Tuesday, January 5, 2016

Summerlin’s 25th Year Marked By Major Milestones;

2016 Expected To Be Another Strong Year Of Development

The Howard Hughes Corporation®, developer of Summerlin®, celebrated major milestones for the master-planned community in 2015, most notably the  25th anniversary of  the commencement of development. The year was highlighted with the opening of The Cliffs, the community’s first new village in nearly a dozen years; the one-year anniversary of Downtown Summerlin – a 106-acre fashion, dining and entertainment destination and the first phase of a planned urban village; the opening of eight neighborhoods by six home builders; and new home sales which exceeded the 600 mark nearing a 40 percent year-over-year increase.

“Twenty-five years into development, Summerlin is home to more than 100,000 residents and continues to evolve and take shape true to its original vision as Southern Nevada’s premier community,” said Kevin T. Orrock, president of Summerlin. “The community’s thoughtful and strategic evolution has helped Summerlin maintain both its relevance and appeal for more than a quarter century – a remarkable achievement by any measure.  This year, we had much to celebrate, and we expect 2016 to be no different.”

At year-end 2015, Summerlin offers 18 new neighborhoods selling more than 80 floor plans by home builders Christopher Homes, KB Home, Lennar, Pulte Homes, Richmond American Homes, Ryland Homes, Toll Brothers, William Lyon Homes and Woodside Homes. New neighborhoods opening in 2015 included luxury townhomes as well as production and semi-production single-family homes up to 5,900 square feet.

Neighborhoods scheduled to open in 2016 include a second custom home neighborhood in The Ridges village along with five additional neighborhoods in The Cliffs and The Ridges villages.

Other 2016 highlights include:

-          Regency by Toll Brothers - Summerlin’s newest age-qualified community will bring a new model of active adult luxury to the area with more than 425 single-family homes ranging from 1,600 to 2,400 square feet. The staff- gated community will feature an active lifestyle created by walking trails and an amenity center spanning more than 16,000 square feet.  The center will house an indoor lap pool and outdoor resort-style pools; tennis, pickle ball and bocce ball courts; a clubhouse; and social programming that includes classes, events and gatherings.

-          The Constellation® - Downtown Summerlin’s first residential development will begin leasing its 124-unit luxury apartment homes in early 2016. A joint venture of The Calida Group and The Howard Hughes Corporation, the gated complex offers one and two-story floor plans with private garages, lofts, dry bars and roof-top decks. Resident amenities include Wi-Fi throughout, state-of-the-art fitness center, club room with bar, game lounge, spa with tanning services and resort-style pool with an outdoor BBQ area and pool-side cabanas.  

Continuing to unfold is The Summit, a joint venture between Discovery Land Company and The Howard Hughes Corporation. Located south of The Ridges®, The Summit is Summerlin’s newly named 21st village and is poised to become Nevada’s most exclusive resort-style residential community. Plans for this guard-gated, 555-acre, golf-course, resort community include a range of luxury living environments from custom homes on lots as large as two or three acres to world-class villas, all on a private Tom Fazio 18-hole golf course. Construction has commenced with lot and villa sales expected to begin closing in 2016 and the first move-ins, along with golf course completion, scheduled for 2017.

A variety of new community amenities are also slated to roll out in 2016:

-          Vistas Community Center: Located in the Vistas Park on Park Vista Drive, Summerlin’s fourth community center will open first quarter 2016 and feature an outdoor pool with a slide and a child’s lagoon. The center, open for the exclusive use of Summerlin residents and their guests, houses meeting and event rooms.

-          Aquatic Center: A 24,940-square-foot facility, this new center in The Cliffs village includes a junior Olympic-size pool, a second, nine-foot-deep pool; an 1,800-square-foot “therapy” pool; men's and women's locker rooms; and meeting room. Upon completion, The Howard Hughes Corporation will deed the facility to Clark County for public use.

-          A public kindergarten through 9th grade charter school is set to open fall 2016 near Alta Drive and Sky Vista Drive.

-          A new public elementary school built by Clark County School District is planned for The Paseos. It is scheduled to open for the 2017/18 school year.

For more information about Summerlin’s newest homes and amenities, visit Summerlin.com or download the new home finding app by searching “Summerlin” in your app store.

About 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 7,000 gross acres still remaining to accommodate future growth, including infrastructure, open space and common areas, all 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,” “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.