Lewisville deemed the 'Hamptons of Dallas'

The Hamptons are coming to Lewisville according to a developer.

The Lewisville City Council gave consensus to move ahead with an agreement so secure land for a planned development at its Monday work session.

Terrence Maiden, CEO developer of Russell Glen said they chose to name the development the Hamptons after one of the architects working on the designs deeming Lewisville as the Hamptons of Dallas. The name caught on, and Assistant City Manager Claire Powell said t-shirts have been made with a similar message providing build in advertising for the development.

The plot to be developed is part of a previously approved Norther Gateway development and was purchased by the city for $9.25 million. Powell said because the property was originally intended for light industrial use, the property owner sold the land at an inflated price.

“We’re not in the business of buying and flipping land, so our direction to staff was, ‘You better find a good developer for this property’,” she said.

Maiden said he plans to bring in multifamily residences and amenities including upscale restaurants, a healthcare facility, an upscale hotel and green space.

“We’re doing a lot in Dallas, and we see Lewisville as a great opportunity for us,” he said.

The agreement between the city and Russell Glen includes Russell Glen purchasing the city for $9.25 million with an additional payment of $30,000 up front. Additionally, the developer can purchase two optional 60-day extensions for $30,000 each.  Before December, the city and developer will revisit the master plan and rezone the property to a planned development to allow for the businesses projected to come in.

Mayor Pro Tem Kristin Green said she wanted to see if a pedestrian plaza could be incorporated, and she wanted more interaction with the other Northern Gateway developments.

“I would challenge you with the restaurants,” Councilmember William Meredith said. “You need some unique restaurants in this place. If you’re going to call it the Hamptons, it better live up to the Hamptons.”