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Jun 06, 2014

Community Gathers to Bless Waiea, the First Homes at Ward Village

Press Contacts

Caryn Kboudi, The Howard Hughes Corporation, caryn.kboudi@howardhughes.com, (214) 741-7744

The Howard Hughes Corporation® Continues Building the Foundation for a New Community

HONOLULU (June 7, 2014) – The Howard Hughes Corporation® (NYSE: HHC) announced today another milestone in the development of Ward Village as construction began at Waiea, the first homes of Ward Village, a master planned, mixed-use community in the heart of Honolulu. Community leaders, future residents, partners and stakeholders gathered for a traditional Hawaiian blessing and to celebrate the continued building of a sustainable community at the groundbreaking event.

Waiea, which means "water of life," will be the first mixed-use residential building in Ward Village, a vibrant integrated community that combines culture, shopping, gathering places and homes. Ward Village has received LEED® Neighborhood Development (LEED-ND) Platinum certification, making the Honolulu project the largest LEED-ND Platinum-certified project in the nation and the only such project in the state of Hawai'i. The Howard Hughes Corporation is targeting U.S. Green Building and Design Leadership in Energy and Environmental Design (LEED) Gold Certification for Waiea.

"As we take this important step forward, we gratefully acknowledge our neighbors, partners and supporters, all of whom have been integral in guiding the vision for Ward Village," said Nick Vanderboom, Senior Vice President of Development for The Howard Hughes Corporation. "Waiea is another step in building Ward Village as a model community for sustainable urban living."

Project team members, community leaders and project supporters of Ward Village, including local nonprofit organization Kupu, came together to break ground at the Waiea site. In addition to announcing that the building would target LEED-ND Gold Certification, The Howard Hughes Corporation announced that the trees currently onsite will be relocated to the entrance of Kewalo Basin Harbor, valued at more than $50,000, to preserve the trees and beautify the harbor.

"The architecture of Waiea is going to transform the appearance of our urban core halfway between Waikiki and downtown Honolulu and immediately mauka of Kewalo Basin," said City and County of Honolulu Mayor Kirk Caldwell. "I think it is great that The Howard Hughes Corporation is creating Hawai'i's only LEED-ND Platinum certified neighborhood with Ward Village community's unique sense of place, establishing a clean, green, and sustainable anchor for a vibrant Kaka'ako. This development will bring a new vitality and way of living that will benefit all of us who live, work, or play in one of the most transformative places in our city."

The residences at Waiea will increase annual tax revenue from the site, from $171,000 to more than $2 million upon completion of construction. The Howard Hughes Corporation will begin construction of Waiea immediately, and has plans to break ground on Anaha, the second residential tower of the Ward Village Master Plan, in the coming months.

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 located between downtown and Waikīkī in the Kakaʻako district. Ward Village includes two mixed-use residential towers – Waiea and Anaha – that are now under construction and will transform the popular shopping and dining district into a vibrant neighborhood that offers 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.

This growing community will include three additional developments: Ae'o at 1001 Queen Street, Gateway Towers and Ke Kilohana at 988 Halekauwila Street. Aeʻo at 1001 Queen Street is a 466-unit mixed-use condominium tower anchored by a flagship Whole Foods Market. The extraordinary 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 will bring housing targeted for local residents and a 23,000 square foot Long's Drugs to the neighborhood.

The vision for Ward Village is consistent with the master plan approved by the HCDA in 2009, which allows for up to 9.3 million square feet of mixed-use development and will include over 4,000 residences and over 1 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. For more information, visit www.wardvillage.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 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.

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.

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This is not intended to be an offer to sell in any jurisdiction where prohibited by law. Ward Village is a proposed master planned development in Honolulu, Hawaii that does not yet exist. Exclusive Project Broker Ward Village Properties, LLC. Copyright 2020. Equal Housing Opportunity. Exclusive Project Broker for Ke Kilohana - Locations LLC. Copyright 2020. Equal Housing Opportunity.

Notice to New York Residents - The developer of Ward Village and its principals are not incorporated in, located in, or resident in the state of New York. No offering is being made in or directed to any person or entity in the state of New York or to New York residents by or on behalf of the developer/offeror or anyone acting with the developer/offeror’s knowledge. No such offering, or purchase or sale of real estate by or to residents of the state of New York, shall take place until all registration and filing requirements under the Martin Act and the Attorney General’s regulations are complied with, a written exemption is obtained pursuant to an application is granted pursuant to and in accordance with Cooperative Policy Statements #1 or #7, or a “No-Action” request is granted.

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