Market Overview

The Howard Hughes Corporation® Completes Topping out of Anaha®

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HONOLULU--(BUSINESS WIRE)--

The Howard Hughes Corporation® (NYSE: HHC) announced today the topping out of Anaha®, the second residential condominium tower to be completed within Ward Village®, its 60-acre urban master planned community in the heart of Honolulu. With Anaha's opening in the summer of 2017, Ward Village will continue its transformation into a vibrant walkable neighborhood that offers a range of exceptional residences with incredible island and ocean views and a diverse collection of dynamic retail experiences. Due to these unique features, Ward Village has contracted to sell over 1,100 homes to date, and Anaha is currently more than 90% pre-sold. A collaboration by award-winning architect and design firm Solomon Cordwell Buenz, Honolulu-based Benjamin Woo Architects and global design leader Woods Bagot Interiors, the building was designed to capture the reflected light of the Pacific Ocean and celebrate the beauty of the shoreline.

This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20160829005301/en/

Anaha Tower rendering at Ward Village in Honolulu under development by The Howard Hughes Corporation ...

Anaha Tower rendering at Ward Village in Honolulu under development by The Howard Hughes Corporation (Photo: Business Wire)

"The topping out of Anaha is another significant milestone as we continue to create a neighborhood at Ward Village that enriches the lives of all those who experience it," said David R. Weinreb, Chief Executive Officer of The Howard Hughes Corporation. "With our carefully curated mix of top residential architectural design, retail experiences, public spaces and cultural programming, Ward Village is on its way to becoming one of the great urban master planned communities in the world."

Three residential buildings are currently under construction and five are available for sale at Ward Village offering a broad range of options and lifestyles in the walkable community. Contracted sales at the community have reached approximately 90% for the 493 homes in its first two luxury condominium towers, Waiea and Anaha. Construction began on Ward Village's third tower, Ae‘o, in February 2016. At completion, Ward Village will deliver more than 4,000 new residences in a market where supply continues to fall short of demand for new housing.

Anaha will offer 244 studios and one-, two- and three-bedroom tower residences as well as 73 low-rise flats and townhomes. Wraparound views span from the beachfront to Diamond Head and from Kewalo Harbor to the sunset in the west. The ground floor of Anaha will also welcome Hawaiʻi culinary pioneer Peter Merriman as he opens his first Oahu location of the highly-regarded Merriman's restaurant in the summer of 2017. Along with the relocation of Oahu's only Nobu location to Ward Village and the highly anticipated opening of the flagship Whole Foods Market in the base of Ae‘o, the community will become Honolulu's premier outdoor shopping destination and a gathering place for residents and visitors.

As the largest LEED-ND Platinum certified development in the country and the only one in Hawaiʻi, Ward Village is at the forefront of sustainable community development and will contain public amenities at a scale that no other development in Hawaiʻi offers. These public amenities include a planned four-acre park in the heart of the community, new tree-lined sidewalks and bike lanes and access to the adjacent Kewalo Harbor, which is now operated by The Howard Hughes Corporation under a 35-year ground lease with the State of Hawaiʻi, with plans underway to upgrade the harbor's existing infrastructure for recreational and commercial vessels alike. Kaka‘ako was recently named by Trulia as the top neighborhood with the best amenities in cities of under one million people.

About Ward Village®

Developed by The Howard Hughes Corporation, Ward Village is a new 60-acre coastal master-planned community in the heart of Honolulu between downtown and Waikīkī in the Kakaʻako district. Ward Village includes three mixed-use residential towers – Waiea, Anaha and Aeʻo – that are now under construction and will transform the popular shopping and dining district into a vibrant neighborhood offering exceptional residences with incredible island and ocean views and a carefully curated mix of retail experiences set among dynamic public open spaces and walkable streets.

Waiea, which will open in late 2016, will include 175 residences and be home to internationally acclaimed restaurant Nobu Honolulu. Anaha, opening in 2017, will include 317 residences and the first Merrimanʻs restaurant on Oahu. Aeʻo will complete construction in 2018; it will include 466 residences and Oahu's flagship Whole Foods Market.

This growing community includes two additional developments: Gateway Towers and Ke Kilohana at 988 Halekauwila St. The first building of Gateway Towers on Ala Moana Boulevard will bring the architecture of world-renowned architect Richard Meier to the Honolulu skyline. Ke Kilohana launched its sales in April 2016 and will bring housing targeted exclusively for local residents and a 23,000-square-foot Longs Drugs to the neighborhood.

The vision for Ward Village is consistent with the master plan approved by the Hawaiʻi Community Development Authority in 2009, which allows for up to 9.3 million square feet of mixed-use development, converting into more than 4,000 residences and over one million square feet of retail space.

Ward Village is Hawaiʻi's only LEED-ND Platinum-Certified project and the largest neighborhood development in the country to receive such a prestigious certification. The Information Center and Residential Sales Gallery is located at the iconic IBM Building located at 1240 Ala Moana Blvd. For more information, visit www.wardvillage.com or call 808.369.9600

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 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.

Safe Harbor Statement

Statements made in this news 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.

Murphy O'Brien
Public Relations:
Emily Warner, 310-586-7188
ewarner@murphyobrien.com
or
Laura Stace, 310-586-7188
lstace@murphyobrien.com
or
Ward Village
Todd Apo, 808-426-7735
todd.apo@howardhughes.com
or
The Howard Hughes Corporation
Caryn Kboudi, 214-741-7744
caryn.kboudi@howardhughes.com

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