This case study was published in the 2023 REIT Industry ESG Report, which details the REIT and publicly traded real estate industry's environmental, social, and governance (ESG) performance and features 20 case studies showcasing REIT leadership and ESG innovation from a variety of sectors. The report serves as a practical tool for shareholders and stakeholders to assess the scale and impact of the REIT industry's ESG commitments and initiatives. Applicable footnotes and/or citations for this case study are available in the full report.
Howard Hughes Holdings Inc. (HHH) prioritizes the designation of open green spaces, which account for more than 20% of the area in its developed portfolio of large-scale, mixed-use master planned communities. Howard Hughes’ goals of conserving natural capital, protecting biodiversity, addressing climate action, and promoting social cohesion exemplify its approach to master planning.
Howard Hughes’ industry-leading commitment to long-term, sustainable community building and engagement and prioritizing social cohesion and access to nature has led to the creation of communities where people and businesses are choosing to live. The Woodlands—Howard Hughes’ community near Houston, a region that is continually recognized by publications like Niche.com as one of the best places to live in the country—was recognized this past year as the world’s largest master planned community to achieve LEED precertification. This community stands out for dedicating an unprecedented 28% of its community to green space, including forest preserves, 220 miles of hike-and-bike trails, and 151 parks, which allow every resident to live within half of a mile of a local park.
Teravalis, Howard Hughes’ new 37,000-acre mixed use master planned community in Phoenix’s West Valley—set to be the largest master planned community in the state, is currently being developed and follows the company’s established best practices for sustainability and conservation, emphasizing open public space and enhancing its natural environment. Howard Hughes remains committed to leading and innovating to elevate the quality of life for all residents and tenants in its master planned communities across six states.
Across the 14,000 acres of open, designed and protected green spaces in its portfolio, Howard Hughes hosts more than 700 events annually, at which it has raised millions for local charities and support local businesses. Events include abundant opportunities for residents to enjoy active, outdoor activities like yoga in the park, art and literature festivals, and parades while engaging with each other and connecting as a community. Research has shown these activities are known to have a positive impact on the health of residents. Howard Hughes also emphasizes the celebration of diversity across its communities, observing Black History Month, American Pacific Heritage month and hosting Lei Day parades and Pride parades, among other community events. Howard Hughes’ community design and planning positively impacts climate resilience and the local economy. Native vegetation and thoughtful design mitigate urban heat island effects and improve water management.
Howard Hughes Holdings Inc. 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 City; Downtown Columbia® in Maryland; The Woodlands,® Bridgeland® and The Woodlands Hills® in the Greater Houston, Texas area; Summerlin® in Las Vegas; Ward Village® in Honolulu, Hawai‘i; ‘and Teravalis™ in the Greater Phoenix, Arizona area. The Howard Hughes 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. Howard Hughes Holdings Inc. is traded on the New York Stock Exchange as HHH.