman said.
Parking for Lakeview Landing’s multi-family units will be located behind the building. Rear garage entry will be utilized for townhome and patio home units via alleys.
Exterior materials will include stucco, stone, brick, and cementitious siding, which is durable, long-lasting, and low maintenance.
A large portion of the property is in the Federal Emergency Management Agency’s (FEMA) Special Flood Hazard Area and will need to be modified with six feet of fill to be developed. Coffman commented that the dirt fill will cost the developer more than $1 million. He also stated that the same action was required when The Home Depot was built.
The development will be served by Granbury water and sewer.
The city is currently under a development moratorium due to a delay in building a second wastewater treatment plant caused by opposition to the plant’s proposed location on Old Granbury Road.
However, the moratorium does not apply to projects that were already in the works when the City Council recently issued the moratorium. Plans for Lakeview Landing got underway in early 2019, according to Coltart.
Coltart said that according to the planned schedule, dirt work will begin in the third quarter of next year, with the project going vertical at the end of 2023.
The completion date is 2026.
“It’s really something special,” he said of the project.