The Howard Hughes Corp., which owns the Ward Centers in Hawaii, is in the final stages of design with two Honolulu developers for a high-rise condominium behind Ala Moana Center.
Dallas-based Howard Hughes Corp. (NYSE: HHC), which is partnering with The MacNaughton Group and the Kobayashi Group department store on Kapiolani Boulevard, expects to begin pre-sales of units later this year, CEO David R. Weinreb said in a statement discussing the company’s quarterly earnings. Click here for the earnings report.
Weinreb noted in a letter to shareholders that The MacNaughton Group and Kobayashi Group had also partnered to build the Hokua condominium, “with units currently reselling for $1,200-$1,300 per square foot.”
“With their strong knowledge of the Hawaii market and experience developing first-class condominium towers, MacNaughton and Kobayashi are ideal partners to work with to maximize the value of this development opportunity,” Weinreb said.
He also said that the redevelopment at Ward Centers, under a master plan first proposed by former owner General Growth Properties (NYSE: GGP), is one of the items at the top of company’s priority list and said Howard Hughes expects to make “substantial” progress in 2012 on the phases for the master plan development.
“The opportunity for residential and retail development at Ward is the most exciting development opportunity in the state of Hawaii,” Weinreb said. “However, developing over 9 million square feet of potential mixed-use development requires thoughtful planning to maximize the long-term value of this asset while preserving in-place income that supports the company today.”
Pacific Business News
Date: Tuesday, May 8, 2012, 1:49pm HST
