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Howard Hughes Corp. Extends JDM’s Option Period for Douglas Ranch Stake
The Howard Hughes Corporation has extended JDM Partners’ option period to reacquire a stake in Douglas Ranch—HHC’s recently launched large-scale master planned community in Phoenix’s West Valley, which was acquired from JDM and El Dorado Holdings last October for $600 million. The original option expired April 16.
This option period, now extended until June 17, allows JDM Partners to reacquire up to 50% of Douglas Ranch, excluding Trillium—the project’s first 3,000-acre village—where JDM and El Dorado are already 50/50 joint-venture partners with HHC.
“We are developing Douglas Ranch to be a market-leading community that will help meet the tremendous need for housing in one of America’s fastest growing regions,” said HHC CEO David O’Reilly. “With Jerry Colangelo and his team at JDM, we are taking a long-term view of sustainable development that integrates innovative technology as we thoughtfully master plan this new community in Phoenix’s West Valley.”
- ◦Sale/Acquisition
- ◦Development
