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Council consents to assignment of Myrtle Creek development agreement from Hines to Starwood Land
Summary
The Waxahachie City Council approved a resolution consenting to the assignment of the Myrtle Creek Municipal Management District No. 1 development agreement from Hines to Starwood Land after discussion and questions from council members.
The Waxahachie City Council voted to approve a resolution consenting to assign the existing development agreement for Myrtle Creek Municipal Management District No. 1 from developer Hines to Starwood Land.
City staff described the parcel as part of the former Saddle Brook development north of U.S. 287 and said the city entered the development agreement with Hines in June 2024. Staff said Section 8.1 of the development agreement requires the city’s consent to an assignment but that consent “shall not be unreasonably withheld, conditioned, or delayed.” Sean (city staff) told the council Starwood would assume Hines’s obligations and that Hines would remain engaged as part of the developer project team for at least 12 months.
Several council members expressed concern about Hines selling the project early in the development timeline. Councilman Smith said he was “troubling” that the vision presented by Hines to the city had been sold to another party and warned he would press Hines on the subject should they return for future presentations. Another council member said they were “pretty pissed off” about the sale and compared earlier infill conversions in the city to express concern about future housing outcomes.
Steve Robinson, legal counsel to Hines, described Starwood Land as a large national land developer and said the transaction was a portfolio acquisition reported in press accounts at roughly $800,000,000 and involved multiple properties; he said Starwood planned to retain Hines as the local project manager and that the project timetable would not change. After discussion the council approved the resolution; the motion was made and seconded and the mayor called for raised hands in favor. The resolution passed and staff and members of the development team were available for follow-up questions.
The resolution approves the city’s consent to assign the development agreement; no additional amendments to the agreement were recorded at the meeting.
