Heath Melton out as Phoenix market president of Howard Hughes Holdings – Phoenix Business Journal – The Business Journals
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Heath Melton, who was named president of the Phoenix region for Howard Hughes Holdings Inc. (NYSE: HHH) in October 2021, is no longer in that role.
An automatic email reply on March 21 stated Melton is no longer with the Texas-based real estate development and management giant. It’s unclear why Melton is no longer with the firm, which has a market cap in excess of $3.5 billion.
Company officials declined comment, and Melton could not be reached for comment. Howard Hughes Holdings is based in The Woodlands, north of Houston.
When Howard Hughes paid $600 million in October 2021 for the 37,000-acre master-planned community in Buckeye previously called Douglas Ranch, Melton was tapped to develop what is the developer’s largest master-planned community to date. Now called Teravalis, the development 35 miles from downtown Phoenix on the west side of the White Mountains is slated to have 100,000 homes, 300,000 residents and 55 million square feet of commercial space. It is expected to open in 2025.
But Melton won’t be part of those development plans.
Melton recently sold a portion of his company shares, according to a March 15 filing with U.S. Securities and Exchange Commission. A Form 4 document shows he sold 1,926 shares of common stock priced at $72.95 per share, which totals $140,501.70. Howard Hughes’ stock closed at $71.01 on March 22.
Born and raised in Arizona, it’s unclear where Melton will go next.
A former 2nd Lieutenant in the U.S. Army, Melton spent the bulk of his real estate development career in Texas. As executive vice president of master-planned communities for Howard Hughes before taking his latest job in Arizona, Melton was responsible for residential planning at the company’s three master-planned communities in the Lone Star State.
Last fall, Howard Hughes received final plat approvals to begin moving forward on the first village within Teravalis, called Floreo. Buckeye City Council approval final plat requests for 1,097 single-family lots on about 330 acres, which make up the first phase of Floreo. The entire 3,029 acres of Floreo has certificates of assured water supply, but water rights for the remainder of Teravalis are still in dispute.
Scottsdale-based El Dorado Holdings Inc. and Phoenix-based JDM Partners LLC, which originally sold the former Douglas Ranch to Howard Hughes in October 2021, still maintain a combined 50% stake in Floreo.
“It’s an excellent project,” said Michael Ingram, founder of El Dorado Holdings, who declined to comment on Melton’s status. “It’s an excellent design with a lot of amenities, which I think is going to be something in excess of what we’ve seen in the West Valley for sure, maybe one of the top ever done in the state. It’s going to be a tremendous tribute to the real estate market once it’s completed. Howard Hughes is a tremendous company with a lot of capital behind them. They are well-managed.”
Growth Corridors – North Phoenix
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2024 Health Care Heroes presented by BlueCross BlueShield of Arizona
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© 2023 American City Business Journals. All rights reserved. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (updated January 24, 2023) and Privacy Policy (updated December 19, 2023). The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of American CityBusiness Journals.
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
Heath Melton, who was named president of the Phoenix region for Howard Hughes Holdings Inc. (NYSE: HHH) in October 2021, is no longer in that role.
An automatic email reply on March 21 stated Melton is no longer with the Texas-based real estate development and management giant. It’s unclear why Melton is no longer with the firm, which has a market cap in excess of $3.5 billion.
Company officials declined comment, and Melton could not be reached for comment. Howard Hughes Holdings is based in The Woodlands, north of Houston.
When Howard Hughes paid $600 million in October 2021 for the 37,000-acre master-planned community in Buckeye previously called Douglas Ranch, Melton was tapped to develop what is the developer’s largest master-planned community to date. Now called Teravalis, the development 35 miles from downtown Phoenix on the west side of the White Mountains is slated to have 100,000 homes, 300,000 residents and 55 million square feet of commercial space. It is expected to open in 2025.
But Melton won’t be part of those development plans.
Melton recently sold a portion of his company shares, according to a March 15 filing with U.S. Securities and Exchange Commission. A Form 4 document shows he sold 1,926 shares of common stock priced at $72.95 per share, which totals $140,501.70. Howard Hughes’ stock closed at $71.01 on March 22.
Born and raised in Arizona, it’s unclear where Melton will go next.
A former 2nd Lieutenant in the U.S. Army, Melton spent the bulk of his real estate development career in Texas. As executive vice president of master-planned communities for Howard Hughes before taking his latest job in Arizona, Melton was responsible for residential planning at the company’s three master-planned communities in the Lone Star State.
Last fall, Howard Hughes received final plat approvals to begin moving forward on the first village within Teravalis, called Floreo. Buckeye City Council approval final plat requests for 1,097 single-family lots on about 330 acres, which make up the first phase of Floreo. The entire 3,029 acres of Floreo has certificates of assured water supply, but water rights for the remainder of Teravalis are still in dispute.
Scottsdale-based El Dorado Holdings Inc. and Phoenix-based JDM Partners LLC, which originally sold the former Douglas Ranch to Howard Hughes in October 2021, still maintain a combined 50% stake in Floreo.
“It’s an excellent project,” said Michael Ingram, founder of El Dorado Holdings, who declined to comment on Melton’s status. “It’s an excellent design with a lot of amenities, which I think is going to be something in excess of what we’ve seen in the West Valley for sure, maybe one of the top ever done in the state. It’s going to be a tremendous tribute to the real estate market once it’s completed. Howard Hughes is a tremendous company with a lot of capital behind them. They are well-managed.”
Growth Corridors – North Phoenix
Join the Phoenix Business Journal for our second of four newsroom-driven economic development panel discussions focused on key areas of the Valley.
2024 Health Care Heroes presented by BlueCross BlueShield of Arizona
Do you know someone who is making a huge impact in Phoenix health care? We need your help in recognizing the dedication and achievements of our local health care community.
© 2023 American City Business Journals. All rights reserved. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (updated January 24, 2023) and Privacy Policy (updated December 19, 2023). The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of American CityBusiness Journals.
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
