POTOMAC, Md., Nov. 23, 2021 /PRNewswire/
-- Landmark Land Holdings, LLC—a joint venture that
includes Foulger-Pratt, The Howard Hughes Corporation®
(NYSE: HHC) and Seritage Growth Properties (NYSE: SRG)—today
announced the successful sale of an 11-acre parcel of land at
the site of the former Landmark Mall to the City of Alexandria's Industrial Development
Agency ("IDA") for $54 million.
Concurrently, the IDA entered into a 99-year ground lease with
Inova Health System for the land, which will be the location of
their new Alexandria hospital.
This announcement marks a significant milestone in the
transformation of the underutilized Landmark Mall site into a
mixed-use, walkable urban neighborhood which will anchor the
revitalization of the West End of
Alexandria.
The three joint-venture partners first announced their vision
for the revitalization of the former Landmark Mall in December 2020, including plans for Inova's
new hospital campus to serve as a catalyst for the
much-anticipated development of the entire West End of Alexandria. Inova Health System, the leading
nonprofit health care provider in Northern Virginia, will invest $1 billion to create a new medical campus,
anchored by the relocation and expansion of its Alexandria hospital. Inova expects its new
campus to employee more than 2,000 health care workers.
"Last week's acquisition marks yet another momentous step
towards the transformation of Landmark Mall into a vibrant piece of
the West End," says Alexandria Mayor Justin Wilson. "The City's investment will bring
jobs, better healthcare, more housing, and ultimately economic
growth to our community."
"This is a monumental first step in the realization of our
vision and the transformation that is to come here in Alexandria," remarked Cameron Pratt, Managing Partner & Chief
Executive Officer of Foulger-Pratt. "Not only is IDA investing back
into its community, but it has also secured the longest possible
lease term with Inova. We are just getting started and have many
more stages to this exciting process. Working alongside Inova, the
City of Alexandria, The Howard
Hughes Corporation and Seritage Growth Properties, we are confident
this project will have a lasting impact on the entire area for
generations to come."
Development plans for the remaining portions of the Landmark
Mall site include a mix of residential, retail, commercial,
and entertainment offerings integrated into a cohesive neighborhood
with a central plaza, a network of parks and public spaces, and a
transit hub serving bus rapid transit (BRT), DASH, and Metrobus.
Affordable and workforce housing will be enhanced through developer
contributions and co-location with community facilities such as a
new Alexandria Fire-EMS station.
Demolition at Landmark is set to begin in Spring 2022, with the
first buildings slated to deliver in 2025.
"Today marks a new chapter for the Alexandria community and the entire region
with a big step forward in the revitalization of the former
Landmark Mall site," said David
O'Reilly, Chief Executive Officer of The Howard Hughes
Corporation. "The new Inova hospital will serve as an important
anchor for the community and for this dynamic, walkable village in
the West End of Alexandria."
"The sale of the 11-acre parcel to IDA represents an exciting
first step in the larger reimagination of the former Landmark Mall
site. We are so pleased to be part of a plan to realize the great
potential of this location for the benefit of the entire
Alexandria community for years to
come," said Andrea Olshan, President
and Chief Executive Officer of Seritage Growth Properties. "This
transformational project is emblematic of the strategy of our joint
venture to help this site come to life again as a center for
Alexandrians to work, shop, dine and call home."
For additional information on the future Landmark redevelopment,
visit https://www.foulgerpratt.com/.
About Foulger-Pratt
Established in 1963, Foulger-Pratt
is a real estate investment and development firm distinguished by
its long-term focus and extensive experience executing successful
mixed-use, transit-oriented projects. The firm's disciplined
culture and vertically integrated platform have enabled it to
develop more than 15 million square feet of commercial office,
multi-family residential and retail projects. by its long-term
focus and extensive experience executing successful mixed-use,
transit-oriented projects.
Foulger-Pratt is privately owned, led, and staffed by many of
the industry's most talented professionals. The firm's culture has
been carefully cultivated for the last half-century through
deliberate effort to operate consistently in accordance with
specific core values. The result is a reputation of unmatched
integrity, accountability and vision. For more information, visit
www.foulgerpratt.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; 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.
About Seritage Growth Properties
Seritage is
principally engaged in the ownership, development, redevelopment,
management and leasing of diversified and mixed-use properties
throughout the United States. As
of September 30, 2021, the Company's
portfolio consisted of interests in 170 properties comprised of
approximately 10.0 million square feet of GLA or build-to-suit
leased area (approximately 8.0 million at share), approximately 4.0
million of which is held by unconsolidated entities (approximately
2.0 million at share), approximately 600 acres held for or under
development and approximately 10.0 million square feet of GLA or
approximately 850 acres to be disposed of.
About the City of
Alexandria
Founded in 1749, the City of Alexandria is full-service,
independent city in Virginia, with
a AAA/aaa credit rating and a national reputation for progressive
and responsible government. With a fast-paced business environment,
walkable neighborhoods and lifestyle amenities, Alexandria is a world-class destination where
businesses and nonprofits choose to be. Alexandria's ample office space and urban
amenities offer room to grow – and value that is unmatched anywhere
in the region. Located minutes from the nation's capital,
Alexandria's old-world charm and
cutting-edge innovation are the perfect mix for attracting a
diverse community, talented workforce and enthusiastic
visitors.
Media Contacts
Collins & Co.
Hope
Wheeler
202-302-2906
hope@collins-company.com
The Howard Hughes Corporation
Cristina Carlson, 646-822-6910
Senior Vice President, Head of Corporate Communications
cristina.carlson@howardhughes.com
Seritage Growth Properties
Stephanie Fukui, 646-537-9068
Investor Relations
sfukui@seritage.com
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SOURCE The Howard Hughes Corporation