Of course, the Howard Hughes Corp. also is the master developer of 391 acres within Downtown Columbia, which would account for its enthusiasm. The Downtown Columbia Plan, at full build-out, will have 4.3 million square feet of commercial office space, 1.25 million square feet of street retail, 6,250 residential units and 640 hotel rooms. To date, 10% of the plan is under construction or complete.

The Merriweather District — a five million square foot mixed-use development within the larger Downtown Columbia redevelopment — is one of the demand drivers with up to 14 million square feet of vertical entitlements. In particular, the expansion of the Merriweather Post Pavilion is expected to lead to the creation of an arts and culture hub. A performing arts center and artist studios, library and other cultural institutions are planned.

Last November, Howard County approved $90 million in tax increment financing to fund critical public infrastructure improvements in the Merriweather District, including roadwork and a 2,500-space parking structure.

Separately, earlier this week Howard Hughes announced it acquired the 11.4-acre Macy's store and parking lot at Landmark Mall in Alexandria, Va. It said it would move forward with plans to redevelop the mall into an open-air, mixed-use complex with retail, residential and entertainment uses.

COLUMBIA, MD–The Howard Hughes Corp. has acquired two office buildings in Downtown Columbia with an eye to future development. They are the American City Building next to Whole Foods Market on Little Patuxent Parkway for $16.5 million and One Mall North, on the outside of the ring road surrounding The Mall in Columbia, for $22 million.

The American City Building could lead to some 1.5-million square feet of development along the Lakefront District in Downtown Columbia as the acquisition will terminate the restrictive covenants on neighboring parcels that Howard Hughes Corp. also owns. The REIT plans to demolish the existing building, which is mostly vacant, and develop a new mixed-use project with multifamily, retail and restaurant space.

One Mall North, which is 100% leased, is a 97,500 square foot, four-story office building with an in-place net operating income of approximately $1.6 million. This is a longer-term project for the REIT as the site's underlying zoning potential allows for a variety of uses, including retail, office and multifamily with new construction of up to nine stories.

Clearly in both word and deed the company is bullish about Downtown Columbia. “As I noted in my most recent shareholder letter, we have high expectations for the continued growth of Downtown Columbia, and to date, several vibrant companies have chosen to relocate to our community,” CEO David R. Weinreb said in a prepared statement.

Of course, the Howard Hughes Corp. also is the master developer of 391 acres within Downtown Columbia, which would account for its enthusiasm. The Downtown Columbia Plan, at full build-out, will have 4.3 million square feet of commercial office space, 1.25 million square feet of street retail, 6,250 residential units and 640 hotel rooms. To date, 10% of the plan is under construction or complete.

The Merriweather District — a five million square foot mixed-use development within the larger Downtown Columbia redevelopment — is one of the demand drivers with up to 14 million square feet of vertical entitlements. In particular, the expansion of the Merriweather Post Pavilion is expected to lead to the creation of an arts and culture hub. A performing arts center and artist studios, library and other cultural institutions are planned.

Last November, Howard County approved $90 million in tax increment financing to fund critical public infrastructure improvements in the Merriweather District, including roadwork and a 2,500-space parking structure.

Separately, earlier this week Howard Hughes announced it acquired the 11.4-acre Macy's store and parking lot at Landmark Mall in Alexandria, Va. It said it would move forward with plans to redevelop the mall into an open-air, mixed-use complex with retail, residential and entertainment uses.