HOUSTON – Hines, the international real estate firm, will develop a high-end townhome on a community a 46-acre tract of land inside the 610 Loop at Interstate 10, located on Old Katy Road next to The Houston Design Center. The gated community will have 500 townhomes priced from about $500,000 to $1 million. Hines said the community will be called Somerset Green and be fashioned after the Regency style of architecture.
The European-style neighborhood, which is in close proximity to Memorial Park, will contain elegant three- and four-story single-family townhomes that will be gated and guarded 24/7. Hines will master plan the site, design and build all of the infrastructure, and sell the lots to builders for both spec and custom homes. Coventry Homes, Pelican Builders and Toll Brothers have committed to develop a significant portion of the project. Preston Wood & Associates is the land planner for Somerset Green, which is not far from the Hempstead Highway.
“Hines has developed a number of high-profile master-planned communities including: First Colony in Sugar Land, TX; Las Colinas in Irving, TX; Palencia in St. Augustine, FL; Cool Springs in Franklin; TN; Aspen Highlands and Five Trees Aspen, CO; Pokrovsky Hills in Moscow; and Mala Sarka in Prague,” noted Hines Senior Managing Director Rob Witte. “We are pleased to bring our expertise to Somerset Green, and to create a new property tax base of up to $300 million for the City of Houston.” The Somerset Green project is the first residential community Hines has developed in many years, but the firm is actively looking for other property. The company started a multi-family unit a couple of years ago and has apartments under development in downtown Houston, near the Galleria and in other parts of the U.S.