[Wattleigh]

Waller

Hines acquires 528 acres for master-planned community near Waller

By Florian Martin – Reporter, Houston Business Journal
Nov 1, 2023

Hines is the latest residential developer to set its sights on the U.S. Highway 290 corridor near the city of Waller.

The Houston-based real estate giant — along with Vancouver-based Trez Capital; Southlake, Texas-based Caravel Ventures; and Tokyo-based Sumitomo Forestry — acquired 528 acres on the southwest corner of Castle and Binford roads, on the northwestern tip of Harris County.

The plan is to develop a 1,400-home master-planned community with a 4.7-acre recreation center with a clubhouse, resort-style pool and large playground, as well as hike-and-bike trails and more than 130 acres of green space.

The yet-to-be-named community will also include a school in the Waller County Independent School District, Hines said.

Construction on the first phase of the development is slated to start by the end of the year with lots to be delivered by summer 2025. The first phase includes 350 lots varying in size from 40 to 60 feet wide to be sold to Highland Homes, Chesmar, Drees, Brightland, Tri Pointe, Ashton Woods and Castlerock Homes.

“Waller is expected to see a major increase in population over the next five years, as growth continues to push northwest and limited vacant land remains in the surrounding submarkets,” Carson Nunnelly, managing director at Hines, said in a statement. “This poses an appealing opportunity for us to deliver a high-quality master-planned community with diverse product offerings. We look forward to working alongside our partners to meet the demand for high-quality, yet cost-effective housing options in this prime submarket.”

Hines declined to name the seller. According to the Harris Central Appraisal District, the parcels that make up the acquired land last belonged to KSA Industries Inc. and Bud Adams Ranches Inc., which is an affiliate of KSA Industries. The land deal closed in September, according to Hines. Bill Byrd of Colliers represented the seller and worked closely with both parties on the transaction.

The community is less than 2 miles north of Waller High School and a little more than 2 miles from Highway 290.