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HONOLULU — The Hawaii Community Development Authority (HCDA) has approved The Howard Hughes Corp.’s (NYSE: HHC) plans for two mixed-use towers as part of Phase I of the master-planned Ward Village in Honolulu. Ward Village, which is located in the heart of Kaka‘ako, is a 60-acre, 9.3 million-square-foot project. The development will include more than 4,000 residential units, along with more than 1 million square feet of retail and commercial space. Phase I is scheduled for a 2016 completion.
“Our vision for Ward Village is to create an urban, master-planned community, which offers an exceptional living environment while honoring the area’s rich history and culture,” says David Weinreb, chief executive officer for The Howard Hughes Corp. “Beyond being one of our most significant assets, this redevelopment is already serving as a catalyst for the revitalization of Kaka‘ako.”
The two towers will be located on land blocks 2 and 3. Land block 2 will contain approximately 171 one-, two- and three-bedroom units, in addition to 10 townhomes. Land block 3 will consist of approximately 312 units ranging from one- to three-bedroom floor plans. The building will also include 82 flats and townhomes.
The Howard Hughes Corp. is seeking to achieve Leadership in Energy & Environment Design for Neighborhood Development (LEED-ND) certification. The company is installing flexible cooling systems to reduce energy usage, covering more than 50 percent of available rooftop space with landscaping or solar-reflective materials, and implementing water efficiency measures.
Phase I of Ward Village represents more than $1.25 billion in local economic impact and thousands of jobs for the island of O’ahu, according to ALH Urban & Regional Economics.
The Howard Hughes Corp., based in Dallas, owns, manages and develops commercial, residential and mixed-use properties throughout the United States. The company’s stock price closed at $107.74 per share on Friday, up from trading at $65.43 this time last year.
— Brittany Biddy