Hines begins construction on second residential development in Monterrey, Mexico (MX/US)

The Monterrey office of Hines has announced that construction is underway on Retama, its second residential project in the city. Situated on a hillside above the rapidly growing Cumbres neighborhood, the development will be located around a generously landscaped green area and will offer spectacular views of Monterrey. Retama is funded through HCM Holdings, LP, a joint venture between Hines and the California Public Employees' Retirement System (CalPERS).

Retama will consist of four independent towers of 17 stories, each containing approximately 66 condominium units ranging in size from 121 m² to 223 m². The project will feature a variety of amenities including: two infinity–edge swimming pools, a jogging track, a central garden area, a gym, and a multi-use use room.

"We are pleased to bring our international standard to the Monterrey market and the up-and-coming Cumbres community," said Hines Project Manager Palmer Letzerich. "Under the leadership of our newly appointed Director General of Mexico, Pierre Arriz, we are bringing a sophisticated, amenity-heavy residential concept to the market. We expect Retama to represent a dramatic shift in the standard of living now available for young professionals in vertical residential developments in the city."

Construction began the first week of March 2007. A two-level, 279-m² marketing center and model home is slated to open in summer 2007. Phase 1 completion is expected in December 2008.

Designed by Guadalajara based architecture firm Gomez Vasquez Aldana and Associates (GVA), all units will have floor-to-ceiling windows and spacious terraces that will provide ample natural light and frame panoramic views of downtown Monterrey. Additional unit features include customizable floor plans with multiple finish packages. Interior design consulting is provided by Worth Interiors.

Source: Hines

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