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File this under “assets people did not know $HHC had”.  Based on history, this is how this ought to go. $HHC will contribute land to this venture in exchange for a % of the profits. As the housing goes in, what will the area need? Retail, office and other commercial space. Being the owner of all the land $HHC will then enter into JV’s and again, take a % of the profits from the commercial activities. Again, using owned land to enter into partnerships that produce recurring revenues with very little risk and virtually no cash outlay. If they decide to put some cash into it, then it will only be because they wish to increase their % ownership of a project.

SALT LAKE CITY–(BUSINESS WIRE)–Sep. 4, 2014– The Howard Hughes Corporation (NYSE: HHC) announced today that Ivory Homes will be the master residential developer at Cottonwood, a 57-acre mixed-use redevelopment located only eight miles from downtown Salt Lake City. As the first pedestrian-friendly environment in the area, future Cottonwood residents will enjoy the ultimate in urban living given the dynamic shopping, dining, and entertainment options just steps away.

Cottonwood Redevelopment – Rendering of Birds Eye View (Photo: Business Wire)

“We are pleased to partner with Utah’s leading residential builder for the Cottonwood redevelopment,” said Grant Herlitz, President of The Howard Hughes Corporation. “These new residences will offer a wide range of options that appeal to those seeking a vibrant, urban community lifestyle that are in great demand but have not been seen previously in Holladay.”

As the master residential developer of the Cottonwood development,Ivory Homes will partner with its sister entity, ICO (Ivory Commercial and Multi-Family), that specializes in condominiums and multi-family to create a vibrant community consisting of over 600 residences ranging from single family homes to apartments and condominium residences.Ivory Homes and ICO have worked together to design a comprehensive residential plan that complements the commercial and retail portions of the Cottonwood master plan.

Future residents will enjoy an unmatched variety of options including for-rent and for-sale residences with exclusive amenities. The full range of residential offerings will include apartments, condominiums, townhomes and cottages as well as estate and luxury homes.

“We are excited to team up with the professionals at The Howard Hughes Corporation to bring this spectacular development to the Holladay area. With Holladaybeing home to the Ivory family for several decades, this flagship development provides an opportunity to further contribute to the quality and success of the community. It will bring many amenities to the area together with a variety of housing options. This is an incredible residential location that will generate lasting value,” said Clark Ivory, CEO Ivory Homes.

About Ivory Homes

Ivory Homes is Utah’s largest home builder and has been celebrated as Utah’s Number One Homebuilder for 26 consecutive years. Ivory Homes currently has 68 communities and over 40 model home locations. Ivory Homes offers a variety of floor plans and designs to fit lifestyle and personal needs including active adult communities, townhomes, condominiums and single family homes from affordable to luxury.