Hines Acquires Nearly 3,000 Acres Near Katy and Fulshear for Major Master-Planned Community
Hines, a global real estate investment and development firm, has acquired nearly 3,000 acres west of Houston near Katy and Fulshear, Texas, for a major master-planned community. The acquisition is one of the firm’s largest land purchases for single-family development.
Located at the intersection of Westpark Tollway and Texas Heritage Parkway, the development is planned to include over 7,000 homes with various lot sizes, including estate lots. Hines has partnered with homebuilders such as Toll Brothers, Perry Homes, Highland Homes, Village Builders/Lennar, Dreamfinder Homes/Coventry Homes, Westin Homes, Newmark Homes, and Beazer Homes. Construction is expected to begin in early 2025, with initial lots projected for delivery in 2027.
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Market data from HAR.com shows that the Fulshear/South Brookshire/Simonton region ranked third in sales growth in Q4 2024, climbing three spots from the previous quarter. The area experienced an 82% year-over-year increase in transactions, with new construction accounting for 82% of home sales and an average sales price of $477,251, signaling continued demand for new construction and rising home prices in these rapidly expanding communities.
"This submarket has been ranked the second-fastest growing city in the U.S. for the last two years," said Rob Witte, Senior Managing Director, Head of Residential Land Development and Self-Storage, Americas, at Hines. "This is a once-in-a-lifetime piece of land, and we worked with our builder partners to secure the opportunity to develop it."
A site map of Hines' recently acquired tract at Texas Heritage Parkway and Westpark Tollway. (Source: Hines)The first phase of the development is expected to include a five-acre recreation center featuring a water amenity, a playground, a clubhouse, and other amenities. The master plan also includes hiking and biking trails, over 800 acres of oxbow lakes, green spaces, and mature trees. The development is near major highways and schools and is within commuting distance of employment centers such as Sugar Land, the Energy Corridor, Texas Medical Center, and Downtown Houston. Hines will also oversee the extension of Texas Heritage Parkway from Westpark Tollway to Winner-Foster Road.
For over 65 years, Hines has been involved in real estate development in Texas and has focused on single-family community development for nearly two decades. Since 2005, the firm has completed 26 communities across the Southwest, with 13 currently under construction. Houston-area developments include Brookewater, Creekhaven, Raburn Reserve, Grayson Woods, Somerset Green, Laurel Glen, and Wildrye, which recently began construction.
The project adds to the ongoing expansion of residential developments in the Katy and Fulshear areas, where demand for new housing continues to grow.
Tiffany Krenek has been on the My Neighborhood News team since August 2021. She is passionate about curating and sharing content that enriches the lives of our readers in a personal, meaningful way. A loving mother and wife, Tiffany and her family live in the West Houston/Cypress region.
