Spectacular views of the High Sonoran Desert and nearby mountain ranges. A sustainable master planned community with unparalleled amenities. Convenient access to major metropolitan cities. Economic opportunity and innovation.

These are just some of the attractive features of Teravalis™, the newest and most notable master planned community to break ground in Buckeye, Arizona, in the metro Phoenix West Valley.

Translating to “land of the valley,” the name Teravalis captures the property’s beautiful desert landscape that lies between the White Tank and Belmont Mountain ranges. Teravalis, Arizona’s largest master planned community, is being developed by Howard Hughes Holding® (NYSE: HHH).

The 37,000-acre community is projected to be developed over the next 50 years and anticipates 100,000 homes, 300,000 residents and 55 million square feet of commercial real estate.

Teravalis joins our portfolio of award-winning communities where we continue to carry on the amazing work of the visionary place makers who founded our communities in Texas, Nevada, Maryland, and Hawaii—innovators upon whose collective legacy our portfolio has been built—until now. What’s unique about Teravalis is that it is the first community within our portfolio to be developed from scratch by Howard Hughes.

“How you live matters,” said Heath Melton, President of the Phoenix Region for Howard Hughes. “Our mission is to curate vibrant communities that elevate the everyday, creating meaningful moments in great places where people can live their best lives – and thrive for generations to come.”

Melton was one of several speakers at the community’s groundbreaking ceremony on Friday, Oct. 28, 2022.

He was joined by Jay Cross, President of Howard Hughes, Jerry Colangelo, Partner of JDM Partners, Sandra Watson, President and Chief Executive Officer of Arizona Commerce Authority, and Buckeye Mayor Eric Orsborn.

Close to 200 guests attending the ceremony learned how innovative technology and sustainable planning will be utilized to integrate wide open spaces into the connected Teravalis community, which is set to grand open in late 2024.

Guests also learned that the rural area they were sitting in would soon be a booming community with convenient access to other cities. With easy access to metro Phoenix via I-10 and proximity to the future I-11, Teravalis offers tremendous growth potential for residents and business alike. Once complete, I-11 will connect Phoenix, Las Vegas and Southern California.

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About Teravalis™

Encompassing nearly 37,000 acres in the Phoenix West Valley, one of the nation’s fastest-growing metro regions, Teravalis is anticipated to become one of the leading master planned communities in the country, with 100,000 homes, 300,000 residents and 55 million square feet of commercial development. Translating to “land of the valley,” Teravalis is situated between the White Tank and Belmont Mountain ranges and is committed to preserving the natural beauty of the High Sonoran Desert. Utilizing innovative technology and sustainable planning, Teravalis is designed to meet the ongoing demand for quality housing and commercial real estate in support of Arizona’s booming economic growth, featuring unparalleled amenities and wide-open spaces. Teravalis is a community of Howard Hughes®, whose national portfolio of award-winning communities are known for providing an exceptional quality of life and opportunities for long-term, sustainable growth.

About Howard Hughes Holdings®

Howard Hughes 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®, Maryland; The Woodlands®, The Woodlands Hills®, and Bridgeland® in the Greater Houston, Texas area; Summerlin®, 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 the cultural life of its communities. Howard Hughes Holdings is traded on the New York Stock Exchange as HHH. For additional information visit howardhughes.com.

Safe Harbor Statement

Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize,” “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in the Howard Hughes filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. Howard Hughes cautions you not to place undue reliance on the forward-looking statements contained in this release. Howard Hughes does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.