Lake Carolyn nears final stage of development

Irving—The Lake Carolyn Promenade Phase V will begin construction in early 2025. Phase V marks the final phase of the project, completing the walkway’s 6-mile loop around Lake Carolyn.  

The city began investing in the Lake Carolyn Promenade project in 2010 as part of the Las Colinas Urban Center Master Plan. The promenade improves walkability of the area, encourages physical activity and offers residents and visitors multiple seating opportunities to enjoy the Lake Carolyn view. Phase IV of the project, scheduled to be complete in spring 2025, connects the lake pathway north of Northwest Highway with the remainder of the promenade south of the highway. 

Phase V will add 3,800 feet of promenade along the north shore of the lake near the Toyota Music Factory and the Wells Fargo Bank campus. Benches, pedestrian lighting, landscaping and new entry structures will be added to this section of the promenade alongside the installation of the walking path. Phase V, expected to be finished in fall 2025, will complete the 15-year Lake Carolyn Promenade project and will provide one continuous pedestrian walkway around the lake. 

All phases of the promenade have been funded through Tax Increment Finance (TIF) funds. TIF funds are obtained through the Tax Increment Reinvestment Zone (TIRZ) No. 1, which covers a large portion of Las Colinas. TIF programs place increased tax revenue from new development and higher property values in the designated TIRZ into a special TIF fund to finance improvements in that zone. This process allows the city to reinvest the revenue back into the area it originated from. Lake Carolyn Promenade Phase V will utilize $4.66 million in TIF funding from TIRZ No. 1, 22.6 percent less than the original project estimate. 

SOURCE City of Irving