International real estate investment firm Hines has pulled out of developing the Pintail Crossing business park it announced in May, Katy Mayor Chuck Brawner said on Dec. 13. The development would have been in the 150-acre tract of land between the Igloo and Amazon plants the city of Katy annexed during their Dec. 10 meeting.
The city had been working with the developer to establish a development agreement, but communication with Hines ceased shortly after it announced plans for the now-defunct development, Brawner said.
“[Hines was] trying to work out a deal with the property owners, and I don’t know what happened, but they quit meeting with us,” Brawner said.
A new owner closed on the purchase of the property Dec. 12, Brawner said. He was unable to reveal the identity of the company that purchased the property due to a nondisclosure agreement. However, the city can confirm that a new distribution facility for a major-brand company would be located in the newly annexed property, Brawner said.
Timing for releasing details on the development would be up to the new property owner, Brawner said.
The map below shows the location of the city’s newly annexed territory that will now be developed into a distribution center, according to city officials.