Tuesday, October 10, 2017
THE HOWARD HUGHES CORPORATION® ANNOUNCES DEVELOPMENT PLANS FOR LAS VEGAS BALLPARK AT DOWNTOWN SUMMERLIN®
The Howard Hughes Corporation® (NYSE: HHC) announced today its plans to develop and construct a baseball stadium in Downtown Summerlin® on approximately eight acres just south of City National Arena, the National Hockey League practice facility for the Vegas Golden Knights. The new stadium, to be named the Las Vegas Ballpark, will be the future home of the Las Vegas 51s, the city’s professional baseball team. The team, a member of the Pacific Coast League (PCL) and a Triple-A affiliate of the New York Mets, is wholly owned by The Howard Hughes Corporation, which acquired full ownership interest earlier this year.
Today’s announcement followed a vote by the Las Vegas Convention and Visitors Authority Board of Directors approving a marketing partnership that gives LVCVA naming rights to the stadium. In addition to serving as the home of the Las Vegas 51s, Las Vegas Ballpark will host civic, community, nonprofit and sporting events.
The Las Vegas Ballpark is being designed by HOK, a global architecture firm with an expertise in stadium design, having designed more than 40 professional and collegiate stadiums worldwide. The 10,000-fan-capacity stadium blends the distinct architectural style of the Summerlin® community with the aviation legacy of Howard Hughes. The ballpark will provide a wide range of seating options including 22 suites, club seats, berm seating, party zones and decks, picnic tables, kids’ zone, bars and even a pool beyond the outfield wall. Designed to create a festival-like atmosphere in Downtown Summerlin, the site will be landscaped to complement the master planned community. Parking will be conveniently located on adjacent sites.
According to David R. Weinreb, Chief Executive Officer of The Howard Hughes Corporation, today’s announcement is the result of years of planning for the company and community stakeholders, including Clark County and the LVCVA. “Together, we have worked tirelessly to bring this much needed initiative to fruition for the benefit and enjoyment of the entire Southern Nevada community. The ballpark will further distinguish Downtown Summerlin as a vibrant destination and give valley residents a first-class amenity and the opportunity to enjoy professional baseball in an inviting and family-friendly environment.”
“Home of City National Arena and the Vegas Golden Knights, Downtown Summerlin is adding yet another feather to its cap with the addition of the Las Vegas Ballpark and the Las Vegas 51s,” said Kevin T. Orrock, President, Summerlin, The Howard Hughes Corporation. “Already considered a top dining, retail and entertainment hub, Downtown Summerlin is on its way to becoming an unmatched sports destination. We could not be more excited to add baseball to our line-up.”
“The 51s baseball team has been a staple in the Las Vegas community for over three decades,” said Don Logan, President/COO, Las Vegas 51s. “With a new home in Downtown Summerlin, the future of professional baseball in Southern Nevada looks exceptionally bright. We are confident this location, which is easily accessed from all regions of the valley via the 215 Beltway, will help grow our fan base and introduce new generations to America’s favorite past time. We can’t wait to put down roots in Downtown Summerlin, a destination that already has a reputation for best in fun, family-oriented entertainment.”
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 6,000 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 250 neighborhood and village parks, more than 150 completed miles of trails, 25 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– priced from the $300,000s to more than $2.5 million. For information on custom homesites in The Ridges please call 702.255.2500. Visit www.summerlin.com for more information.
About Downtown Summerlin®
Downtown Summerlin includes retail, entertainment, office, hotel and multi-family residential elements, all designed to create a vibrant, walkable urban core within the award-winning 22,500-acre master planned community of Summerlin®. Downtown Summerlin totals nearly 400 acres between Charleston and Sahara and features more than 115 stores and restaurants in a streetscape-shopping environment with pedestrian thoroughfares and dynamic storefronts. The first phase of development opened to the public in October 2014. In 2016, The Constellation, a luxury multifamily development opened with 124 new residences and Las Vegas’ first NHL franchise team’s practice facility opened earlier this year. Located just east of the 215 Beltway, between Sahara Avenue and Charleston Boulevard, the development also includes a nine-story office building, ONE Summerlin. Additional information can be found at www.downtownsummerlin.com
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 14 states from New York to Hawai‘i. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC with major offices in New York, Columbia, MD, Dallas, Houston, Las Vegas and Honolulu. For additional information about HHC, visit www.howardhughes.com.
About The Las Vegas 51s
The Las Vegas 51s have the proud distinction of being the longest enduring franchise in the history of professional sports in the state of Nevada. The 2017 campaign marked the 35th season in the Silver State as a proud member of the Pacific Coast League. The Stars/51s have reached the 300,000 mark in “home” attendance at Cashman Field in 35 consecutive seasons (1983-2017). The 51s are the Triple-A affiliate of the New York Mets and the franchise won the PCL championship in 1986 and 1988.
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.