Strategic Developments SummaryIn December 2012, our ONE Ala Moana condominium development joint venture launched pre-sales and sold all 206 units after 29 hours of public sales for an average selling price of $1,170 per square foot. We expect to close on the first mortgage construction financing and to begin construction during the first half of 2013. Upon closing the construction loan, the venture will fully draw on the $40.0 million of committed mezzanine loans, and we will sell our condominium rights to the venture at a $47.5 million valuation.
The Howard Hughes Corporation Reports Fourth Quarter And Full Year 2012 Results
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