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Summerlin® #3 and Bridgeland® #9 in National Rankings and are Top-Ranked MPCs in Nevada and Texas
HOUSTON, Jan. 8, 2021 /PRNewswire/ -- Summerlin® and Bridgeland®, two of the award-winning master planned communities (MPCs) of The Howard Hughes Corporation® (NYSE: HHC) have been ranked among the country's top ten best-selling MPCs for 2020, according to a report released by national real estate consultant RCLCO. Summerlin, in Las Vegas, maintained its #3 position on the annual list, and is the highest-ranked MPC in Nevada. At #9, Bridgeland moved up one place on the list and remains the highest-ranked MPC in Texas.
RCLCO's report speaks to the accelerated pace of new home sales among the top master planned communities during 2020, with new home sales higher than the previous year and forecasting a strong outlook for the year ahead.
"New home sales are a leading indicator of market demand for land sales in our MPCs and are a testament to the exceptional quality of our communities, focused on health and wellness with substantial amounts of open green space," said David O'Reilly, CEO of The Howard Hughes Corporation. "As the developer and largest single real estate owner within our communities, we are in a unique position to deliver the amenity-rich, walkable urban environments in natural settings that people and companies are seeking today."
Ranked #3 on the list of best-selling MPCs, Summerlin is the only MPC in Nevada to place in the RCLCO list's top five, with 1,456 new homes sold in 2020, a ten percent increase over 2019.
"Summerlin's exceptional and sustained performance throughout 2020 reinforces the concept that home—and a quality work-life experience—has never been more important," said Kevin T. Orrock, President, Las Vegas Region, The Howard Hughes Corporation. "Summerlin's active, healthy lifestyle and urban walkability is the ultimate office perk for companies looking to expand or relocate to a business-friendly, low-cost state, and attract and retain today's top talent. As Downtown Summerlin continues to expand its office offerings and capitalize on the national trend to move workplaces closer to home, more residents will enjoy shorter daily commutes, further enhancing overall quality of life."
Named 2020's MPC of the Year by the National Home Builders Association, Summerlin opened ten new neighborhoods, including several in its newest region, Summerlin West. The development of Summerlin West retains the harmony with the surrounding natural environment for which Summerlin is known and provides the community's most diverse offering of homes to date.
"Our goal is to meet the demands of a wide range of market segments—from millennials to empty-nesters and retirees—as consumer preferences are expanding and consumer demand continues to grow," said Orrock. "Demand for residential land in Summerlin remains strong. The price per acre of land has continuously increased over the last decade and the robust volume of underlying new home sales indicates a prosperous year ahead."
Following a record-breaking 2020 with 873 new home sales, Bridgeland remains RCLCO's highest-ranked MPC in the state of Texas, with an 18 percent increase in sales over last year.
"Our high-performing schools, unmatched amenities, award-winning parks, and our commitment to integrating the natural landscape into our community design make a winning formula for families living in or moving to the Greater Houston area," said Health Melton, Executive Vice President of Master Planned Communities, Residential for The Howard Hughes Corporation. "Bridgeland continues to experience tremendous momentum year after year. Home to roughly 15,000 residents today, the community will grow to 65,000 with the opportunities ahead."
Bridgeland expects to continue the trend of growth with Prairieland, the third of its four planned villages, coming online later this year to expand the community west of the thriving Grand Parkway sector in northwest Houston.
"Homebuyers locally and nationally continue to place Bridgeland and Texas among the most sought-after communities and states in the country, along with the many forward-thinking companies which value Texas for its low cost of living and high quality of life in a business-friendly environment," said Jim Carman, President of the Houston Region for The Howard Hughes Corporation. "As the Bridgeland population grows, we will continually add high-quality commercial developments and amenities, attracting more residents and companies seeking a premier live-work-play lifestyle."
The continued high RCLCO rankings of Summerlin and Bridgeland—as well as the similar sales rankings published by the John Burns Real Estate Consulting team—attest to the exceptional lifestyle associated with The Howard Hughes Corporation's portfolio of MPCs. As cited by RCLCO, the best examples of MPCs are developed with a strong vision and comprehensive plan that guide development. MPCs that offer a well-amenitized environment with outdoor spaces for walking, hiking, and biking consistently demonstrate the strongest sales momentum.
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.
Bridgeland is an 11,400-acre master planned community located in Cypress, Texas and is ranked as the top-selling master planned community in Houston and number nine 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 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 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
Vice President, Corporate Communications and Public Relations
For HHC Investor Relations
David Striph, 972-232-2672
Executive Vice President, Head of Operations and Investor Relations
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SOURCE The Howard Hughes Corporation