Howard Hughes Puts Monarch City Acreage On The Market
The site is one of several assets Howard Hughes Corp. decided to sell off as part of a massive corporate restructuring announced last year.
The restructuring centers around a $2B disposition strategy that aims to offload noncore assets under the Howard Hughes development umbrella.
The Houston-based developer selected JLL Capital Markets' Michael Swaldi and Jonathan Carrier to market 230 acres from the 261-acre proposed mixed-use development to potential buyers.
The selected buyer will receive 230 acres of contiguous land bordering U.S. 75 and State Highway 121 in Allen. The acreage in question is already zoned mixed-use with room for 10M SF of multifamily, office, retail and hospitality development.
The Monarch City site has another 31 acres, owned by Allen Economic Development Corp., available for ground-up development. Howard Hughes maintains an option on this land, the EDC said. The EDC is waiting to see what happens with Howard Hughes' land sale before moving forward on its own land.
Howard Hughes previously obtained all zoning approvals required for the site to transform it into a master-planned community. The plans accepted by the city in 2019 include provisions for 4,000 residential units with no maximum density requirements, JLL said.