SALES SOAR FOR ULANA WARD VILLAGE
First-quarter earnings report highlights strong sales for newest reserved housing residence
HONOLULU – Ward Village®, a 60-acre master planned community by The Howard Hughes Corporation® (NYSE: HHC), continued to experience strong condominium sales across its residences, especially for its newest reserved housing project, Ulana Ward Village. Following a virtual lottery, Ward Village contracted approximately 83% of the residence’s units, which are reserved for qualified Hawaiʻi residents.
The completion of Ulana Ward Village will expedite the delivery of nearly 700 reserved housing units, creating additional kamaʻāina homeownership opportunities in the heart of Honolulu. The project is forecasted to generate over $100 million of shared equity proceeds that will support the Hawaii Community Development Authority’s affordable housing initiatives over the next generation. Ulana Ward Village will also add open green space to the neighborhood through the creation of the new Ka La‘i o Kukuluāe‘o Park.
.jpg "Local family is selected to make Ulana Ward Village their new home")
“Our community wants thoughtful planning that weaves eclectic retail experiences, public parks and open space into a truly walkable neighborhood,” said Doug Johnstone, President, Hawaiʻi, The Howard Hughes Corporation.“It has been rewarding to advance these smart growth benefits in Kakaʻako and welcome so far the over 620 out of the eventual 700 kamaʻāina families that will make Ulana and Ward Village their home.”
Healthy interest has also continued at ‘A‘ali‘i®, Kō'ula® and Victoria Place, Ward Village’s three towers recently completed or under construction—which are 93.75% sold or pre-sold as of March 31, 2022. ‘A‘ali‘i closed the quarter at 92.7% sold, while Kō'ula and Victoria Place closed at 91.5% and 99.7% pre-sold, respectively.
Following a public sales launch in July 2021, The Park Ward Village closed the quarter at 88.6% pre-sold, with construction slated to begin in the second half of 2022.
Ward Village, guided by its partnership with the Hawaiʻi Community Foundation, has a long-standing record of supporting nonprofit organizations addressing critical local community priorities. In 2021, with the opening of ‘A‘ali‘i, Ward Village donated over $200,000 to seven local community partners serving the arts, youth development, education and natural conservation. Most recently, Ward Village donated $30,000 to Tonga relief efforts and helped sponsor the March “Aloha 4 Tonga” fundraiser show through its support of the Council for Native Hawaiian Advancement. Later this year, Ward Village will celebrate another development milestone with the opening of Kōʻula, triggering the dispersion of additional grants for community-serving organizations. To date, Ward Village has distributed over $3.7 million to more than 180 of Hawaiʻi’s nonprofit organizations.
For more information on Ward Village, please visit www.wardvillage.com.
About Ward Village®
Ward Village is a 60-acre master-planned community by The Howard Hughes Corporation® in the heart of Honolulu, located between downtown and Waikīkī. Honoring the distinct history of its land, Ward Village is at the forefront of sustainable community development – integrating striking architecture, culture and arts, and public open space. At full build-out, the community will include approximately one million square feet of unique retail and thousands of homes, in what Architectural Digest named “Best Planned Community in the United States.”
As a result of strong demand for new housing in urban Honolulu, Ward Village is quickly approaching sellout of its first five mixed-use residential towers — Waiea®, Anaha®, Ae‘o®, Ke Kilohana®, and ʻAʻaliʻi® — transforming the popular shopping and dining district into a thriving urban neighborhood that offers ocean views and open space, including its newest outdoor gathering place, Victoria Ward Park. New residential buildings in development or under construction include Kō‘ula and Victoria Place. Since launching public sales in July 2021, The Park Ward Village has become the fastest-selling market tower in the history of Ward Village. Approved by the Hawaiʻi Community Development Authority (HCDA) in 2021, The Park Ward Village and Ulana Ward Village will be the newest mixed-use developments to join the neighborhood.
As a LEED-ND Platinum-certified master planned community, Ward Village demonstrates its commitment to responsible, mixed use development by investing in public benefits and amenities for Honolulu’s urban community. For more information, visit www.wardvillage.com.
About The Howard Hughes Corporation®
The Howard Hughes Corporation 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 cities and communities, as well as operating properties and development opportunities including: the Seaport in New York City; Downtown Columbia®, Maryland; The Woodlands®, The Woodlands Hills®, and Bridgeland® in the Greater Houston, Texas area; Summerlin®, Las Vegas; Ward Village® in Honolulu, Hawai‘i; and Douglas Ranch in Phoenix. The 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. Dedicated to innovative place making, the company is recognized for its ongoing commitment to design excellence and to the cultural life of its communities. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC.
Safe Harbor Statement
Statements 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 The Howard Hughes Corporation’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. The Howard Hughes Corporation cautions you not to place undue reliance on the forward-looking statements contained in this release. The Howard Hughes Corporation 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.
Catherine Wolfe