Construction to Commence on First Residential Development in Downtown Summerlin®
LAS VEGAS (November 3, 2014) – On the heels of the spectacular October 9th opening of Downtown Summerlin®, The Howard Hughes Corporation® (NYSE: HHC) announced today plans to begin construction by year-end on Downtown Summerlin’s first residential development, The Constellation. A 124-unit, gated luxury rental residence complex, The Constellation is a joint venture of The Howard Hughes Corporation and The Calida Group. The multifamily community is expected to be complete in one year with the first residents moving in during the fourth quarter of 2015. Pre-leasing will commence next summer.
The luxury development will boast a contemporary architectural design in keeping with Downtown Summerlin’s upscale, modern and vibrant aesthetic. The three-story, 170,000-square-foot multifamily project will feature spacious one- and two- bedroom homes ranging from approximately 1,000 to 2,040 square feet. Exclusive resident amenities include: state-of-the-art fitness center; spa with tanning services, on-call masseuse and aesthetician; and resort-style pool with an outdoor BBQ area and pool-side cabanas. Third-floor homes include 20-foot ceilings along with a private walk-up to a mezzanine level and a fourth-story rooftop deck. Some residences also include attached garages.
The luxury development is named for the Constellation, a then state-of-the-art, four-engine airliner built by Lockeed and financed by Howard Hughes for Trans World Airlines between 1943 and 1958. It is situated on nearly 4.5 acres at Griffith Peak and Town Center Drive adjacent to Downtown Summerlin’s 106-acre, 1.6 million-square-foot shopping, dining and entertainment district that opened to valley-wide acclaim earlier this month. Residents of The Constellation will enjoy the ultimate in urban living given the enviable amenities and numerous retail, restaurant and theater options just steps away.
“We are inundated with requests for information about residential living opportunities in Downtown Summerlin given Southern Nevadans’ over-the-top enthusiasm and interest in being part of such an exciting destination,” said Kevin T. Orrock, President of Summerlin for The Howard Hughes Corporation. “We are thrilled to begin construction on Downtown Summerlin’s first residential development to help meet that demand and look forward to welcoming residents later next year. And we are pleased to collaborate with The Calida Group, a national developer whose well-established reputation for world-class, quality construction and design makes the company an ideal fit for this first project.”
According to Julie Cleaver, Vice President of Planning & Design for Summerlin, while Downtown Summerlin is poised to become a top fashion, dining and entertainment destination for valley residents, it is also being carefully and thoughtfully planned to accommodate a variety of multifamily developments that appeal to multiple generations – from Millennials seeking convenience and immediate access to amenities to Baby Boomers looking to downsize, simplify and better accommodate travel and a more active lifestyle.
“The Calida Group is committed to creating an entire lifestyle, not just a place to live,” said Eric Cohen, Managing Director of The Calida Group. “We are thrilled to partner with one of the country’s premier master planned community developers to build Downtown Summerlin’s first residential project. Our communities boast impeccable service, modern interior designs and highly desirable locations, and The Constellation will be no exception.”
Developed by The Howard Hughes Corporation, Summerlin began to take shape in 1990 and has ranked in the country’s top 10 best-selling master planned communities for nearly two decades. Located along the western rim of the Las Vegas valley, Summerlin encompasses 22,500 acres with approximately 6,000 acres still remaining to accommodate future growth within the master plan. The community is currently home to more than 100,000 residents who enjoy an unparalleled list of amenities, including their own 400-acre Downtown Summerlin, home to a world-class 106-acre fashion, dining and entertainment destination. Other amenities include more than 150 neighborhood and village parks, more than 150 completed miles of trails, 22 public and private schools, 14 houses of worship, nine golf courses, shopping centers, medical and cultural facilities, business parks and dozens of actively selling floor plans. Homes are available in a variety of styles – from single-family homes to townhomes and condominiums – priced from the $300,000s to more than $1 million. Custom homesites in The Ridges are priced from the $400,000s. Luxury apartment homes offer monthly rents starting from the $800s. Visit www.summerlin.com for more information.
About The Howard Hughes Corporation®
The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S. Our properties include master planned communities, operating properties, development opportunities and other unique assets spanning 16 states from New York to Hawai‘i. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC and is headquartered in Dallas, TX. For additional information about HHC, visit www.howardhughes.com.
About The Calida Group
The Calida Group is a multifamily real estate development, construction and investment firm committed to developing distinctive lifestyles. Under the exclusive Elysian brand, each luxury community we create reflects Calida’s commitment to quality design, construction and management while creating value and dependable results for our investment partners. The Calida Group strategically selects and executes every project with a commitment to excellence in mind. We strive to create the best possible experience for our residents and stakeholders. Dedicated to our vision of designing and building luxurious and memorable communities, The Calida Group is mindful of every detail–in all that we do. We are not just developing communities, we are developing lifestyles. For additional information, visit www.thecalidagroup.com.
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,” “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.
Melissa Warren or Adrienne Augustus
Faiss Foley Warren
The Howard Hughes Corporation