News Article | 10/4/2007

Hillwood plans mixed-use project near Houston

Developer Hillwood has purchased 3,827 acres for a large mixed-use development in suburban Houston.

The Sienna Plantation South property is 25 minutes from downtown Houston in Fort Bend County. The land is planned for 7,000 single-family homes and 300 acres of retail and commercial construction. More than 1,100 acres will be set aside for schools, churches and parks, the Dallas-based developer said Wednesday.

Hillwood said the purchase is the company’s first such project in the Houston area and will be its largest residential property to date.

Since 1988 Hillwood has developed more than 18,000 residential lots primarily in communities in North Texas.

This year, Hillwood said it has acquired more than 7,100 acres – its largest expansion in the residential business.

“Hillwood is fortunate to be in a position to acquire large tracts of land that are either already planned for single-family homes or are suitable for residential development,” Hillwood Residential president Fred Balda said Wednesday in a statement.

“With the current market conditions, our increased focus is particularly compatible with home builders, other residential developers and owners of large tracts who need a more aggressive exit strategy.”

Hillwood’s other purchases this year include 1,267 acres of Saddlebrook Estates in Waxahachie and 2,000 acres of the Heartland community in Kaufman County.

The developer also has home communities under construction in North Dallas, Fort Worth, Melissa, Saginaw, Allen, Red Oak, Glenn Heights and Mesquite.