Hines CEO Jeff Hines Elaborates On Massive Land Deal In The Loop
Hines is one of the most well-known and respected office (and now multifamily) developers in the world, but it's also active in a segment you may be totally unaware of. Hines CEO Jeff Hines talked to Bisnow about the firm's land investment deals, Hines next step in expanding sustainability and how the firm is staying entrepreneurial after all these years.
Somerset Green (pictured below) at the high-profile northeast corner of 610 and I-10 in Houston's Inner Loop is a 57-acre land deal being spearheaded by Hines. Jeff tells us his company's had success with this type of product, purchasing land, building out basic infrastructure, then reselling to developers. Hines has executed a few of these around Dallas, and now it's seeing opportunity in Houston. The future master planned Somerset Green community will feature 575 large, elegant homes overlooking formal gardens and water canals. Jeff tells us Hines was involved in a similar deal Houstonians just may have heard of: the master planned community First Colony, the largest assembled land deal in Texas. Hines has also had great success with residential land development in Florida.
Jeff stressed the importance of sustainability to Hines. He’s proud to say Hines led the way on what was at the time the largest commercial net zero energy designed office building - LPL Financial at La Jolla Commons in San Diego. Hines has been instrumental in implementing LEED worldwide. To Jeff, a LEED certification is no longer a goal but a standard.
Hines is always looking for ways to go beyond. Jeff says one of the next frontiers in sustainability is using fuel cells to power buildings. Already making headway in the transportation industry, fuel cells use hydrogen to generate clean energy—emitting nothing but water. Jeff pointed out the benefits of fuel cells go beyond clean and sustainable energy. The ability to connect to the grid or generate your own electricity with a system nearly impervious to hurricanes, thunderstorms, cyberattacks and similar dangers is invaluable.
How does a large operation like Hines maintain a lean entrepreneurial culture? Jeff tells us it starts with compensation systems, setting parallel incentives from top to bottom. Being forthright and transparent about the direction the company is going and making quick decisions are also essential. Jeff’s discipline and work ethic work were instilled in him by his father, who would take him to job sites and meetings in the early morning before school. Those formative early years have served him and the company well; Hines now manages $89.1B of assets in 182 cities worldwide. Jeff's pictured here with Bisnow's Houston reporter, Kyle Hagerty, at Bisnow's swanky networking event last week.
