Texas developer Hines is partnering with Trez Capital, Caravel Ventures and Sumitomo Forestry to transform 1,400 acres of suburban Southeast Austin into Mirador, a master-planned community next to Austin’s Tesla Gigafactory.
Hines said Mirador will “consist of 2,500 single-family lots, 50 acres of multi-family and townhomes (including attached, detached, duplexes, quadruplexes) and 75 acres of commercial land.” Hines is renewing its partnership with Gehan Homes and Lennar Homes in developing this project. The company also announced the addition of David Weekley Homes, Highland Homes, MHI Homes, and potentially more builders to the project. Construction on new Mirador homes is expected to begin in 2022 and home sales will begin in 2023.
The space, which sits near the intersection of 130 Toll and Highway 71, is an expansive suburban lot 15-30 minutes southeast of downtown Austin. The lot itself is rich with natural amenities including a 60-acre lake and more than 600 acres of greenbelt. The new community will neighbor the Circuit of the Americas Formula One racetrack, Onion Creek Wildlife Sanctuary, the city’s wastewater plant, and the new Tesla Gigafactory.
Hines is not the first brokerage to capitalize on Tesla’s new location. In December, Canadian company Brookfield Residential Properties submitted plans for 300 new apartments and 200 single-family homes to the city.
Tesla’s Giga Texas was first hinted at in an Elon Musk Twitter poll wherein the billionaire asked “Giga Texas?” Of the 305,724 voters, more than 80 percent chose “Hell yeah” over the “nope” option. The growing metro area and potential tax incentives made Austin an ideal location for the automotive giant. Construction began July 2021 and production is expected to begin sometime this year.
Hines was founded in 1957 by the late Gerald D. Hines. Managing $83.6B in assets, the company is one of the largest privately held brokerages in the world with an established reputation for pushing the boundaries of commercial real estate.
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