THORNTON – Hines and partner Trez Capital, a multi-faceted commercial real estate capital source, have acquired a 765-acre property in Thornton, known as Parterre. The partnership plans to develop a signature, single-family home and mixed-use community.
According to public records, the land, located between Holly and Quebec streets, was acquired for a little over $20 million.
Rob Witte, Hines senior managing director, indicated that as master developer, Hines will oversee development of the project, including the community master plan and infrastructure, residential neighborhoods, amenity centers, mixed-use parcels, community amenities, parks, and walking and biking trails.
“This property is a key land parcel in north metro Denver that has essentially become a near 800-acre infill site over the last five years. We are thrilled about the opportunity to create a unique residential and mixed-use development in Thornton that will include a variety of housing options and prices. There are few land parcels of this size left in this good of a location. With our high-caliber homebuilder partnerships, this development will provide one of the finest neighborhoods that people can call home for generations to come,” said Hines Director Chad Murphy.
William Lyon Homes and Lennar Homes are the home builders for the development. Design and entitlements are underway, and construction activities are expected to begin in mid-to-late 2019.
“We are pleased to partner with Hines to bring this master planned community to life in a very desirable area just outside of Denver,” said John Hutchinson, president of Trez Capital. “Parterre is the 11th project that Trez Capital and Hines have purchased together as partners.”
