“The start of the Douglas Ranch is momentous news for Phoenix and the state of Arizona. We’re building a city of the future – using the development skills of Howard Hughes Corporation to build a community of limitless potential for growth, business expansion, economic opportunity and innovation, “said Jerry Colangelo, sports manager, businessman and long-time Phoenix resident Development company JDM Partners is one of the largest eligible landowners in Arizona. “To ensure the success of Douglas Ranch, we specifically chose The Howard Hughes Corporation for its unique ability to build extraordinary communities, proven best-in-class -Implementing practices on a significant scale on new platforms and quickly delivering tailor-made solutions with ways to help companies move, “continues Colangelo. “As we prepare to start selling homes, we are delighted that Douglas Ranch has joined the ranks of the Howard Hughes communities, some of the most sought-after places in the country to live, work and thrive.” Douglas Ranch is becoming an industry-leading community focused on sustainable development and technological advancement that will help support and fuel the significant growth in the Phoenix area, which for the past three years has been named the country’s main metropolitan area for net migration was ranked for its strong economy, low unemployment rate, business-friendly environment and well-educated workforce. Phoenix has gained nearly a million residents in the past decade and is expected to grow by about 100,000 residents annually over the next 10 years. The city’s West Valley saw above-average growth in new home construction in the region at over 8% per year, covering 57% of total Phoenix housing demand. The area is positioned for exponential growth as long-term brain drain is expected to continue. With this acquisition, The Howard Hughes Corporation now operates the nation’s largest portfolio of large-scale master plan communities, spanning over 100,000 acres, including Summerlin® in Las Vegas and The Woodlands® and Bridgeland® in the greater Houston area, all of which are consistently some of the most livable places in the country counting. The company also operates recognized mixed-use projects such as Downtown Columbia®, MD, the Seaport in New York City and Ward Village® in Honolulu. “We are excited to partner with JDM and El Dorado to create the leading master plant community in the western United States,” said David R. O’Reilly, chief executive officer of Howard Hughes Corporation. “Douglas Ranch will be a model of forward-thinking development, delivering an exceptional lifestyle built on a robust economic foundation – and incorporating best practices from across our national portfolio to drive environmental priorities and technological innovation.” The $ 600 million acquisition The 37,000-acre Douglas Ranch is a unique opportunity to add a full-fledged, “shovel-ready” MPC to HHC’s acclaimed portfolio of award-winning communities – without disrupting the company’s already extensive development pipeline. With the expectation of over 1,000 property sales in 2022, Douglas Ranch is able to replicate the self-financing business model that is synonymous with HHC’s other large-scale master plan communities. To further demonstrate its strong market position, HHC has ample excess liquidity that can be allocated to continue to meet underlying demand across the portfolio, amid a thriving labor market demographics, high barriers to entry and limited competition, “added O’Reilly “Phoenix is considered to be one of the most affordable metropolitan areas in the country, and as it continues its dynamic growth as an extremely well-located regional center, the West Valley of Phoenix is the ideal location for people and businesses looking to thrive for generations to come.” Ranch is expected to be home to over 300,000 residents and become a major commercial business hub as residents move to the community and the growing appetite for commercial amenities creates development opportunities for new diversified product types within the Howard Hughes portfolio – including single-family houses for rent and industrial plants. It is strategically located on the path of significant Phoenix growth in the West Valley and has direct access to I-10 via the Sun Valley Parkway. In addition, the Douglas Ranch is near the future location of Interstate I-11, which has been approved by Congress and is expected to cause $ 30 billion to $ 60 billion in economic impact in the area. The I-11 will connect Phoenix, Las Vegas and Southern California and eventually establish a new trade route between Canada and Mexico via Idaho, Arizona and Nevada. “Douglas Ranch will be a catalyst for growth, economic boon for Arizona and an ideal strategic addition to our HHC portfolio,” said Jay Cross, president of Howard Hughes Corporation. “As we design our cities of tomorrow and deliver the new urban experiences that people and businesses are looking for today, we are designing communities with urban amenities and smart infrastructure that are integrated into spacious, open environments and provide convenient access to major metropolises. Implement high impact ESG initiatives to support the community and promote renewable practices. Howard Hughes Corporation has shown our unwavering commitment to the master plan communities we develop and operate, and we are excited to welcome Phoenix as our hometown. “Centerview Partners LLP acted as the exclusive financial advisor to The Howard Hughes Corporation Investor Presentation The Company will host a conference call and presentation for investors today, Tuesday, October 19 at 9:00 am Eastern Time. To access the live presentation, use this web link. To participate in the live Q&A dial 1-877-883-0383 within the US or 1-412-902-6506 internationally.All attendees should dial in at least five minutes prior to the scheduled start time using the passcode 49965822. The presentation will follow the conference call in the investor area of the Company website. About Howard Hughes Corporation® The Howard Hughes Co Corporation owns, manages, and develops commercial, residential, and mixed-use real estate in the United States. Its award-winning assets include the state’s outstanding portfolio of proposed master communities, as well as operating land and development opportunities, including: the New York City seaport; Downtown Columbia®, Maryland; The Woodlands®, The Woodlands Hills®, and Bridgeland® in Greater Houston, Texas; Summerlin®, Las Vegas; Ward Village® in Honolulu and Douglas Ranch in Phoenix. 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. The company is dedicated to innovative placemaking and is known for its ongoing commitment to excellence in design and the cultural life of its communities. Howard Hughes Corporation is listed on the New York Stock Exchange as HHC. More information is available at www.howardhughes.com. Safe Harbor Statements made in this press release that are not historical facts, including statements made up of words such as “will”, “believe”, “expect”, “enable”, “recognize”, “plan”, “intend” , “Assume”, “transform” and other words with similar expressions 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, beliefs and projections as of the date of this publication and are not Warranties of Future Performance. Actual results could differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are identified as risk factors in the reports published by The Howard Hughes Corporation at Securities and Exchange Commission filings, including quarterly and annual reports, au fguided. Howard Hughes Corporation cautions you not to place undue reliance on the forward-looking statements contained in this press release. Howard Hughes Corporation assumes no obligation to publicly update or revise any forward-looking statement to reflect future events, information, or circumstances that occur after the date of this release. The Howard Hughes Corporation Christina Carlson, 646-822-6910 Senior Vice President, Head of Corporate Communications[email protected] For HHC Investor Relations John Saxon, 281-929-7808 Investor Relations Associate[email protected] Correne S. Loeffler, 281-929-7787 Chief Financial Officer[email protected]SOURCE The Howard Hughes Corporation Related Links http://www.howardhughes.com
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