HOUSTON – (Realty News Report) – Hines, the global real estate firm founded in Houston by Mr. Gerald D. Hines, is working with partners to develop a new master planned community with 1,400 homes on the northwest side of Houston.
Hines, along with partners Trez Capital, Caravel Ventures, and Sumitomo Forestry, have closed on 528 acres in the Waller community for the development, which will be located in Harris County, just beyond Cypress and Hockley.
Founded in 1957, the Hines company has developed many master planned communities in addition to retail centers, including The Galleria; hotels, baseball stadiums, warehouses and skyscrapers, including downtown Houston’s 75-story JP Morgan Chase Tower, which is the tallest office building in Texas.
The new community in Waller will feature amenities such as a 4.7-acre recreation center, hike and bike trails; and over 130 acres of green space.
The first phase of the development will consist of approximately 350 lots and will be built by Highland Homes, Chesmar, Drees, Brightland, Tri Pointe, Ashton Woods and Castlerock Homes.
Served by the Waller Independent School District, plans also include a future onsite school.
“Waller is expected to see a major increase in population over the next five years, as growth continues to push northwest and limited vacant land remains in the surrounding submarkets,” said Carson Nunnelly, managing director at Hines. “This poses an appealing opportunity for us to deliver a high-quality master-planned community with diverse product offerings. We look forward to working alongside our partners to meet the demand for high-quality, yet cost-effective housing options in this prime submarket.”
Veteran Houston land developer David S. Wolff, known as the Father of the Energy Corridor, began working heavily in the Waller/290 area about three years ago when he commented “the pace of development in the (Highway 290) area will increase.”
The Hines new community is located 2 miles north of Highway 290.
“Known for its vibrant economy and strong sense of community, Harris County is the ideal location for this upcoming master-planned community,” said John Hutchinson, Co-Chief Executive Officer and Global Head of Origination, Trez Capital.
Sumitomo Forestry Group is a global businesses related to wood, including forest management, timber and building material manufacturing and distribution, In the early 2000’s, Sumitomo Forestry began building homes in Seattle area. Atsushi Iwasaki, President, Sumitomo Forestry America Inc. issued upbeat comments about the Waller development.
“Caravel Ventures is excited to team up with Hines, Trez Capital, and Sumitomo Forestry on our fourth transaction together,” said Don Dykstra, Partner at Caravel Ventures.
Construction on the Waller land is anticipated to begin in the fourth quarter of 2023 with the first phase expected to deliver in summer 2025. Bill Byrd of Colliers represented the seller and worked closely with both parties on the transaction.
Hines, Trez Capital, Caravel Ventures, and Sumitomo Forestry are currently working on the Brookewater master-planned community in Rosenberg, on the southwest side of Houston; and the Mirador master-planned community in Austin. Hines has partnered with Trez Capital on numerous projects across the Southwest, including Houston projects such as Somerset Green, Laurel Glen, Grayson Woods, Raburn Reserve and a master-planned community that is currently underway in Brazoria County named Creekhaven.
Hines operates in 30 countries, managing a $94.6 billion. Its local teams serve 790 properties totaling over 269 million SF globally.
Nov. 1, 2023 Realty News Report Copyright 2023
Image courtesy Hines
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