(HOUSTON) – Hines, the international real estate firm, announced the recent purchase of a 46-acre tract of land inside the 610 Loop at Interstate 10, located on Old Katy Road behind Star Motor Cars, the Aston Martin dealership and next to The Houston Design Center, on which the firm will develop Somerset Green, a high-end planned community with detached townhome sites, water features and green spaces.
The European-style neighborhood, which is in close proximity to Memorial Park, will contain elegant three- and four-story single-family townhomes that will be gated and guarded 24/7.
Hines will master plan the site, design and build all of the infrastructure, and sell the lots to builders for both spec and custom homes.
Coventry Homes, Pelican Builders and Toll Brothers have committed to develop a significant portion of the project. Preston Wood & Associates is the land planner for Somerset Green.
The community will be fashioned after the Regency style of architecture. The development will contain pocket parks, dog parks, and an amenity area/gathering spot with a resort-style swimming pool.
“Hines has developed a number of high-profile master-planned communities including: First Colony in Sugar Land, TX; Las Colinas in Irving, TX; Palencia in St. Augustine, FL; Cool Springs in Franklin; TN; Aspen Highlands and Five Trees Aspen, CO; Pokrovsky Hills in Moscow; and Mala Sarka in Prague,” noted Hines Senior Managing Director Rob Witte.
“We are pleased to bring our expertise to Somerset Green, and to create a new property tax base of up to $300 million for the City of Houston.”
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,283 properties representing more than 516 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.
In Houston alone, Hines has developed more than 51.8 million square feet since its founding in 1957.
Currently, Hines manages 378 properties totaling 151.9 million square feet, which includes 84.3 million square feet for third parties.
With offices in 111 cities in 18 countries, and controlled assets valued at approximately $25.2 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems.
Visit www.hines.com for more information.