Hines and long-time partner Trez Capital plan to develop a 954-acre master-planned community in Iowa Colony, a Houston exurb in Brazoria County. Dubbed Sandy Point, the project will offer 2,100 single-family homes at full buildout.
Sandy Point will be the developers’ biggest community since First Colony, its 9,700-acre master-planned community in Sugar Land. That 90-neighborhood buildout was completed in 1997 after 20 years of development. First Colony now boasts a population of more than 60,000 residents.
Phase one of Sandy Point will have about 400 lots. Construction is expected to start this quarter, with the first phase to be delivered in late 2024. The development will include amenities such as hike-and-bike trails, parks and an onsite school, according to a news release. The project was financed by Flagstar Bank and Rocky Lai Associates. Derek Graber with Dosch Marshall represented Hines, and David Cook and Meredith Cullen with Cushman & Wakefield represented the seller. Representatives from Hines did not immediately respond to a request for comment.
Located along the recently renovated Highway 288, Sandy Point will also boast convenient access to the future Grand Parkway, just south of the site.
Also in Iowa Colony, Balcara Group is developing a build-for-rent community. Balcara began construction in February on 114 luxury homes.
Homes in Iowa Colony sell for a median price of $311,000, which is slightly below Brazoria County’s median of $316,000, according to Redfin.
Hines has over 65 years of development experience in Texas. Co-lead by father-daughter duo Jeffrey Hines and Laura Hines-Pierce, the Houston-based company has completed 60 projects in the Greater Houston area since its inception including notable locations such as the Galleria and Toyota Center, as well as the state’s largest building, the 75-story JP Morgan Chase Tower.
Sandy Point will be one of several projects Hines has partnered with Trez Capital on over the past years, including Laurel Glen, Somerset Green and Brookewater, a recently announced master-planned community in Rosenberg currently underway. Brookwater was the previous title holder of Hines’ second-largest master-planned community in Houston with an expected buildout of over 2,400 single-family homes across 850 acres.
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