Английская Википедия:Howard Hughes Corporation
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Howard Hughes Holdings Inc., formerly the Howard Hughes Corporation, is a real estate development and management company based in The Woodlands, Texas. It was formed in 2010 as a spin-off from General Growth Properties (GGP). Most of its holdings are focused on several master-planned communities. It took its name from the original Howard Hughes Corporation, which had developed the planned community of Summerlin, Nevada, and later became a subsidiary of GGP.
History
General Growth Properties filed for Chapter 11 bankruptcy protection in 2009.[1] The company proposed a reorganization plan that included spinning off a new company named General Growth Opportunities, which would include those properties that had long-term development potential but little or no income.[2] The name of the proposed spin-off was later changed to The Howard Hughes Corporation (HHC).[3] The spin-off of HHC to GGP's shareholders was completed on November 9, 2010, when GGP exited bankruptcy.[4][5] The new company held a portfolio that included GGP's master planned communities, mixed-use developments, and undeveloped land.[5] Hedge fund manager Bill Ackman was appointed chairman of the new company.[4]
In 2019, in response to investor disappointment with the company's stock price, HHC conducted a review of strategic options, including the possibility of selling the company.[6][7] Ultimately, the company announced a "transformation plan", under which it would focus on its master-planned communities and sell off $2 billion of non-core assets.[8][9] HHC moved its headquarters from Dallas to The Woodlands in 2020 as a cost-cutting measure under this plan.[10]
The company acquired its sixth master-planned community in 2021, purchasing the 37,000-acre Douglas Ranch development in the Phoenix area (later renamed to Teravalis) for $600 million.[11]
In 2023, HHC reorganized itself as a holding company named Howard Hughes Holdings, with the Howard Hughes Corporation as a subsidiary.[12] It then moved its entertainment-related properties into a new division, Seaport Entertainment, which it planned to spin off to shareholders by the end of 2024.[13][14] Seaport Entertainment's assets would include the South Street Seaport in Manhattan, the Las Vegas Aviators baseball team, the air rights to develop a casino at Fashion Show Mall on the Las Vegas Strip, and a minority stake in Jean-Georges Restaurants.[13]
Current properties
The company divides its properties into four segments: master planned communities, operating assets, the Seaport District, and strategic developments.[15]
Master planned communities
The company has six master planned communities, with a total of approximately Шаблон:Convert of land remaining to be developed or sold.[15]
- Bridgeland, Texas
- Columbia, Maryland
- Summerlin, Nevada
- Teravalis, Arizona
- The Woodlands, Texas
- The Woodlands Hills, Texas
Operating assets
This category comprises 73 revenue-generating assets, including retail, office, and multi-family residential properties, most of which are located in the company's six master planned communities.[15] The portfolio includes 11 retail properties with 2.1 million square feet of space; 34 office properties with 6.6 million square feet of space; and 17 apartment complexes with a total of 5,587 units.[16] Notable properties include:
- Downtown Summerlin – Summerlin, Nevada
- Kewalo Basin Harbor – Honolulu, Hawaii
- Las Vegas Aviators baseball team
- Las Vegas Ballpark – Summerlin, Nevada
- Summerlin Hospital – Summerlin, Nevada (5 percent interest)
- Ward Village retail – Honolulu, Hawaii
Seaport District
This segment consists of properties at the South Street Seaport in Manhattan, with Шаблон:Convert of usable space, including Pier 17, 250 Water Street, and the Tin Building.[16]
Strategic developments
The company lists 18 strategic projects, in various stages of development.[15] Notable projects include:
- Air rights over Fashion Show Mall – Las Vegas, Nevada (80 percent interest)
- Ward Village condominiums – Honolulu, Hawaii
- West End Alexandria – Alexandria, Virginia
Former properties
- 110 North Wacker – Chicago, Illinois
- Outlet Collection at Riverwalk – New Orleans, Louisiana
- The Woodlands Resort – The Woodlands, Texas
References
External links
- ↑ Шаблон:Cite news
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- ↑ 4,0 4,1 Шаблон:Cite news
- ↑ 5,0 5,1 Шаблон:Cite press release
- ↑ Шаблон:Cite news
- ↑ Шаблон:Cite news
- ↑ Шаблон:Cite press release
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- ↑ Шаблон:Cite report
- ↑ Шаблон:Cite news
- ↑ Шаблон:Cite press release
- ↑ 13,0 13,1 Шаблон:Cite news
- ↑ Шаблон:Cite press release
- ↑ 15,0 15,1 15,2 15,3 Шаблон:Cite report
- ↑ 16,0 16,1 Шаблон:Cite report
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