Two Homebuilders Close Escrow on Parcels in the Cliffs Village at Summerlin®
Las Vegas (July 30, 2015) – The Howard Hughes Corporation® (NYSE: HHC), developer of the Summerlin® master-planned community, announces today the sale of two parcels totaling 37acres in The Cliffs village to Woodside Homes and Lennar, two homebuilders with long track records of development in the community. In fact Woodside Homes enjoys the distinction as Summerlin’s very first homebuilder with its Panorama Pointe neighborhood in The Hills village that welcomed the community’s first residents in March 1991. Lennar has been building in Summerlin for nearly 20 years.
Woodside Homes plans to build approximately 72 single-family homes ranging from 2,500 to 3,200 square feet in its new Skystone neighborhood. Lennar plans to also build approximately 73 homes ranging from 3,100 to 3,800 square feet in its new neighborhood, Jade Ridge. Woodside plans to open models by year-end 2015, and Lennar plans to open models during first quarter 2017.
Woodside and Lennar join Toll Brothers as the first homebuilders in The Cliffs. Toll Brothers is actively developing Regency, a luxury age-qualified community with models open early 2016.
According to Peggy Chandler, senior vice president, Summerlin, these are the first of many more parcel sales to homebuilders in The Cliffs, Summerlin’s first village in nearly 12 years. “Given the improved economy and a growing demand for housing, along with the unique design aesthetic of The Cliffs created by its stunning geography, homebuilders are excited about this opportunity,” Chandler said. “The Cliffs’ ‘rugged contemporary’ design standard will provide homebuyers with a home that offers indoor/outdoor living, spectacular scenery and a Summerlin address that includes the community’s hallmark quality of life created by its robust offering of amenities.”
Set against a spectacular ridgeline in the community’s southernmost tip, The Cliffs is named for its impressive backdrop. The 450-acre village, Summerlin’s 20th, will eventually be home to 11 planned neighborhoods encompassing more than 1,700 homes. Nestled along the base of the Spring Mountains, just south of Bishop Gorman High School, a private college prep school well known throughout Southern Nevada and the nation, The Cliffs will include both single-family and multi-family homes in a variety of price points and styles. The village is conveniently located near the 215 beltway.
New neighborhoods in The Cliffs are being positioned to maximize views of the valley as well as the adjacent Spring Mountains. Some neighborhoods will be specifically sited and terraced to allow unobstructed views. To further maintain the area’s natural beauty, parcels of land within the village have been set aside to remain undisturbed and undeveloped. The valley’s sloping topography and rugged land forms create unique opportunities for neighborhood layouts that blend with the surrounding environment and architectural designs.
Village amenities include the existing Wet ‘n’ Wild water park, Faiss Middle School and Faiss Community Park where construction of its aquatic center began in April.
For the latest information on new neighborhoods in The Cliffs village, visit summerlin.com. Follow live updates on the event at: Twitter – @summerlinlv; Facebook www.facebook.com/summerlinlv; Instagram – @summerlin; and hashtags – #TheCliffs, #thisishome, #summerlinlv and #summerlin.
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 5,400 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. These 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 $200,000s to more than $2.5 million. For information on custom homesites in The Ridges please call 702.255.2500. Luxury apartment homes offer monthly rents starting from the $900s. 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.
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.
Faiss Foley Warren
The Howard Hughes Corporation