Less than 10 years after it formed to redevelop Kakaako with assurances that it’s here for the long haul, Texas-based Howard Hughes Corp. is now exploring its options, which could include selling assets or the whole company.

What this means for Honolulu remains to be seen, but what Hughes’ consultants advise in order to increase shareholder value will be closely watched. The near-ocean, 60-acre Ward Villages is among Hughes’ biggest assets and revenue sources; over the years, it has worked with the state Hawaii Community Development Authority on a master-planned district to transform former industrial blocks into a residential, mixed-used community featuring condos. Of its plan to develop 16 residential towers with up to 4,500 homes, four towers have been completed — Waiea, Anaha, Ae‘o and Ke Kilohana — a fifth tower is under construction, and sales began in January for a sixth.

Hughes’ rosy outlook has had blemishes, perhaps not unexpected with a master plan of this scope. Questions of housing-unit affordability, building of condos verses rentals, and pressure for a promised public park sooner rather than later have been flash points. And then there’s this unexpected issue: some Waiea condo owners suing over alleged wavy-glass wall defects causing loud popping noises.

In addition to Ward Villages, Hughes has a 45-year lease with the state to manage Kewalo Basin Harbor, a venue for fishing and tour boats that has seen both dock improvements and higher slip rents. Clearly, Howard Hughes Corp. is a major player in urban Honolulu’s growth. Whether it remains one or not, the overseeing HCDA will have to remain vigilant that Hawaii’s sense of place is balanced against future development.