Real estate giant Hines International announced plans for a luxury residential community in the north Dallas-Fort Worth area, a focal point for many nationwide developers and investors.
The 414-acre, gated community offering luxury single-family homes is set to be built in McKinney, Texas, a growing submarket of Dallas. The development will be in partnership with Trez Capital, a non-bank commercial mortgage lender, Hines said in a statement.
The announcement comes on the heels of another Hines-Trez collaboration, the Mirador, a 1,400-acre master-planned community adjacent to Austin’s Tesla Gigafactory.
The development will “consist of over 1,100 home sites ranging from 40- to 70-foot wide offering a variety of designs and floor plans,” Hines said. Home builders including M/I Homes, Highland Homes, Toll Brothers, Shaddock Homes and William Ryan Homes have been attached to the project. Astor Park will also feature high-end amenities that include private gated entrances, a state-of-the-art clubhouse, a resort-style pool and a private, and an extensive trail system.
“We are seeing a shift in the residential market as more people seek larger homes to accommodate the desire to work from home while fostering a greater sense of community with their neighbors,” said Dustin Davidson, managing director at Hines. “We are excited to work closely with Trez Capital and bring Aster Park to market to offer residents a new luxury community where they can live, work and play.”
In May 2020, the U.S. Census Bureau ranked McKinney as the fourth fastest growing city in the United States. The Dallas suburb has also been ranked among the most affluent towns in Texas. McKinney’s biggest employer is Raytheon Space & Airborne Systems, a subsidiary of the US defense conglomerate Raytheon Technologies.
Home builders in North Texas are having a difficult time keeping up with the area’s massive housing demand, Zillow reported in December. In January alone, Billingsley Co. and the Perot family’s Hillwood Communities have announced plans for expansive residential communities in North Texas suburbs.
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