Hines and real estate investment company Trez Capital have celebrated the groundbreaking of Northspur, a 700-acre master-planned community in Terrell, Texas, US.
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The ceremony was attended by local city officials and project team members.
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The project is said to be Terrell’s first major master-planned community.
It is expected to feature approximately 1,500 single-family homes set on lots of differing sizes upon completion.
It will have a central amenity centre with a large swimming pool, children’s pool area, shaded lounges, a playground, and an open play area for community engagement and leisure.
The initial phase of the project will involve construction of around 230 lots by M/I Homes and Impression Homes.
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By GlobalDataThese homes will feature a mix of sizes and styles.
Located beside US-80, Northspur will provide access to Dallas-Fort Worth metroplex.
Hines acquired the land in May 2021 and has been actively involved in infrastructure development since then, such as building roads and utilities.
The first phase of lots is expected to be delivered in the second quarter of 2024.
Hines managing director Dustin Davidson said: 鈥淚n light of the ongoing suburban growth of Dallas and the increasing scarcity of land in nearby areas, Northspur represents a timely and strategic response to high-quality, cost-effective housing.
鈥淔rom the very beginning, our collaboration with the city of Terrell has been integral, and we look forward to delivering a master-planned community that not only offers a diverse range of housing options but also caters to the changing needs of the area鈥檚 residents.鈥�
Earlier this year, Hines obtained a resolution to grant planning consent from Southwark Council for a new office and residential development at 18 Blackfriars Road in London, UK.聽聽
