(Read more on the multifamily market.)
MONTERREY, MEXICO-Hines has closed on 120 acres of raw land here, as part of its plan to develop the largest master-planned community thus far in the city. The development, unnamed as of yet, is located on a hillside in the fast-growing Cumbres submarket--one of the last remaining urban infill sites in central Monterrey.
The housing will be a mix of detached single-family houses and multifamily buildings, with a small retail component. Hines has partnered with Insar Inmobiliaria, for this project and the duo are now in the process of selecting developers.
As with its other projects here, this new land development is being funded by HCM Holdings LP, which is a venture between Hines and its investment partner, the California Public Employees' Retirement System.
Another multifamily development under way in the city is Retama, which is also situated on a hillside above the Cumbres neighborhood. It will consist of four 17-story towers, each containing approximately 66 condominium units ranging in size from 1,300 sf to 2,400 sf. The project will feature two swimming pools, a jogging track, a central garden area, a gym, and a banquet/function room.
Hines is also developing Punto Central, a mixed-use center in San Pedro Garza Garcia in Monterrey. It is a 13-story mixed-use project on a 17-acre site that will contain 92 condominiums on 11 of the floors, and 51,000 sf of specialty retail and garden office space on the additional two floors.
The permitting is already in place for the residential and retail areas of its newest project, which is set to begin construction within a few months. Hines did not return calls to GlobeSt.com in time for deadline.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
