HONOLULU, July 10, 2019 /PRNewswire/ -- The Howard
Hughes Corporation® (NYSE: HHC) continues to make strong
progress at its Ward
Village® master planned community, securing a
$293.7 million loan for its fifth
residential tower, 'A'ali'i, and breaking ground on its newest
residential building, Kōʻula. Kōʻula is 64 percent
pre-sold while 'A'ali'i is over 80 percent pre-sold, reflecting the
strong underlying demand to live in Ward
Village.
"With each passing milestone, Ward
Village continues its transformation into one of the
country's most sought-after urban communities," said David R. Weinreb, Chief Executive Officer, The
Howard Hughes Corporation. "Breaking ground on Kō'ula, obtaining
financing for 'A'ali'i, and generating robust year-to-date sales
demonstrate Ward Village's ongoing
momentum and unique position in the market."
Kō'ula is the first tower to be designed in Hawai'i by Studio
Gang, an architecture and urban design practice led by acclaimed
American architect and MacArthur Fellow Jeanne Gang. Gang
was recently included on Time Magazine's TIME 100, its
list of the most influential people in the world. The building's
interiors are designed by the internationally recognized Yabu
Pushelberg. Kō'ula's fluid façade exterior bends with the coastline
and gives way to interiors with stunning ocean views, natural light
and private lanais in every home. Targeting LEED
certification, the bold structure improves energy efficiency by
reducing solar heat gain. Located adjacent to Victoria Ward Park,
Kō'ula will feature 565 residences. Visit www.koulawardvillage.com
to learn more.
Kō'ula's groundbreaking follows the recent closing of HHC's loan
for ongoing construction of 'A'ali'i. The $293.7 million loan, which has a three-year term
with a one-year extension, carries an interest rate of London
Interbank Offered Rate (LIBOR) +3.10%. Ward Village currently includes the completed
towers of Waiea®, Anaha®, Aeʻo® and Ke Kilohana®, with 'A'ali'i and
Kō'ula under construction. The first-of-its-kind luxury
turnkey living solution in Hawai'i, 'A'ali'i offers
a sophisticated, space-conscious design that embodies
smarter living. The 41-story tower is slated for completion in
2021 and will be comprised of 750 homes and 11,230 square feet of
ground floor retail space.
"Ward Village is creating a new
urban island lifestyle for Honolulu, rejuvenating the community as a true
gathering place that integrates Hawai`i's natural beauty with a
thoughtfully planned and diverse spectrum of homes," said
Simon Treacy, President, Hawai`i of
The Howard Hughes Corporation. "With this latest accomplishment, we
are pleased to continue to nurture the evolution of this
forward-looking community while paying homage to the island's rich
legacy."
In the first half of 2019, The Howard Hughes
Corporation sold 386 condominiums at Ward Village, including 359 homes at Kō'ula.
In addition, the company had 164 closings at Ae'o®, which was
delivered in December 2018, and 418
closings at Ke Kilohana, which was delivered in May 2019. Since launching pre-sales on
Ward Village's first towers in
January 2014, The Howard Hughes
Corporation has sold over 2,300 residential units across its six
towers in the community, including very strong sales to the
Japanese market.
Ward Village's residential
units are nearly 87% sold to date, delivering total contracted
sales revenue of approximately $2.7
billion. Upon completion, the community will include over
4,500 homes and approximately one million square feet of
retail.
For more information, visit www.wardvillage.com.
About Ward Village®
Being developed by The
Howard Hughes Corporation®, Ward
Village is a 60-acre coastal master planned community in the
heart of Honolulu, located between
downtown and Waikīkī in the Kaka'ako district. Honoring the
distinct history of its land, Ward
Village is at the forefront of sustainable community
development, integrating significant architecture, local culture,
and public space to create a destination that focuses on wellness,
connectivity and vibrant placemaking set along O'ahu's south shore.
New tree-lined sidewalks and bike lanes provide access to an over
100-acre public beach park, as well as the recently revitalized
Kewalo Harbor. At full build-out, the development will include
approximately one million square feet of unique retail experiences
and thousands of homes in the community that was named "Master
Planned Community of the Year" by the National Association of Home
Builders and "Best Planned Community in the United States" by Architectural
Digest.
Resulting from strong demand for new housing in Honolulu and the desire for an urban walkable
lifestyle, Ward Village is quickly
approaching the sellout of its first four delivered residential
towers—Waiea®, Anaha®, Ae'o®, and Ke Kilohana®—which are
transforming the popular shopping and dining district into a
vibrant neighborhood that offers ocean views and a thoughtfully
curated mix of retail and lifestyle experiences set among walkable,
open spaces. In 2018, Ward Village
introduced A'ali'i, the first turnkey living solution in Hawai'i,
followed by Kō'ula, the community's latest tower, which broke
ground in July 2019. 'A'ali'i and
Kō'ula will continue to expand the selection of new homes as well
as activate the community's newly opened outdoor gathering place,
Victoria Ward Park. Named after the
land's most famous steward, Victoria
Ward, the park serves as the community hub for outdoor
recreation and ongoing events. In May
2019, Ward Village welcomed
its latest residents to Ke Kilohana, the neighborhood's first
affordable housing tower.
Art and culture play an integral role at Ward Village, with public art highlighted
throughout the neighborhood, including large-scale wall murals,
sculptures and locally inspired exhibits. As a destination for art
and culture, Ward Village
continues to serve as the founding and co-title sponsor of the
Honolulu Biennial.
As the first approved LEED‐ND Platinum certified master planned
development in the country and the only one in Hawai'i,
Ward Village is at the forefront
of sustainable community development and will feature public
amenities at a scale not offered by any other urban development in
the state. For more information, visit www.wardvillage.com.
About The Howard Hughes Corporation®
The Howard Hughes
Corporation owns, manages and develops commercial, residential and
mixed-use real estate throughout the U.S. Its award-winning assets
include the country's preeminent portfolio of master planned
communities, as well as operating properties and development
opportunities including: the Seaport District in New York; Columbia,
Maryland; The Woodlands®, The Woodlands Hills, and
Bridgeland® in the Greater Houston,
Texas area; Summerlin®, Las
Vegas; and Ward Village® in Honolulu, Hawaiʻi. The Howard Hughes
Corporation's portfolio is strategically positioned to meet and
accelerate development based on market demand, resulting in one of
the strongest real estate platforms in the country. Dedicated to
innovative placemaking, the company is recognized for its ongoing
commitment to design excellence and to the cultural life of its
communities. The Howard Hughes Corporation is traded on the New
York Stock Exchange as HHC. For additional information visit
www.howardhughes.com.
Safe Harbor Statement
Statements made in this press
release that are not historical facts, including statements
accompanied by words such as "will," "believe," "expect,"
"enables," "realize", "plan," "intend," "assume," "transform" and
other words of similar expression, are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are based on management's expectations,
estimates, assumptions, and projections as of the date of this
release and are not guarantees of future performance. Actual
results may differ materially from those expressed or implied in
these statements. Factors that could cause actual results to differ
materially are set forth as risk factors in The Howard Hughes
Corporation's filings with the Securities and Exchange Commission,
including its Quarterly and Annual Reports. The Howard Hughes
Corporation cautions you not to place undue reliance on the
forward-looking statements contained in this release. The Howard
Hughes Corporation does not undertake any obligation to publicly
update or revise any forward-looking statements to reflect future
events, information or circumstances that arise after the date of
this release.
Media Contacts:
The Howard Hughes Corporation
Andrea Galvin
Senior Director, Media Relations, Ward
Village
andrea.galvin@howardhughes.com
808-426-7724
Cristina Carlson
Vice President, Corporate Communications and Public Relations
cristina.carlson@howardhughes.com
646-822-6910
For Investor Relations
David
O'Reilly
Chief Financial Officer
david.o'reilly@howardhughes.com
214-741-7744
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SOURCE The Howard Hughes Corporation