Honolulu projects key in Howard Hughes Corp. shareholder letter
Renderings at left show Howard Hughes Corp.’s new plan, dubbed Ward Village, which would maximize public mountain and ocean views between buildings. Plans include a central plaza area with a grovelike setting of palm trees around a waterway.
Ward Village is a key part of the “value creation potential” for Howard Hughes Corp., which owns, manages and develops commercial, residential, and mixed-use real estate properties around the U.S.
In a letter to shareholders, David Weinreb, CEO, described Ward Village as an urban, master-planned community in Honolulu, which already is the site of construction on a 57,000 square-foot retail project.
Weinreb also noted the construction that will begin this summer on the ONE Ala Moana condominium tower, a 206-unit luxury condo tower being developed with the Kobayashi Group and The MacNaughton Group. The project sold out in two days in December at an average price of $1.6 million per unit, or $1,170 per square foot.
Ward Village, currently called Ward Centers, has development rights for 22 high-rise towers, the construction of which will add 500 market-rate condo units and a minimum of 125 workforce units, Weinreb said.
His letter also detailed other development plans on the mainland.
For 2012, company revenues totaled $377 million, operating income and income from non-consolidated affiliates totaled $76 million compared to $36 million in 2011.
