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The Howard Hughes Corp. has sold nearly 90 percent of the 1,381 condominium units the developer is building at its Ward Village community in Honolulu and last month repaid a $195.3 million construction loan on the Waiea and Anaha towers there, the company said Monday in its third quarter earnings report.
The Howard Hughes Corp. (NYSE: HHC) reported third quarter net income of $10.5 million, or 24 cents per diluted share, compared to net income of $8 million, or 19 cents per diluted share for the same quarter last year.
CEO David Weinreb, who inked a new 10-year agreement with the Dallas-based company, noted that the Hawaii properties contributed to gains in the quarter.
“In our strategic developments segment, we had our strongest quarter of sales at Ward Village without the launch of a new building as our vision for the community increasingly becomes a reality,” Weinreb said in a statement. “We are now approximately 89 percent sold on our four buildings currently under construction.”
Of the total 1,381 units in Waiea, Anaha, Aeo and Ke Kilohana, 1,227, or 88.8 percent, were closed or under contract as of Sept. 30, the company said.
Howard Hughes is still selling units at Waiea, which cost $417.3 million and was completed in November 2016. The company said it had closed on 158 of the 174 units there as of last week.
The developer had closed on 207 of a total 317 units at Anaha, which cost $401.3 million and opened last month.
Two other buildings, the Whole Foods Market-anchored Aeo, which is expected to cost $428.5 million and will have 466 units, and Ke Kilohana, which is expected to cost $218.9 million and will have 424 units, are under construction and are expected to be completed in the fourth quarter of 2018 and in 2019, respectively.
The company noted that it has started sales for the first tower of the Gateway Towers project but offered no other details.
Howard Hughes also noted that it began demolition of the Ward Warehouse shopping center during the quarter, which removed 115,191 square feet of “old retail space” from Ward Village, the company said.