New condo at Nordstroms now in the hands of Howard Hughes

As General Growth nears its exit from bankruptcy, the plan has emerged to spin off some of the more riskier assets to its subsidiary Howard Hughes Corporation.  The exit plan calls for Ala Moana Center to remain in General Growths hands, but the rights to build a new condominium tower next to Nordstroms along with the 60 some acres encompassing the Ward Center in Kakaako will be given to Howard Hughes Corporation.

Howard Hughes Corporation has always had its focus on real estate development.  Under General Growth, progress on some of the projects was not put at a high priority.  It is understood that as Hughes Hughes Corporation once again stands along that its projects may proceed in a more timely fashion.

The projects that Howard Hughes Corporaation may also undertake is the 18 story luxury condominium tower that was planned next to the Koolani and across the street from the IBM building on the Ward Center site.  The rest of the initially planned development of Ward properties could bring as many as 4300 condominium units as well as retail and commercial space to Kakaako.

To learn more about new projects coming contact Malia Meenderman, R, our principal broker.