The Howard Hughes Corporation, Kettler and Orchard Development Corporation Break Ground on the Metropolitan Downtown Columbia
New Multi-Family Development in Downtown Columbia Officially Under Way
DALLAS--(BUSINESS WIRE)-- The Howard Hughes Corporation (NYS: HHC) , Kettler and the Orchard Development Corporation announced the groundbreaking for The Metropolitan Downtown Columbia, the first development to proceed under the 2010 Downtown Columbia Plan. The Metropolitan will feature 380 luxury apartments, access-controlled garage parking and nearly 14,000 square feet of ground floor retail.
Project amenities include the largest resident clubhouse in Columbia; a fitness center with studio; media and game rooms; a catering kitchen with a dining area flowing out to an active courtyard featuring an outdoor screening room; an all-season kitchen with built-in grills and bar; and a pool with submerged seating and cabanas. The project also includes the development of a 28,500-square-foot public promenade with a 6,000-square-foot children's play area, creating a local gathering place.
"It is exciting to celebrate this pivotal first step in the revitalization of downtown Columbia," said John E. DeWolf, Senior Vice President of Development for The Howard Hughes Corporation. "This milestone has been highly anticipated by everyone in the community, especially those who have invested significant time and effort in the planning process."
The 2010 Downtown Columbia Plan allows for up to 13 million square feet of new density comprised of 5,500 residential units, 4.3 million square feet of office, 1.25 million square feet of retail and up to 640 hotel rooms. The plan also includes a new multi-model transportation system and the redevelopment of Merriweather Post Pavilion concert venue.
The Howard Hughes Corporation is partnering with Kettler, of McLean, VA, and Orchard Development Corporation of Ellicott City, MD. Kettler is ranked among the top multifamily developers in the nation and is one of the largest private companies in the Washington Metro Area. Kettler's multi-family development experience includes The Millennium at Metropolitan Park, The Gramercy at Metropolitan Park in Pentagon City, The Metropolitan at Reston Town Center and The Metropolitan at Village at Leesburg. The firm has developed or acquired/renovated more than 21,000 multifamily units in 85 projects throughout the Washington Metro area.
"Our partnership with The Howard Hughes Corporation is a significant opportunity for us," said Chairman Robert C. Kettler. "The project in downtown Columbia allows us to parlay our extensive multifamily experience into this important and high quality addition to Columbia."
Orchard Development is a multifamily developer, owner, and manager, and has developed land for more than 6,500 residential units in four states and Washington, DC.
About The Howard Hughes Corporation
The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the country. The company's properties include master planned communities, operating properties, development opportunities and other unique assets spanning 18 states from New York to Hawaii. For more information on the company, visit www.howardhughes.com.
Founded in 1977, Kettler develops planned communities, apartments, condominiums, and mixed-use projects. Headquartered in McLean, Va., Kettler is also among the top multifamily housing developers in the nation. The company has developed or acquired/renovated more than 21,000 multifamily units and their history as the leading planned community developer in the Mid-Atlantic includes the planning, zoning, design and/or development of nearly 46,000 lots in 25 planned communities. Kettler has six multifamily projects in various stages of development, which consist of nearly 1,700 apartments throughout Washington, DC, Maryland and Virginia. Kettler Management manages more than 18,000 apartments in 85 communities from New Jersey to North Carolina for Kettler and 3rd party clients. The company will add over 6,000 apartment units to its portfolio by 2014. For more information, visit www.kettler.com.
About Orchard Development Corporation
Founded in 1979 by local developer Earl Armiger, Orchard Development Corporation has developed land for more than 6,500 residential units in four states and Washington, D.C., initially specializing in planned communities and garden apartments. In recent years, the company has concentrated on adaptive re-use, infill and revitalization development. The breadth of Orchard Development's work extends from student housing to senior communities, from luxury to affordable rental apartments, and mixed-income communities to community revitalization. Additionally, with sister company, Armiger Management, Orchard Development provides management services to each of their properties. For more information, visit www.orcharddevelopment.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," "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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