Summerlin® and Bridgeland®, two of the award-winning communities in
the Howard Hughes Holdings (NYSE: HHH) portfolio, have been ranked
among the country's top-selling master planned communities (MPCs),
according to a mid-year 2024 report released by national real
estate consultant RCLCO. The Summerlin community in Las Vegas
ranked #5 on the RCLCO list with 596 new homes sold during the
first half of 2024, and Bridgeland, in the Greater Houston area,
ranked #8 nationwide with 498 new homes sold by mid-year. Demand
for homes in the amenity-rich, business-friendly environments of
Howard Hughes communities continues to deliver strong results that
support the company’s expectation of another year of record
residential land sales in terms of price-per-acre and acres sold.
“The inclusion of two Howard Hughes communities in
the top ten best-selling MPCs in RCLCO’s mid-year report is a
testament to the exceptional high-quality lifestyle that they
offer,” said David O’Reilly, Chief Executive Officer of Howard
Hughes. “Our year-to-date increase in total home sales across the
portfolio solidifies our expectation that 2024 will be the best
year for residential land sales in the history of Howard Hughes.
Our impressive mid-year results show a 163% increase in residential
land sales revenues and a 35% increase in average price per acre
compared to our 2023 mid-year results. Despite high interest rates
and national headlines propagating a misleading singular picture of
the housing sector, the communities across our national portfolio
are delivering strong year-over-year improvement.”
SUMMERLINSpanning 22,500 acres,
Summerlin continues to be one of the most sought-after and
best-selling communities in the country, offering over 127,000
residents unparalleled access to nature and expansive commercial
amenities in a business-friendly environment. The local job market
has grown over two times faster than the national average, as
recent corporate relocations and expansions by technology
companies, sports teams, and entrepreneurs working across a variety
of industries have attracted a workforce seeking an affordable,
high-quality lifestyle.
Summerlin offers the greatest variety of
housing options in the Las Vegas Valley—with 70 floor plans selling
in nearly 20 neighborhoods at different price points and
styles from some of the nation’s top builders—driving sizeable
residential growth. Thanks to a heightened demand for new housing,
Summerlin anticipates another record-breaking year for residential
land sales to homebuilders in 2024 as well as continued strong
demand for commercial amenities. In its 34th year of development,
Summerlin has nearly 3,000 acres of raw land remaining, with three
new commercial cores under planning and development throughout the
community.
BRIDGELANDBridgeland is on pace in
2024 to meet or exceed its record for annual home sales set in
2023. The community continues to demonstrate significant and
transformative growth that is expanding the urban landscape of
the Houston region, attracting residents with access to
more than 3,000 acres of parks, lakes, trails and green space
within a quarter mile of every home, as well as top-rated schools
and expanding job opportunities.
Residential home sales include a diverse range of
home designs and price points throughout the community, including
Creekland Village®, Parkland Village®, and Prairieland Village®, as
well as the 925-acre urban district of Bridgeland Central®, which
is emerging as a dynamic residential and commercial hub for
Northwest Houston, featuring Bridgeland’s first H-E-B grocery store
and Houston’s first mass timber office building.
According to the RCLCO report, sales among the
country’s top master planned communities outperformed the broader
new home market, as people are choosing communities that are highly
amenitized, offer an exceptional quality of life, a variety of
housing options, and short commutes. Houston was once again the
top-performing metropolitan area with 13 communities in the top 50,
with over 4,500 sales representing almost 24% of sales among ranked
MPCs. The Las Vegas metropolitan area followed with just over 2,000
sales, representing 11% of sales among ranked MPCs.
About
Summerlin®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 5,000 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 127,000 residents who enjoy
an unparalleled list of amenities. These include more than 300
neighborhood and village parks, more than 200 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. For more information, visit
Summerlin.com.
About
Bridgeland® Bridgeland is an
11,500-acre master planned community located in Cypress, Texas, and
is ranked among the top-selling master planned communities in the
country. The National Association of Home Builders’ 2024
Master Planned Community of the Year 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, a LEED Pre-certified community, has over
3,000 acres dedicated to lakes, trails, and parks, and offers
resort-style pools, 74 current parks, stocked lakes and
complimentary use of kayaks, paddleboats, and other recreational
opportunities for residents to promote a healthy and active
lifestyle. Bridgeland Central®, the community’s emerging 925-acre
urban district is now underway with 70-acre Village Green at
Bridgeland Central and will help propel future commercial growth.
Bridgeland is a Howard Hughes community and supports over 180 local
causes and charitable organizations in the Houston region through
the company’s HHCares program. For more information, visit
Bridgeland.com.
About Howard Hughes Holdings
Inc.Howard Hughes Holdings Inc. 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
Downtown Columbia® in Maryland; The Woodlands®, Bridgeland® and The
Woodlands Hills® in the Greater Houston, Texas area; Summerlin® in
Las Vegas; Ward Village® in Honolulu, Hawaiʻi; and Teravalis™ in
the Greater Phoenix, Arizona area. The Howard Hughes 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. Howard
Hughes Holdings Inc. is traded on the New York Stock
Exchange as HHH. For more information, visit
howardhughes.com.
Safe Harbor StatementStatements
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 Howard Hughes Holdings Inc.’s filings with
the Securities and Exchange Commission, including its
Quarterly and Annual Reports. Howard Hughes Holdings
Inc. cautions you not to place undue reliance on the
forward-looking statements contained in this release. Howard
Hughes Holdings Inc. 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:Howard Hughes
Holdings Inc.
Media RelationsCristina
Carlson, 646-822-6910Senior Vice President, Head of Corporate
Communicationscristina.carlson@howardhughes.com
Investor RelationsEric Holcomb,
281-475-2144Senior Vice President, Investor
Relationseric.holcomb@howardhughes.com
Photos accompanying this announcement are
available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/bd0726f7-a59d-48d2-af24-c6b3184b3b6fhttps://www.globenewswire.com/NewsRoom/AttachmentNg/fe9cd9e5-813d-4035-b5a4-8c6bfcf80251
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