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8/25/15
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Hines and Trez Capital Limited Partnership, one of Canada's largest private real estate financiers, have acquired a 311-acre property in Frisco, TX, on which the partnership will develop Edgestone at Legacy, a signature single-family home community. The seller was the Estate of Bert Fields, Jr.
The development is located west of the Dallas North Tollway and immediately north of Legacy at the intersection of Legacy Dr and Stonebrook Pkwy. 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 home builders currently lined up for this new signature development include: Coventry Homes, Darling Homes, Highland Homes, Huntington Homes, Shaddock Homes, and Village Builders. Design and permitting are underway, and construction activities are expected to begin in late 2015.
Michael Swaldi, Larry McCorkle, and Nick Hayden of JLL represented the seller. Texas Capital Bank, N.A. will provide financing for the development.
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.
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