Hines and Trez Capital Limited Partnership have acquired a 311-acre property in Frisco for a new residential community.
When built, Edgestone at Legacy will occupy land west of the Dallas North Tollway at the Legacy Drive-Stonebrook Parkway intersection.
“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 in a news release.
“We look forward to working with Hines and welcome its team to Frisco,” Maso said.
Design and permitting are underway, with construction expected to begin in late 2015.
Hines is no stranger to residential development, with the privately owned global real estate investment firm having developed more than 36,000 homes in Irving, Southlake and other communities nationwide. Trez Capital is one of Canada’s largest private real estate financiers.
Representing the seller, Estate of Bert Fields Jr., in the Frisco transaction were Michael Swaldi, Larry McCorkle and Nick Hayden of Jones Lang LaSalle. Texas Capital Bank N.A. will provide financing for the development.
Hines will serve as master developer and will oversee the project, said Rob Witte, senior managing director at Hines’ Dallas office. The firm also will handle design and development of the community master plan, which will include residential neighborhoods, community amenities, parks and primary infrastructure. Hines also will oversee the marketing and sale of residential lots and commercial development parcels within the community.
Home builders confirmed for the project are Coventry Homes, Darling Homes, Highland Homes, Huntington Homes, Shaddock Homes and Village Builders.
More information is available at www.hines.com.