Hines, Trez Capital Break Ground on Denver Community
- Jul 19, 2021
Real estate firm Hines and its partner Trez Capital have commenced construction on Parterre, a new master-planned community in the northeast Denver suburb of Thornton, Colo.
The development will feature multifamily units, as well as single-family and paired homes, for a total of almost 3,000 residences across the property. The land upon which Parterre will be built encompasses almost 800 acres.
Also included will be commercial and retail space, as well as an assortment of parks, trails, gardens and the signature “Todd Creek Greenway,” the property’s greenbelt. A community amenity center with pool will top the list of community amenities.
“The residential market in Colorado continues to be very strong,” Chad Murphy, Hines managing director, told Multi-Housing News. “With Thornton’s city council approval of the updated PD for Parterre, the project is now ready to commence.”
Thornton is one of the most economically vibrant submarkets in the Denver metropolitan area. The suburb is situated less than 4 miles east of I-25, 20 miles from downtown Denver and near important retail, nightlife and transit options. Multiple segments of the housing market are likely to be attracted to Parterre, given the new development’s diverse housing options that include affordably-priced alternatives.
One of the hurdles facing the developers arose when the updated entitlements required a longer time frame than anticipated, Murphy said.
“However, that is behind us and the project is poised for success,” he added. “We expect development to be very positive.”
Hines gathered a cadre of premier residential building companies to construct Parterre. The team includes Lennar Homes and Taylor Morrison Homes. The first residences are expected to open for sale starting in late 2022.
Last month, Hines closed its first transaction in Italy on behalf of its European Value Fund 2 (HEVF 2).