Hines And Partners Buy 528 Acres For 1,400-Home Community Near Waller

 

Hines has closed on 528 acres near fast-growing Waller that it intends to develop into a master-planned community with partners Trez Capital, Caravel Ventures and Sumitomo Forestry.

The development will have 1,400 single-family homes and amenities that include a 4.7-acre recreation center, hiking and bike trails, and more than 130 acres of green space, according to a news release.

The site is in Harris County, just past Cypress and Hockley, 2 miles north of State Highway 290. It is within Waller Independent School District, and plans for the development include an on-site school, the release says. The new Waller High School, which opened in 2022, is 1.5 miles south of the site.

“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,” Hines Managing Director Carson Nunnelly said in the release. “This poses an appealing opportunity for us to deliver a high-quality master-planned community with diverse product offerings.”

The first phase of the development will consist of about 350 lots and will be built by Highland Homes, Chesmar Homes, Drees Homes, Brightland Homes, Tri Pointe Homes, Ashton Woods and Castlerock Communities. Homes will be an assortment of sizes and styles on varied lot sizes.

Construction is slated to begin in the fourth quarter, with the first phase expected to deliver in the summer of 2025. Bill Byrd of Colliers represented the seller.

The area has been a hotbed of building activity. Nearby, Wolff Cos. is working on another master-planned development. Beacon Hill is situated on 587 acres north of State Highway 290 in the city and county of Waller.

Long Lake Ltd. is also developing a master-planned residential community on a 270-acre tract in the northernmost section of Beacon Hill. The residential subdivision now features nearly 80 of the planned 870 homes.

Hines also purchased nearly 80 acres in Beacon Hill in January for a future build-to-suit industrial project. West of Beacon Hill Boulevard and fronting U.S. 290, the project will accommodate up to 1.3M SF of distribution, manufacturing or logistics activity.

In addition to the project in Waller, Hines, Trez Capital, Caravel Ventures and Sumitomo Forestry are working on the Brookewater master-planned community in Rosenberg and the Mirador master-planned community in Austin.

For the complete article, please go to:
https://www.bisnow.com/houston/news/construction-development/hines-and-partners-buy-528-acres-for-1400-home-community-near-waller-121460