(DALLAS) – Hines, the global real estate investment manager, and Trez Capital, the diversified real estate investment firm, are pleased to announce plans for Northspur, a 700-acre master-planned community located east of Dallas in the city of Terrell. This week, local city officials joined Hines and members of the project team for an official groundbreaking celebration, marking a pivotal moment in the development of Terrell’s first major master-planned community.
“In 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,” said Dustin Davidson, managing director at Hines. “From 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’s residents.”
Northspur will consist of approximately 1,500 single-family homes with a variety of lot sizes to accommodate diverse preferences. The development is meticulously planned to include a range of amenities, including a custom amenity center, which will serve as the central gathering space for residents. Set against the backdrop of a scenic pond, this vibrant community hub will feature a large swimming pool with a dedicated children's pool area, shaded lounge areas for relaxation and socializing, a playground and an open play area.
The initial phase of Northspur consists of approximately 230 lots, which will be constructed by M/I Homes and Impression Homes. Homes will be an assortment of sizes and styles, with fresh design and innovative craftsmanship. This variety ensures that potential homeowners can find options that suit their unique tastes and needs.
Strategically located adjacent to US-80, Northspur will offer residents the tranquility of suburban living while maintaining easy access to the bustling Dallas-Fort Worth metroplex. This prime location is ideal for individuals and families seeking a peaceful residential setting without sacrificing the benefits of city proximity. The community's location also provides easy access to local parks, lakes, and other recreational amenities, further enhancing the quality of life for residents.
"Terrell is the retail, employment and transportation hub of the fastest growing county in the nation,” said City of Terrell Mayor, Rick Carmona. “In the midst of record population increases, our goal is encouraging responsible growth. We welcome new parks, roads and quality investments like Northspur."
Hines acquired the land for Northspur in May 2021 and has since been engaged in infrastructure development, including the construction of roads and utilities. The delivery of the first phase of lots is on schedule for the second quarter of 2024, marking a significant milestone in the project's timeline.
Hines has over 65 years of development experience in Texas and nearly two decades of experience developing single-family communities. Since 2005, 26 communities have been completed to date across its southwest region with 13 currently under construction. Projects underway in the Dallas-Fort Worth metroplex include Aster Park, Brookhollow West, Creekside/Royse City, Lakewood/Prosper, Milrany Ranch, Merion at Midtown, Redden Farms, Saddle Star North and Wildflower Ranch.
About Hines
Hines is a global real estate investment, development and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 30 countries. We manage a $93.2B¹ portfolio of high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 857 properties totaling over 270 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2023.
About Trez Capital
Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt and equity financing solutions across North America. Trez Capital offers private and institutional investors strategies to invest in a variety of opportunistic, fully secured mortgage investment funds, syndications, and joint-ventures; and provides property developers with quick approvals on flexible short- to mid-term financing.
With offices throughout North America, Trez Corporate Group has over $5.3* billion CAD in assets under management and has funded over 1,700 transactions totaling more than $18.5 billion CAD since its inception. For more information visit www.trezcapital.com.
*Trez Corporate Group AUM includes assets held by all Trez-related entities as well as $3.0 billion Manager AUM (Trez Capital Fund Management Limited Partnership).
