RCLCO RANKS SUMMERLIN® AND BRIDGELAND® AMONG TOP-SELLING MASTER PLANNED COMMUNITIES OF 2021
Summerlin #3 in Nation for Fourth Consecutive Year;
Bridgeland Top-Selling MPC in Greater Houston Area, #2 in Texas
HOUSTON, Jan. 5, 2022 /PRNewswire/ -- Summerlin® and Bridgeland®, two of the award-winning master planned communities (MPCs) of The Howard Hughes Corporation® (NYSE: HHC) have been ranked among the country's top-selling MPCs for 2021, according to a report released by RCLCO, the national real estate consultant. Summerlin, in Las Vegas, has ranked #3 for the fourth year in a row on the annual list and is once again the highest-ranking MPC in Nevada, showing an increase in yearly home sales of over 13 percent, with 1,619 new homes sold in 2021. Bridgeland was the top-selling MPC in the Greater Houston Region and ranked #2 in Texas.
"RCLCO's report speaks to the consistent and growing demand for new homes across the country and as the developer with the nation's largest portfolio of MPCs, we are seeing a great influx of people and businesses into our communities as they seek an exceptional quality of life," said David O'Reilly, CEO of The Howard Hughes Corporation. "We continue to accelerate development within our MPCs to provide the market with sought-after, amenity-rich, walkable urban environments."
According to Karl Pischke, principal with RCLCO Consulting, which has been ranking MPCs since 1994, Summerlin leads all actively ranked MPCs in total appearances on the national best-selling MPC list, with over 25 years ranking within the top 25. That includes a top-ten appearance each year from 1994 to 2007, followed by a top-ten appearance each year since 2015, and a top-three appearance in each of the past four years. "That's a very impressive run and a distinction held by no other MPC in the country," said Pischke.
"Summerlin continues its remarkable story of enduring success with another year of strong momentum in sales and new development that keeps this exceptional community appealing to homebuyers, businesses and investors," said Kevin T. Orrock, President, Las Vegas Region, The Howard Hughes Corporation. "Particularly as Downtown Summerlin continues to expand its office offerings and capitalize on the national trend to move workplaces closer to home, more residents will enjoy shorter daily commutes, further enhancing overall quality of life."
Now entering its 32nd year of development, Summerlin delivers more amenities than any other community in Southern Nevada. This includes more than 250 parks of all sizes; resident-exclusive community centers, pools and events; 150-plus miles of interconnected trails; ten golf courses; 26 public, private and charter schools; a public library and performing arts center; Summerlin Hospital Medical Center; houses of worship representing a dozen different faiths; office parks; neighborhood shopping centers; and, of course, Downtown Summerlin®, offering fashion, dining, entertainment, Red Rock Resort, office towers, City National Arena, home of the Vegas Golden Knights National Hockey League practice facility, and Las Vegas Ballpark®, a world-class Triple-A baseball stadium and home of the Las Vegas Aviators®.
In total, Summerlin currently offers more than 115 floorplans in 20-plus neighborhoods throughout eight distinct villages and districts. Homes, built by many of the nation's top homebuilders, are available in a variety of styles—from single-family homes to townhomes, priced from the high $300,000s to more than $1 million.
"We continue to see people and businesses moving to Summerlin to take advantage of the outstanding quality of life that our community provides," said Orrock. "We will continue to accelerate development to meet the growing demand for residential land and offer exceptionally high-quality product at every price point for all segments of the market—from millennials to empty-nesters and retirees. The price per acre of land at Summerlin continues to increase, and momentum in new home sales is a great indicator of what is to come for this incredible community."
Bridgeland experienced strong sales in 2021, resulting in 713 new home sales as growth continues in the top-selling community in the Greater Houston area, ranking #2 in Texas and #16 in the nation on RCLCO's annual report.
"Homebuyers continue to seek out Bridgeland's high-performing schools, outstanding amenities and expansive parks and trail systems, driving the tremendous momentum we see year after year as Bridgeland grows from over 17,000 today to ultimately 65,000 residents," said Heath Melton, President of the Phoenix Region who has led residential development of master planned communities for The Howard Hughes Corporation. "As we see the millennial generation continue to be the leading demographic of home purchasers in Bridgeland, we will accelerate development of a wide range of housing options to meet the great demand for all that Bridgeland offers."
Bridgeland is known for its forward-thinking design, focus on health and wellness, and integration of the residential experience with the surrounding ecosystem and extensive sustainability features.
"Texas continues to be among the most sought-after states in the country and when you look at the great domestic migration that has been taking place as people and business seek a low cost of living and high quality of life in a business-friendly environment, it is easy to understand why Bridgeland is the top-selling community in the Houston region," said Jim Carman, President of the Houston Region for The Howard Hughes Corporation.
RCLCO cites strong optimism for 2022 and anticipates a big year for MPCs with growing demand for new homes. The continued high RCLCO rankings of Summerlin and Bridgeland exemplify the enduring appeal of the lifestyle associated with the communities in The Howard Hughes Corporation's portfolio.
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 5,500 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, Downtown Summerlin®, 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. Summerlin is recognized as one of the country's premier locations to raise a family and to operate a business, named MPC of the Year for 2020 by the National Home Builders Association. For information on custom homesites in The Ridges please call 702.255.2500. Luxury apartment homes offer monthly rents starting from the $1,200s. Visit www.summerlin.com for more information.
Bridgeland is an 11,500-acre master planned community located in Cypress, Texas and is ranked as one of the top-selling master planned communities in Texas and #14 in the nation. The award-winning development opened in 2006 and offers a wide variety of housing options and extensive outdoor amenities, with a strong emphasis on conserving and enhancing the natural environment. Bridgeland has over 3,000 acres dedicated to lakes, trails and parks, and offers resort-style pools, 60 parks, stocked lakes and complimentary use of kayaks, paddleboats and other recreational opportunities for residents to help promote a healthy and active lifestyle. Lakeland Village Center® is the first of four retail centers in Bridgeland, with additional plans for Bridgeland Central, a 925-acre future town center. Bridgeland is a community of The Howard Hughes Corporation® , which supports over 180 local causes in the Houston region through its HHCares program. For more information, visit Bridgeland.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. Its award-winning assets include the country's preeminent portfolio of master planned communities, as well as operating properties and development opportunities including: the Seaport in New York City; Downtown Columbia®, Maryland; The Woodlands®, The Woodlands Hills®, and Bridgeland® in the Greater Houston, Texas area; Summerlin®, Las Vegas; Ward Village® in Honolulu, Hawaiʻi; and Douglas Ranch in Phoenix. The Howard Hughes Corporation's portfolio is strategically positioned to meet and accelerate development based on market demand, resulting in one of the strongest real estate platforms in the country. Dedicated to innovative placemaking, the company is recognized for its ongoing commitment to design excellence and to the cultural life of its communities. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC. For additional information, visit www.howardhughes.com.
Safe Harbor Statement
Statements made in this press 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.
The Howard Hughes Corporation
Cristina Carlson, 646-822-6910
Senior Vice President, Head of Corporate Communications
For HHC Investor Relations
John Saxon, 281-929-7808
Investor Relations Associate
Correne S. Loeffler, 281-929-7787
Chief Financial Officer
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SOURCE The Howard Hughes Corporation