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Parkside Project/Market Overview
Irving, Texas (S.H. 114 @ Beltline Road) Property:
The Parkside development consists of three parcels (375 Acres), located south of State Highway 114 between Shorthorn and Esters Boulevard, will be developed by Hines Interests, LP.
Market Overview:
Hines has been extremely active in the Las Colinas area of Irving since 2006 (acquisition of ~600 net acres of land purchased from TIAA CREF (Teachers)) and developing the following 10 single-family residential communities:
Development Location Lots La Villita Irving, TX 300 Riverside Village Irving, TX 400 Lakes of Las Colinas
Irving, TX 265
Villas at Emerald Park
Irving, TX 92
Enclave at Riverside Village
Irving, TX 64
Villas at the Studios
Irving, TX 59
The Bridges at Las Colinas
Irving, TX 402
Campion Hollows Irving, TX 121 Parkside Irving, TX 873 TOTAL Irving, TX 2576
Over the past seven years and including the economic downturn (2008-2012), Hines has experienced strong demand for higher-end product in Las Colinas (100+ lots/year – average). Hines attributes the demand to several key factors:
Location: The Las Colinas area is located in the center of DFW Metroplex and is approximately 7 miles from Dallas CBD, 5 miles from DFW Airport, and 5 miles from Dallas Galleria. Many homebuyers also work in the Las Colinas office market or utilize the DFW Airport frequently.
School: The majority of the Hines developments are located in either Carrollton-Farmers Branch ISD or Coppell ISD. Both of which are strong school districts that homebuilders celebrate in their respective marketing.
Quality Municipalities: The Las Colinas developments are governed by the City of Irving, Las Colinas Association, and Dallas County Utilities and Reclamation District (DCURD). Hines has worked with each entity noted above on developments to ensure the quality of the area is carried through the development process with a workable future.
Parkside Overview:
The Parkside Development is expected to add approximately 873, single-family detached homes ranging in product type from 35’ front foot to 60’ front foot with home prices expected to range between $450K and $700K.
Builder Contracts
The lots are under contract with strong builders who have been in partnership with Hines in other Las Colinas developments including: Darling Homes, Highland Homes, Coventry Homes, David Weekley Homes, and Village Builders.
The contracts include earnest money deposits which secure homebuilders a number of lots for the entire development (including subsequent phases if applicable) and an agreed upon lot takedown. Hines projects annual lot sales of approximately 200 in the SH 114 corridor (including Bridges at Las Colinas and Parkside); therefore, projected sellout is anticipated at 6-8 years. The contracts are structured so that a partnership mentality is formed between Hines and the homebuilders.
Lot prices for Parkside are reflective of the projected price band of the end home as well general inflation. Typically, the lot cost is between 20%-30% of the total value.
Note: All original Las Colinas homebuilders in the developments noted herein remained active through all phases of the developments (2008-current).
History of Parkside Parcels:
As noted above, over the past eight years, Hines has worked with the City of Irving to rezone fallow property and introduce a variety of uses with the mindset that new development and uses will yield a vibrant community including additional office, retail, living, and recreational space.
Of the three Parkside parcels located along 114, the previous ownership included a long-term family, church, and foreclosed property owned by the lender. Hines worked with all three land owners and the City to develop a plan to add $341,280,000 of projected property value over the sell-out period while addressing the following issues identified with the real estate.
- Floodway de-siltation from upstream areas, primarily DFW Airport and overall improved regional drainage system
- Cabell Road realignment from Shorthorn Drive to Esters Road - Electrical duct bank improvements including telephone and other franchise utilities due to
Cabell Road realignment efforts - Uncompacted and non-documented fill material at the northwest parcel of Cabell Road and
Shorthorn Drive - Low regional water pressure
CMON
CMON
1/2 IRF
1/2 IRF
1/2 IRF
1/2 IRF
1/2 IRF
1 IPF
1/2 CIRS
1/2 CIRS
5/8 CIRF
1/2 CIRS
CONTROLLING MONUMENT
1/2 CIRS
1/2 CIRS
1/2 CIRS
1/2 CIRS
STELLA WYNNE LLC
5.276 ACRES
PRG IRVING GP LLC
5.849 ACRES
A CAR SYSTEM
THRIFTY RENT
0.904 ACRES
A CAR SYSTEM
THRIFTY RENT
3.0 ACRES
DHARMENDTRA
BHAKTA
1.794 ACRES
S89°37'50"W575.85' S89°37'50"W575.85'
S53°33'14"E69.90'
S1°18'18"E56.72'
CMON
CMON
1/2 IRF
1/2 IRF
1/2 IRF
1/2 IRF
1/2 IRF
1 IPF
1/2 CIRS
1/2 CIRS
5/8 CIRF
1/2 CIRS
1/2 CIRS
1/2 CIRS
1/2 CIRS
1/2 CIRS
STELLA WYNNE LLC
5.276 ACRES
PRG IRVING GP LLC
5.849 ACRES
A CAR SYSTEM
THRIFTY RENT
0.904 ACRES
A CAR SYSTEM
THRIFTY RENT
3.0 ACRES
DHARMENDTRA
BHAKTA
1.794 ACRES
S89°37'50"W575.85' S89°37'50"W575.85'
S53°33'14"E69.90'
S1°18'18"E56.72' PH 1
PH 3
PH 2A
PH 2C
PH 2B
N
CITY OF IRVING
0'0'
GRAPHIC SCALE
BELTLIN
E R
OA
D
SH 114
W
RO
YA
L LN
SH 114
300' 600'
SH
ORTH
OR
N
DR
ESTERS BLV
D
PLAZA DR REESE DR
CABELL DR
CABELL ROAD
TOTAL:
TOTAL:
LEGEND TYPICAL LOT SIZE UNITS
35'X110'
60'X130'
50'X115'
PHASE 2A
60'X130'
50'X115'
PHASE 1
40'X110'
228
64
81
83
PHASE 2B
50'X115' 110
PHASE 2C
72
149
52
97
PHASE 3
60'X130' 64
PARKSIDE WEST
TOTAL:
35'X110'
TOTAL:
35'X110'
TOTAL:
LEGEND
35'X110'
50'X115'
50'X115'
PHASE 2
OVERALL
136
46
90
UNITSTYPICAL LOT SIZE
50'X115'
PHASE 1
114
43
71
250
89
161
PARKSIDE EAST
HINES RESIDENTIAL DEVELOPMENT
AUGUST 28, 2013
PH 1
PH 2
PARKSIDE
PARKSIDE WEST
PARKSIDE EAST
OVERALL
60'X130'
50'X115'
40'X110'
35'X110'
TOTAL:
72
623
180
288
83