Real estate firm Hines and its partners are planning to develop a master-planned community in Austin, US.
The partners include Trez Capital, Caravel Ventures and Japan’s construction company Sumitomo Forestry.
As part of the plan, the partners have purchased 1,400-acre land in South-east Austin for the development of a new community, named Mirador.
Situated off the 130 Toll and Highway 71, the new project will feature a suburban ambience.
It will offer its residents easy access to the Circuit of the Americas Formula One racetrack, the new Tesla Gigafactory, and other local attractions in less than 15 minutes.
The project’s on-site amenities will include a 60-acre lake, more than 600 acres of greenbelt, trails, community parks and a swimming pool.
In addition to 2,500 single-family lots, 50 acres of multi-family and townhomes, Mirador will include 75 acres of commercial land.
Hines said that the mixed-use scheme would also see participation from builders Gehan Homes, Lennar Homes, David Weekley Homes, Highland Homes and MHI Homes. Additional builders are planned to be added in the future.
Hines managing director Dustin Davidson said: “As Austin continues to grow into the tech epicentre of Texas, coupled with a supply-constrained market, the demand for new housing is at its highest.
“Mirador will be critical in providing more options for Austin’s growing population and we are excited to work alongside our partners given they each provide a unique and valued perspective in single-family development.”
Hines plans to start construction on new Mirador homes this year, with home sales scheduled in 2023.