Bolstered by a large deal with a Denver homebuilder, The Howard Hughes Corp. sold more land in Summerlin last quarter than it did a year earlier.
But the average price of the dirt slipped.
Howard Hughes sold 44.7 acres of residential land in Summerlin, Las Vegas’ largest master-planned community, in the three months ending March 31, for an average price of $647,000 per acre.
During the same period last year, it sold 37.7 acres for an average price of $697,000 per acre.
The Dallas-based developer disclosed the results Tuesday as part of its first-quarter earnings release. The company, which has projects and properties in Hawaii, New York, Maryland and elsewhere, booked $1.8 million in profit, down 68 percent year-over-year.
Expenses fell 15 percent, to about $159.1 million, but revenue dropped 30 percent, to $161.7 million. Howard Hughes said the revenue drop stemmed primarily from a required accounting change related to condo sales.
Summerlin spans 22,500 acres along the valley’s western rim, and Howard Hughes’ first-quarter results there were driven almost entirely by one land sale.
Richmond American Homes acquired a 42.5-acre parcel for about $23.8 million on March 1, property records show. The homebuilder plans to construct around 100 single-family houses there, Summerlin President Kevin Orrock, a Howard Hughes executive, said a few weeks after the sale.
Other highlights from Howard Hughes’ earnings and quarterly reports released Tuesday:
- It expects to close on a $53 million construction loan this year for Las Vegas Ballpark, the 10,000-person capacity stadium it’s developing for the Hughes-owned Las Vegas 51s minor league baseball team. The stadium is being built just east of Howard Hughes’ 106-acre, open-air Downtown Summerlin mall at Sahara Avenue at the 215 Beltway.
- The developer closed on a $44.1 million construction loan in late March for a 267-unit apartment complex that it’s building also just east of the mall.
- It sold three custom-home lots in Summerlin for an average price of $1.7 million.
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 nearly 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, 26 public and private schools, 14 houses of worship, ten 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. Luxury apartment homes offer monthly rents starting from the $900s.
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, or find us on Facebook, Twitter, Instagram, and LinkedIn.
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