HINES COMPLETES ENTITLEMENTS FOR FIRM’S FIRST SINGLE-FAMILY RESIDENTIAL PROJECT IN ARIZONA

Hines, the international real estate firm, has completed the entitlement phase to develop a new gated residential neighborhood in North Scottsdale called Asteria Highlands, marking the firm’s first single-family residential project in Arizona.

The Scottsdale City Council approved final zoning for the project September 12.

The exclusive residential neighborhood will include 40 acres and 31 single-family lots. The project will be located on 128th Street, south of Ranch Gate Road, adjacent to the Sereno Canyon master-planned community and the Storyrock master-planned community. Hines will preserve the scenic views of the lush surrounding area including the McDowell Sonoran Preserve, Pinnacle Peak and Tom’s Thumb. Also located nearby is the Scottsdale National Golf Club and numerous hiking and equestrian trails.

“The site’s location in the North Scottsdale submarket with proximity to the McDowell Sonoran Preserve and outdoor activities makes Asteria Highlands the perfect project to launch Hines’ entry into the Arizona single-family residential market. The community will be built so residents may enjoy the beautiful desert views as a part of their everyday experience,” said Chris Anderson, managing director and Arizona leader for Hines. “Hines is seeking future residential development investment opportunities in the Valley.”

Construction will begin in 2018 and is expected to be finished later that year or early 2019.

Hines has developed, owns and manages 3.5 million-square-feet in Arizona. Hines’ projects include Kierland One, a 175,441-square-foot office building in Phoenix, Goodyear Crossing II, a 820,384-square-foot Class A industrial warehouse in Goodyear, and Chandler Viridian, a 25-acre mixed-use development with an office building, hotel, luxury apartment complex and retail near Chandler Fashion Center. Hines has active single-family residential developments in Texas, Colorado and the Southeastern U.S.

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