The Howard Hughes Corporation Launches New Development in Downtown Columbia, Md.
HHC Partners with Local Developers Kettler and Orchard Development
November 2, 2011
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. For more information on the company, visit www.howardhughes.com or contact Kay Weinmann via e-mail at email@example.com or by telephone at (214) 741-7744.
ABOUT KETTLER Founded by Robert C. Kettler in 1977, Kettler is among the largest private real estate development and property management companies based in the D.C. metro area. The firm’s diverse business model has led to the delivery of more than five million square feet of commercial space and more than 50,000 homes in 25 master-planned communities (many of the area’s premier mixed-use communities). Kettler Management operates18,000 apartment units in 77 communities from New Jersey to North Carolina and also offers a full range of services to corporate and institutional real estate owners. For more information, visit www.kettler.com or contact Nicole Jones at 703-226-6021
ABOUT ORCHARD DEVELOPMENT CORPORATION Founded in 1979 by local developer Earl Armiger Orchard Development Corporation has developed land for more than 6,500 residential units in four states and Washington, D.C., initially specializing in planned communities and garden apartments. In recent years, the company has concentrated on adaptive re-use, infill and revitalization development. The breadth of Orchard Development’s work extends from student housing to senior communities, from luxury to affordable rental apartments, and mixed-income communities to community revitalization. Additionally, with sister company, Armiger Management, Orchard Development provides management services to each of their properties.
Safe Harbor Statement Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect” or similar words, 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 include, among other things, the ability of The Howard Hughes Corporation and its partners to successfully develop the residential units and retail space in Columbia, MD as well as the risk factors in The Howard Hughes Corporation’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2010 and its Quarterly Reports on Form 10-Q.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.