The Howard Hughes Corporation develops and operates master planned communities, and mixed-use and other real estate properties in the United States. The company specializes in the development of master planned communities and the ownership, management and the redevelopment or repositioning of real estate assets, which are generating revenues, also called Operating Assets, as well as other strategic real estate opportunities in the form of entitled and unentitled land and other development rights, also called Strategic Developments. Segments The company operates its business in three segments: Master Planned Communities (MPC), Operating Assets and Strategic Developments. Master Planned Communities segment The Master Planned Communities segment consists of the development and sale of residential and commercial land, primarily in large-scale projects. The company owns five master planned communities. These communities include The Woodlands, Summerlin, Maryland, Bridgeland and Conroe. The company’s master planned communities include approximately 13,000 acres of land remaining to be developed or sold. Residential sales, which are made primarily to homebuilders, include standard and custom parcels designated for detached and attached single- and multi-family homes, ranging from entry-level to luxury homes. Commercial sales include land parcels designated for retail, office, resort, high density residential projects (e.g., condominiums and apartments), services and other for-profit activities, as well as those parcels designated for use by government, schools and other not-for-profit entities. Operating Assets segment The Operating Assets segment contains 44 properties, investments and other assets that generate revenue, consisting primarily of retail, office and multi-family properties. This segment includes 11 retail properties, 20 office properties, 2 multi-family apartment buildings, a resort and conference center, a 36-hole golf and country club, and 9 other operating assets and investments. Strategic Developments segment The Strategic Developments segment consists of 30 near, medium and long-term development projects. The company is in various stages of creating or executing strategic plans for these assets based on market conditions and availability of capital. In addition to the permitting and approval process attendant to almost all large-scale real estate developments of this nature, the company generally obtains construction financing to fund a majority of the costs associated with developing these assets. Joint Ventures In 2014, the company announced an agreement to form a joint venture with Discovery Land Company (Discovery Land), a developer of private clubs and luxury communities, to develop an exclusive luxury community on approximately 555 acres of undeveloped land within its Summerlin master planned community. The community would have approximately 270 homes, an 18-hole Tom Fazio-designed golf course and other amenities for residents.
howard hughes corp/the (HHC:New York)
13355 Noel Road
Dallas, TX 75240
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