HOUSTON, Feb. 3, 2021 /PRNewswire/
-- The Howard Hughes Corporation (NYSE: HHC) today announced
the acceleration of plans for approximately two million square feet
of development across the company's portfolio of master planned
communities (MPCs). Following strong home sales in 2020 and
continued market demand, the company announced plans for new
development including an office building and a luxury apartment
complex in Downtown Summerlin, a multifamily development in
Bridgeland Central, and a new residential building in the
Merriweather District in Downtown
Columbia, as well as the groundbreaking of the next
residential tower at Ward
Village.
"These new developments are in direct response to the trends we
saw accelerate in 2020—a flight to quality, and a focus on health
and wellness as people and companies look for walkable,
amenity-rich neighborhoods integrated into natural settings with
significant open space," said David R.
O'Reilly, CEO of The Howard Hughes Corporation. "These
developments in our MPCs are a testament to the location, quality
and desirability of our communities, as well as the strength of our
balance sheet. We continue to focus on accelerating strategic
development in our core assets as we closely monitor demand for
various product types where we can deploy our capital to achieve
outsized risk-adjusted returns for our shareholders."
"We are launching 2021 with a series of strategic, market-driven
phases of expansion, executing on our plans for large-scale,
mixed-use projects that will enhance multiple walkable urban
centers across our portfolio," said L. Jay
Cross, President of The Howard Hughes Corporation. "Our
development will integrate innovative technology, sustainable
design, and state-of-the-art amenities into projects designed to
serve as catalysts for continued transformation and growth."
Summerlin
Two new development projects
in Downtown Summerlin introduce a comprehensive vision for
Summerlin's 400-acre walkable urban core. 1700 Pavilion, a
ten-story Class-A office building, will span 267,413 square
feet and offer one-of-a-kind views of the entire Las Vegas valley. Tanager Echo—the second
phase of the Tanager luxury apartments—will be a
278,689-square-foot luxury residential complex situated on nearly
three acres and will provide Downtown Summerlin with 295 new,
amenity-rich apartments. Both 1700 Pavilion and Tanager Echo are
within walking distance of Las Vegas Ballpark, City National Arena,
and all of the retail, dining, and entertainment offerings of
Downtown Summerlin.
"Our strong occupancy, collections and pace at which we have
leased our previous two office buildings—as well as the first
Tanager luxury apartment complex—speaks to the increasing demand
for Summerlin's high-quality lifestyle in a low-tax,
business-friendly environment," said Kevin
T. Orrock, President, Summerlin, The Howard Hughes
Corporation. "RCLCO has ranked Summerlin the #3 top-selling master
planned community in the country for 2020, and our development is
in direct response to market demand."
The plans for development in Downtown Summerlin demonstrate
Howard Hughes' commitment to health
and wellness and embody the active lifestyle for which the
Summerlin community is known. Touchless entry and enhanced air
filtration will be featured throughout both buildings.
1700 Pavilion and Tanager Echo will be built simultaneously,
with construction expected to begin in the second quarter of 2021,
and with completion and occupancy projected for the fourth quarter
of 2022.
Bridgeland
A new luxury, urban
multifamily development, Starling at Bridgeland, will be the first
multifamily development in Bridgeland Central—the community's
approximately 900-acre future town center—and will bring 358
multifamily units to the award-winning Bridgeland MPC.
"With the recent success and strong market absorption of
Lakeside Row The Residences—our first multifamily property in
Bridgeland—Howard Hughes is offering Starling at Bridgeland, set on
over 15 acres and conveniently located near top-rated schools and
miles of jogging and cycling trails," said Jim Carman, President, Houston Region, The Howard Hughes
Corporation.
Health and wellness are a cornerstone of Bridgeland's identity,
and Starling at Bridgeland will incorporate extensive fitness
features and will be located within walking distance of the
award-winning Josey Lake. Bridgeland
was recently ranked #9 on RCLCO'S list of the country's top-selling
MPCs for 2020 and was the top-selling MPC in Texas.
Starling at Bridgeland is under construction and is expected to
be completed by summer 2022.
Downtown Columbia
The seven-story,
510,118-square-foot Marlow will become the second residential
product in Downtown
Columbia's Merriweather District, solidifying the next phase
of growth for a neighborhood which is rapidly becoming a
burgeoning destination in Columbia—the "third city" in the
Baltimore/Washington, DC
corridor.
The announcement of Marlow follows the strong leasing velocity
demonstrated by Juniper—the Merriweather District's first
residential product—since its delivery in the first quarter of
2020. Marlow will feature 472 residential units and 32,000 square
feet of retail at its base, with residents placed in the center of
the Merriweather District's walkable neighborhood of offices, shops
and restaurants.
"We've been able to create an unmatched new community founded on
Jim Rouse's vision for Columbia and we have the entitlements and
opportunities in place for continued expansion," said Greg Fitchitt, President, Columbia, The Howard Hughes Corporation. "As
we advance forward, we expect Downtown
Columbia to be a driving force with the development of
future office, retail and multifamily assets backed by historically
strong demand."
Marlow is set to break ground this February and is targeting
initial occupancy beginning in the fourth quarter of 2022.
Ward Village
Victoria Place, the seventh tower at
Ward Village, will break ground
later this month, providing the community with a new public park,
along with 350 new residential units across 543,471 square
feet. Victoria Place is the
fastest-selling tower to date in the history of Ward Village, the master planned community
that is redefining urban island living on the Hawaiian island of
Oahu.
Ward Village's new proposed
plans for the next phase of its master planned community include
the transformation of concrete and aging industrial
space into over 120,000 square feet of parks and 48,000
square feet of open space, plus new park space adjacent to
Victoria Place.
"As Ward Village continues to evolve, we are committed to making
thoughtful improvements to the neighborhood, enhancing walkability,
bikeability and connectivity throughout the community, and
delivering positive growth to Honolulu," said Doug
Johnstone, President, Hawai'i, The Howard Hughes
Corporation.
"Across the Howard Hughes portfolio, we expect the number of
residents, employees and consumers in our communities to continue
to grow and drive significant demand for commercial offerings and
set a strong pace for additional future development," said
O'Reilly. "With 50 million square feet of entitlements across 3,370
remaining acres of commercial land, we have significant
opportunities to respond to market demand and create developments
that define our master planned communities and the cities of
tomorrow."
About Summerlin®
Developed by The
Howard Hughes Corporation®, Summerlin began to take shape in 1990
and has ranked in the country's top 10 best-selling master planned
communities for nearly two decades. Located along the western rim
of the Las Vegas valley, Summerlin
encompasses 22,500 acres with approximately 5,500 gross acres still
remaining to accommodate future growth, including infrastructure,
open space and common areas, all within the master plan. The
community is currently home to nearly 100,000 residents who enjoy
an unparalleled list of amenities. These include more than 250
neighborhood and village parks, more than 150 completed miles of
trails, 26 public and private schools, 14 houses of worship, ten
golf courses, shopping centers, medical and cultural facilities,
business parks and dozens of actively selling floor plans. Homes
are available in a variety of styles—from single-family homes to
townhomes—with offerings in a wide price range, including custom
homesites in The Ridges. Summerlin is recognized as one of the
country's premier locations to raise a family and to operate a
business, named MPC of the Year for 2020 by the National Home
Builders Association.
About Bridgeland®
Bridgeland is an 11,400-acre master
planned community located in Cypress,
Texas and is ranked as the top-selling master planned
community in Texas and #9 in
the nation. The award-winning development opened in 2006 and offers
a wide variety of housing options and extensive outdoor amenities,
with a strong emphasis on conserving and enhancing the natural
environment. Bridgeland has over 3,000 acres dedicated to lakes,
trails and parks, and offers resort-style pools, disc-golf course,
stocked lakes and complimentary use of kayaks, paddle boats and
other recreational equipment for residents. Lakeland Village
Center® is the first of four retail centers in Bridgeland, with
additional plans for Bridgeland Central, a 900-acre future town
center, along Grand Parkway, which intersects the community.
Bridgeland is a development of The Howard Hughes
Corporation®.
About Downtown
Columbia®
A development of The Howard
Hughes Corporation®, Downtown
Columbia is located at the center of Columbia, MD, one of the first master planned
communities in the U.S. founded by legendary developer James W. Rouse in 1967. Conveniently located
between Washington, DC and
Baltimore, Columbia is comprised of 14,000 acres
including ten completed residential villages and a deep pipeline of
commercial development opportunities within its Downtown. The
underdeveloped core of Columbia
became the subject of an extensive five-year process that
culminated with the passage by the Howard
County government of the Downtown Columbia Plan in 2010, a
guide to creating a vital area in which residents can live, shop,
work, entertain, exercise, and enjoy cultural opportunities in an
enriched natural setting. At full buildout, the redevelopment of
Downtown Columbia will include
three new and reconfigured neighborhoods—Merriweather
District®, Lakefront District and Central District featuring
more than 14 million square feet of residential, office, hotel,
retail, cultural, and public uses including public parks, trails
and more. Named #1 Small City in America by Money Magazine in
2016, Columbia has been named the
#1 Safest City in America three years in a row by WalletHub.
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. 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 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. Ward Village is the first-ever LEED–ND
Platinum certified master plan development in the country and the
only one in Hawai'i, designed to 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, Hawai'i. 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.
Contacts
The Howard Hughes
Corporation
Cristina
Carlson, 646-822-6910
Vice President, Corporate Communications and Public
Relations
cristina.carlson@howardhughes.com
For HHC Investor Relations
David Striph, 281-929-7772
Executive Vice President, Head of Operations and Investor
Relations
david.striph@howardhughes.com
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SOURCE The Howard Hughes Corporation