A systematic framework is developed for the synthesis of cost optimal heat exchanger networks that satisfy a set of controllability criteria. Based on a hyperstructure network representation, dynamics are explored via the introduction of an analytical model for dynamic gains and time delays in a heat exchanger network. Input-output pairing criteria are explicitly included within a mixed integer nonlinear programming (MINLP) formulation for the synthesis of HEN. Network configurations can be obtained featuring minimum total annualized cost controllability characteristics which may form the basis for a successful control scheme.