This backs up to yesterdays post on Howard Hughes Corp (NYSE:HHC). While One hughes Landing has been in the works for a while, Two Hughes Landing and Restaurant Row were not even being discussed mid year 2012. These are additional project being done to meet demand there. Further, unlike home sales (of which 400 more lots sold) these developments are creating recurring revenues for Howard Hughes Corp (NYSE:HHC).
How much more demand will there be at the Woodlands and Bridgeland MPC’s for Howard Hughes Corp (NYSE:HHC)? Well, considering Exxon Mobil Corporation (NYSE:XOM) is moving 10,000 workers there permanently next year and when considering all the ancillary needs (housing, office, shopping, entertainment etc) that will entail, it is immense…
One Hughes Landing Opens to Commence Launch of Hughes Landing on Lake Woodlands The Howard Hughes Corporation Marks a Major Milestone with Completion of First Office Building in New Mixed-Use Development in The Woodlands
DALLAS & THE WOODLANDS, Texas–(BUSINESS WIRE)–Sep. 19, 2013– The Howard Hughes Corp (NYSE:HHC) and its wholly-owned subsidiary, The Woodlands Development Company (TWDC), today announced the opening of One Hughes Landing, the first office building in Hughes Landing, a 66-acre, mixed-use development situated on 200-acre Lake Woodlands. Hughes Landing is anticipated to be a dynamic environment within The Woodlands that will feature up to 11 office buildings; shopping, dining and entertainment; a specialty grocer; an upscale hotel; a fitness center and up to 800 multi-family residences.
Hughes Landing Overview (Photo: Business Wire)
“Our vision for Hughes Landing is to create a vibrant waterfront community within The Woodlands, which will be an exciting hub where people can live, work and play,” said David R. Weinreb, Chief Executive Officer of The Howard Hughes Corporation. “One Hughes Landing is the first step in our long term plan for Hughes Landing to become one of the premier destinations within this world-class master planned community.”
One Hughes Landing is a 197,719 square-foot, eight-story, Class A office building designed to be LEED Silver Certified. Already 92% leased, major tenants include Strike, LLC (70,190 SF), Layne Christensen Company (51,152 SF), PetroQuest Energy, Inc.(13,091 SF), Summit Midstream (12,524 SF), Sterling Construction(12,340 SF), Wells Fargo Bank (8,316 SF), GMA Garnet (4,736 SF) and Post Oak Bank (4,355 SF).
“One Hughes Landing will open almost fully leased less than ten months after starting construction,” said Paul Layne, Executive Vice President of Master Planned Communities for The Howard Hughes Corporation. “The remarkable leasing pace is an excellent indicator of the strong demand for premium commercial, residential and retail space in The Woodlands.”
Given the strong demand for One Hughes Landing, construction is already underway for Two Hughes Landing, the second Class A office building in the development. Two Hughes Landing is an eight-story, 197,719-square-foot building also designed to be LEED Silver Certified. The building is expected to be completed in mid-2014.
Additionally, leasing is well underway for Restaurant Row at Hughes Landing where a wide selection of culinary establishments is planned. The Woodlands recently announced that Escalante’s Fine Tex-Mex & Tequila restaurant signed a 5,600-square-foot lease on Restaurant Rowbecoming the first eatery to sign a lease in Hughes Landing. The restaurant is expected to open in late 2014. The Woodlands also announced that Whiskey Cake Kitchen & Bar signed an 8,000-square-foot lease, which will mark the restaurant’s debut in the Houston market with an anticipated opening in spring 2015.
The Woodlands Development Company is being represented by Robert S. Parsley and Norman V. Munoz of Colliers International for the leasing of office space in Hughes Landing. Rip Reynolds, Senior Leasing Manager for The Howard Hughes Corporation, is representing The Woodlandsfor the leasing of retail and restaurant space.
About The Woodlands
The Woodlands is a 28,000-acre master-planned community located 27 miles north of downtown Houston. Throughout its 39-year history, The Woodlands has led the way among master-planned communities that practice environmental preservation. It is home to more than 105,000 people, and more than 50,000 people work in the community. The Woodlands is ranked the #1 Top-Selling Master-Planned Community inTexas and #3 in the U.S. by RCLCO, based on 2012 new home sales. For more information, visit www.thewoodlands.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 18 states from New York to Hawai‘i. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC and is headquartered in Dallas, TX. For additional information about HHC, visit www.howardhughes.com.