Hines Announces Landmark Land Development in Monterrey

(MONTERREY, MEXICO) – Hines, the international real estate firm, today announced the closing on 120 acres of raw land located in Monterrey, Mexico.

The firm will develop on the site the city’s first master-planned community of its size.

The project, which has yet to be named, is located on a hillside just above Cumbres, Monterrey’s fastest-growing submarket.

It will consist of detached single- family houses, multi-family vertical residential, as well as a small retail component.

For the project, Hines has associated with Insar Inmobiliaria, headed by Federico Sada Rivero.

The firms are currently in the process of defining a select group of developers to participate in the landmark development.

The urban infill site is one of the last remaining raw land sites located in central Monterrey.

It enjoys easy access to downtown Monterrey and is just minutes from the upscale suburb of San Pedro Garza Garcia.

“We are leveraging our success with the Retama project, which continues to receive a positive reaction from the market,” stated Hines Project Manager Palmer Letzerich.

“This is the first large-scale project of its kind in Monterrey, and with this location and a world-class master plan, we will be creating a community unlike anything in the area.

For this, we are looking for select development partners that understand the value of quality.”

With permitting already in place for the residential and retail areas, the project is set to begin construction within just a few months of what will be the city’s first truly architecturally controlled environment.

Letzerich added, “All of the residential sites will have protected views, and we are working toward a master plan that meets with our expectations on quality so that the builders and the home buyers will have a safe investment within an exceptional community.”

In Monterrey, Hines is currently developing Punto Central, a mixed-use center in San Pedro Garza Garcia, as well as Retama, a condominium complex comprised of four 17-story towers.

These projects, along with this new land development, are being funded by HCM Holdings LP, which is a venture between Hines and its investment partner, the California Public Employees' Retirement System (CalPERS).

CalPERS is the nation’s largest public pension fund with assets totaling $255 billion, of which $20 billion is invested in real estate. The System provides retirement and health benefits to more than one million state and public employees and their families. For further information on CalPERS, visit the System’s Web site at www.calpers.ca.gov.

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The Hines portfolio of projects underway, completed, acquired and managed for third parties includes more than 1,000 properties representing approximately 416 million square feet of office, residential, mixed-use, industrial, hotel, medical, retail and sports facilities, as well as large, master-planned communities and land developments.

With offices in 68 U.S. cities and 15 foreign countries, and controlled assets valued at approximately $19.9 billion, Hines is one of the largest real estate organizations in the world. Visit www.hines.com for more information.