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New Home Sales Momentum Continues Across The Howard Hughes Corporation® Portfolio
HOUSTON, July 13, 2021 /PRNewswire/ -- Two award-winning master planned communities (MPCs) of The Howard Hughes Corporation® (NYSE: HHC)—Summerlin® in Las Vegas, NV, and Bridgeland® in the Greater Houston, TX area—marked the first half of 2021 by ranking among the country's best-selling MPCs, according to a mid-year report released by national real estate consultant RCLCO, with Summerlin ranking #3 on the list and the top-selling MPC in Nevada.
"People today have the opportunity to ask themselves how and where they want to live, and our ability to deliver on the promise of a quality lifestyle today and for generations to come sets us apart as the developer of some our country's top-selling communities," said David R. O'Reilly, CEO of The Howard Hughes Corporation. "As the largest single real estate owner within our communities, we have the unique opportunity to provide the characteristics of today's urban ideal lifestyle that people and companies are seeking now more than ever. Our increase in overall home sales across our MPCs in Summerlin and in the Houston region is a testament to the outstanding quality of these communities, and while new home sales do not directly impact our company's financial success, we consider them a strong leading indicator of market demand for land sales in our MPCs."
The Las Vegas market has rapidly accelerated over the recent months as people look to escape big cities, high-tax states, and all the challenges inherent in densely populated cities. With a record 962 new home sales for 2021 as of June 30, Summerlin ranks #3 on RCLCO's national list of top-selling MPCs and is the top-selling MPC in Nevada.
"Homes have taken on a new meaning—not just as places to live, but where families work, learn and play," said Kevin T. Orrock, President, Las Vegas Region, The Howard Hughes Corporation. "Thanks to our roster of the nation's top homebuilders and a robust infrastructure that includes more amenities than any other Southern Nevada community, Summerlin has remained well positioned to meet the needs of residents and families seeking their ideal quality of life—and is today's solution for CEO's looking to provide employees with the ultimate live/work experience, with a reduced office commute time and opportunity to buy a home in a beautiful natural setting."
Summerlin, named Master Planned Community of the Year 2020 by the National Association of Home Builders, is now in its 31st year of development and considered a top place to live thanks to its thoughtful planning and expert development. Summerlin's 250-plus parks, 150-plus miles of trails, proximity to Red Rock Canyon, the valley's top public and private schools, and access to professional sports venues in Downtown Summerlin®—the community's 400-acre walkable urban core—are amenities that will continue to accelerate the growth of the Summerlin region.
"We have always been uniquely positioned to adapt quickly to growing market demand and the changing needs of our community. With approximately 5,000 acres of remaining developable land, we have significant opportunities to continue to expand on the Summerlin vision," said Orrock.
"Summerlin is in the company of only a handful of communities nationwide that have enjoyed remarkable and sustained sales success over decades—appearing on the annual list 22 times, not counting mid-year rankings, since RCLCO first began tracking MPC sales in 1994," said Gregg Logan, Managing Director, RCLCO. "With communities in Nevada and Texas, both hot markets for MPC sales, The Howard Hughes Corporation continues to hit a home run with Summerlin, a decades-old community in Las Vegas, and Bridgeland, a relatively new community in the Houston region."
Following a record-breaking 433 new home sales for 2021 as of June 30, Bridgeland is ranked #13 on the RCLCO national list, which reports that Texas, along with Nevada and Florida, is responsible for 75% of sales within the Top-50. For the first time, the millennial generation has become the number one demographic of home purchasers in Bridgeland, attracted by the array of modern home styles and amenities and earning Bridgeland the top position in 2020 for home starts among MPCs in the Houston region.
"Homebuyers are looking for communities that offer open spaces, access to nature, and an active outdoor lifestyle—all elements that promote health and wellness and are increasingly valued today," said Health Melton, Executive Vice President of Master Planned Communities, Residential for The Howard Hughes Corporation, citing the RCLCO report. "Our high-performing schools, quality amenities, and extensive award-winning parks make for a winning formula for growth—for young families, for businesses, and for the community at large."
Signifying its next chapter of growth, Bridgeland recently announced its newest phase of development with Prairieland Village®, which joins Parkland Village® and Lakeland Village® as the third of Bridgeland's four planned villages and, with a diverse mix of housing products and urban amenities, is expected to become a major economic driver for the fast-growing northwest sector of the Greater West Houston region.
Since selling its first homesites in 2006, Bridgeland has received industry acclaim for its incorporation of natural landscapes into innovative community design and has been honored as Master Planned Community of the Year by the Greater Houston Business Association and Development of the Year by Houston Agent Magazine. Bridgeland's signature 140-acre recreational Josey Lake serves as a sustainable stormwater detention system and has garnered Howard Hughes the inaugural 2020 Vanguard Award from Houston's Urban Land institute (ULI).
"Bridgeland offers quality and value to families living in or moving to the Greater Houston area," said Jim Carman, President of the Houston Region for The Howard Hughes Corporation. "With plenty of room to grow, we are poised for even greater success in the coming years, while we continue to deliver innovative and sustainable design and experiences for our residents focused on health, wellness, and quality outdoor living."
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 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.
Bridgeland is an 11,500-acre master planned community located in Cypress, Texas and is one of the top-selling master planned communities in Texas and #13 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 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 cities and communities, as well as operating properties and development opportunities including: the Seaport in New York; Downtown 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 place making, 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.
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.
The Howard Hughes Corporation
Cristina Carlson, 646-822-6910
Senior Vice President, Head of Corporate Communications
For HHC Investor Relations
The Howard Hughes Corporation
Correne S. Loeffler, 281-929-7787
Chief Financial Officer
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SOURCE The Howard Hughes Corporation