(DALLAS) – Hines, the international real estate firm, and partner Trez Capital Limited Partnership, one of Canada’s largest private real estate financiers, announced today that they have acquired a 311-acre property in Frisco, TX, on which the firm will develop Edgestone at Legacy, a signature single-family home community. The seller was the Estate of Bert Fields, Jr. Michael Swaldi, Larry McCorkle, and Nick Hayden of JLL represented the seller. Texas Capital Bank, N.A. will provide financing for the development.
The development is located west of the Dallas North Tollway and immediately north of Legacy at the intersection of Legacy Drive and Stonebrook Parkway. Situated in the best area in the strong Frisco submarket, the site is closer in proximity to key entertainment, transportation, and employment areas of interest than any other single-family developments with available lots.
Rob Witte, senior managing director at the Hines Dallas office, indicated that as master developer, Hines will oversee the project, as well as the design and development of the community master plan which will include the residential neighborhoods, community amenities, parks, and primary infrastructure. Hines will also oversee the marketing and the sale of residential lots and commercial development parcels within the community.
The talented team of premier home builders assembled for this new signature development include: Coventry Homes, Darling Homes, Highland Homes, Huntington Homes, Shaddock Homes, and Village Builders.
Hines Managing Director Ben Brewer commented, “We are excited to create a new family development in the Frisco submarket. With the convenient location and high-caliber builders, this development will provide one of the finest neighborhoods that people can call home for generations to come.”
“As one of the fastest growing cities in the country, the demand for quality, master-planned neighborhood communities offering homes, parks and other amenities is high,” said Mayor Maher Maso. “We look forward to working with Hines and welcome its team to Frisco.”
Design and permitting are underway, and construction activities are expected to begin in late 2015.
Hines has maintained an active land development platform for more than four decades, and has master planned and developed over 36,000 residential units encompassing more than 18,000 acres of land. Several high-profile master-planned Hines communities in the U.S. include: Las Colinas and Parkside developments in Irving, TX, Palencia in St. Augustine, FL; Merion at Midtown Park in Dallas; Somerset Green in Houston; First Colony in Sugar Land, TX; Carillon in Southlake, TX; Tessera on Lake Travis in Austin, TX; Cool Springs in Franklin, TN; Aspen Highlands and Five Trees Aspen, CO; and Deerfield in Atlanta.
Hines is a privately owned global real estate investment firm founded in 1957 with locations in 185 cities in 19 countries. Hines has $84.9 billion of assets under management, including $42.7 billion for which Hines provides fiduciary investment management services, and $42.2 billion for which Hines provides third-party property-level services. In 2014, Hines completed over $8 billion in transactions on behalf of its investment management clients. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired more than 1,000 properties, totaling over 339 million square feet. The firm’s current property and asset management portfolio includes 511 properties, representing over 176 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.