The Howard Hughes Corporation is a

real estate development Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re- lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to other ...

and management company based in

The Woodlands, Texas The Woodlands is a special-purpose district and census-designated place (CDP) in the U.S. state of Texas in the Houston–The Woodlands–Sugar Land metropolitan statistical area. The Woodlands is primarily located in Montgomery County, with p ...

. It was formed in 2010 as a spin-off from

General Growth Properties GGP Inc. (an initialism of General Growth Properties) was an American commercial real estate company and the second-largest shopping mall operator in the United States. It was founded by brothers Martin, Matthew and Maurice Bucksbaum in Ceda ...

(GGP). Most of its holdings are focused on several

master-planned communities A planned community, planned city, planned town, or planned settlement is any community that was carefully planned from its inception and is typically constructed on previously undeveloped land. This contrasts with settlements that evolve ...

. It takes its name from the original

Howard Hughes Corporation The Howard Hughes Corporation is a real estate development and management company based in The Woodlands, Texas. It was formed in 2010 as a spin-off from General Growth Properties (GGP). Most of its holdings are focused on several master-planne ...

, which had developed the planned community of

Summerlin, Nevada Summerlin is a master-planned community in the Las Vegas Valley of Southern Nevada. It lies at the edge of the Spring Mountains and Red Rock Canyon to the west; it is partly within the official city limits of Las Vegas and partly within uninc ...

, and later became a subsidiary of GGP.

History

filed for

Chapter 11 bankruptcy protection Chapter 11 of the United States Bankruptcy Code ( Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whet ...

in 2009. The company proposed a reorganization plan that included spinning off a new company named General Growth Opportunities, which would include those properties that had long-term development potential but little or no income. The name of the proposed spin-off was later changed to The Howard Hughes Corporation (HHC). The spin-off of HHC to GGP's shareholders was completed on November 9, 2010, when GGP exited bankruptcy. The new company held a portfolio that included GGP's

master planned communities A planned community, planned city, planned town, or planned settlement is any community that was carefully planned from its inception and is typically constructed on previously undeveloped land. This contrasts with settlements that evolve ...

, mixed-use developments, and undeveloped land. Hedge fund manager

Bill Ackman William Albert Ackman (born May 11, 1966) is an American billionaire investor and hedge fund manager. He is the founder and CEO of Pershing Square Capital Management, a hedge fund management company. His investment approach makes him an activi ...

was appointed chairman of the new company. In 2019, in response to investor disappointment with the company's stock price, HHC conducted a review of strategic options, including the possibility of selling the company. Ultimately, the company announced a "transformation plan", under which it would focus on its master-planned communities and sell off $2 billion of non-core assets. HHC moved its headquarters from Dallas to The Woodlands in 2020 as a cost-cutting measure under this plan.

Current properties

The company divides its properties into four segments: master planned communities, operating assets, the Seaport District, and strategic developments.

Master planned communities

The company has five master planned communities, with a total of approximately of land remaining to be developed or sold. * Bridgeland, Texas *

Columbia, Maryland Columbia is a census-designated place in Howard County, Maryland. It is one of the principal communities of the Baltimore–Washington metropolitan area. It is a planned community consisting of 10 self-contained villages. Columbia began wit ...

The Woodlands Hills, Texas ''The'' () is a grammatical article in English, denoting persons or things already mentioned, under discussion, implied or otherwise presumed familiar to listeners, readers, or speakers. It is the definite article in English. ''The'' is the m ...

Operating assets

This category comprises 76 revenue-generating assets, including retail, office, multi-family residential, and hotel properties, most of which are located in the company's five master planned communities. The portfolio includes 15 retail properties with 2.7 million square feet of space; 33 office properties with 7.7 million square feet of space; 12 apartment complexes with a total of 3,840 units; and 3 hotel properties with a total of 909 rooms. Notable properties include: *

110 North Wacker 110 North Wacker, also known as the Bank of America Tower, is a 57-floor skyscraper in Chicago located at 110 North Wacker Drive. It was developed by the Howard Hughes Corporation and Riverside Investment & Development. It was designed by Goett ...

–

Chicago, Illinois (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = Country , subdivision_name ...

Downtown Summerlin Downtown Summerlin is a commercial and residential neighborhood located in Summerlin South, a suburban area on the western outskirts of Las Vegas, Nevada. The Downtown Summerlin neighborhood includes: * The Downtown Summerlin shopping center ...

–

* Kewalo Basin Harbor –

Honolulu, Hawaii Honolulu (; ) is the capital and largest city of the U.S. state of Hawaii, which is in the Pacific Ocean. It is an unincorporated county seat of the consolidated City and County of Honolulu, situated along the southeast coast of the island ...

* Las Vegas Aviators baseball team *

Las Vegas Ballpark Las Vegas Ballpark is a baseball stadium in Summerlin South, Nevada, Summerlin South, Nevada in the Las Vegas Valley. It is the home field for the Las Vegas Aviators of the Pacific Coast League. The stadium is owned by the Howard Hughes Corporati ...

–

* Outlet Collection at Riverwalk –

New Orleans, Louisiana New Orleans ( , ,New Orleans

Summerlin Hospital The Summerlin Hospital Medical Center is a private, for-profit hospital owned by Universal Health Services and operated by the Valley Health System. It is located in the Summerlin neighborhood of Las Vegas, Nevada. As of 2018, the Summerlin Hospi ...

–

(5 percent interest) *

Ward Village Ward Village is a , master-planned community in the Kaka'ako district of Honolulu. It is being developed by The Howard Hughes Corporation. Once completed, this beachfront development will have luxury residences, retail stores, entertainment ve ...

retail –

The Woodlands Resort The Woodlands Resort & Conference Center is a resort in The Woodlands, Texas. The resort is operated by the Woodlands Development Company and was founded in 1974 by George P. Mitchell, an American businessman and real estate developer. Historic ...

–

Seaport District

This segment consists of properties at the

South Street Seaport The South Street Seaport is a historic area in the New York City borough of Manhattan, centered where Fulton Street meets the East River, and adjacent to the Financial District, in Lower Manhattan. The Seaport is a designated historic district ...

in Manhattan.

Strategic developments

The company lists 18 strategic projects, in various stages of development. Notable projects include: *

Air rights Air rights are the property interest in the "space" above the earth's surface. Generally speaking, owning, or renting, land or a building includes the right to use and build in the space above the land without interference by others. This lega ...

over Fashion Show Mall –

Las Vegas, Nevada Las Vegas (; Spanish for "The Meadows"), often known simply as Vegas, is the 25th-most populous city in the United States, the most populous city in the state of Nevada, and the county seat of Clark County. The city anchors the Las Vega ...

(80 percent interest) *

Landmark Mall Landmark Mall (or Landmark Regional Shopping Center) (formally Landmark Center) was an American shopping mall. Located in a triangle formed by Duke Street (Virginia State Route 236), Interstate 395, and Van Dorn Street (Virginia State Route 401 ...

–

Alexandria, Virginia Alexandria is an independent city in the northern region of the Commonwealth of Virginia, United States. It lies on the western bank of the Potomac River approximately south of downtown Washington, D.C. In 2020, the population was 159,467. ...

condominiums –

References

External links

Howard Hughes Corporation websiteLight-duty/civilian part of Hughes Helicopters, sold off by McDonnell-Douglas in 1995
{{DEFAULTSORT:Howard Hughes Corporation Companies listed on the New York Stock Exchange Companies based in Las Vegas Companies based in Summerlin, Nevada Howard Hughes Shopping center management firms