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The Howard Hughes Corporation Launches New Development In Downtown Columbia, Md.

Stocks in this article: HHC

The Howard Hughes Corporation (NYSE: HHC) today announced the development of new residential and retail in downtown Columbia, Md. This is the first project to be executed under the 2010 approved downtown Columbia redevelopment plan, which allows up to 13 million square feet of net new density to be comprised of 5,500 residential units, five million square feet of office, one million square feet of retail, and up to 640 hotel rooms. This first phase of a larger development plan will include approximately 375 ‘Class A’ rental residential units and more than 14,000 square feet of retail space.

“We are very excited to begin the new development of downtown Columbia. This is the initial step of a comprehensive plan to revitalize the town center, and one that has been highly anticipated by the community,” said Hughes’ Senior Vice President John E. DeWolf.

The Howard Hughes Corporation is partnering with local developer Kettler, of McLean, Va. Kettler is a privately held residential developer, owner and manager, with a successful history in developing high-end residential products in the market including mixed-use environments in Reston, Arlington and Leesburg, Va. Kettler has an ownership interest in approximately 8,000 apartment units across 44 communities throughout the greater Washington, D.C. metro region.

Also involved with the partnership is Orchard Development of Ellicott City, Md. Orchard is a multi-family developer, owner, and manager, and has developed land for more than 6,500 residential units in four states and Washington, D.C.

“Partnering with The Howard Hughes Corporation is a great opportunity,” said Chairman Robert C. Kettler, “The project in downtown Columbia allows us to apply our knowledge from other premium real estate developments in the Greater Washington Metropolitan area and deliver an important and high quality addition to Columbia.”

ABOUT THE HOWARD HUGHES CORPORATION

The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the country. Created from a selected subset of 34 assets previously held by General Growth Properties, the company's properties include master planned communities, operating properties, development opportunities and other unique assets spanning 18 states from New York to Hawaii.

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