Posted at 3:16 p.m., Wednesday, November 1, 2006
News release: Hunt Development Group formed
News ReleaseP R E S S R E L E A S E
FOR IMMEDIATE RELEASE
808 531-6087 ext. 2
HUNT ANNOUNCES LAUNCH OF NEW DEVELOPMENT GROUP
New Development Division Includes Hawaii Office
HONOLULU– (November 1, 2006) – Hunt Building Corporation recently announced the formation of Hunt Development Group, a new company within the El Paso-based Hunt group of companies. The new company will handle all of Hunt's development activities, focusing on public-private ventures and private real estate acquisition and development.
"We believe this new company provides us greater flexibility and strength in the Hawaii market, and enables us to identify and pursue new development opportunities in the islands," said Steve Colon, who was named President of the new Hawaii division of the Hunt Development Group.
The new company combines three current Hunt Building activities into a single limited partnership. Those activities are Public- Private Ventures (PPV), and private real estate development in the Southwest and in Hawaii. Hunt's PPV activities focus primarily on the acquisition, development, and construction of privatized military family housing. The private real estate development activities include identifying land investment and development opportunities in the Southwest and Hawaii markets. To date, the Hunt affiliates that now makeup Hunt Development Group have accounted for approximately $3.5 billion in completed or in-progress projects. Hunt Development Group will have offices in El Paso, Texas; Irvine, Calif.; and Honolulu, Hawaii.
Hunt Building Corporation Chairman Woody Hunt said the formation of the new group is a response to what is emerging in the marketplace. "Privatization opportunities are becoming more frequent and larger each year, as various governmental entities see that these projects can be successful. We feel that our company can do a better job competing in this market, as well as more effectively pursuing our private real estate objectives, through a single, well-defined company."
The new group's Hawaii Division operates multi-family housing rental property, industrial space, and develops master planned communities and condominiums. The public-private venture arm of Hunt Development Group will continue to focus on military housing and other public-private venture opportunities.
Colon said both the private real estate and privatization interests remain core competencies of the Hunt operations. "For almost sixty years, our company has successfully evolved to better meet the challenges and demands of the industries in which we compete. This is just one step in that ongoing process," said Colon. "We anticipate continued growth as a leader in the military-housing privatization area and continued success in our private sector ventures."
Hunt Building Corporation., a privately owned, full-service development, construction, and property management company based in El Paso, Texas, has operated in Hawaii since 1992. The company has completed projects in 38 states, and has built approximately 63,000 residential housing units in projects totaling more than $4.2 billion.
In Hawaii, Hunt has built over 2,700 homes on Oahu for the military. In 2002, Hunt was selected by the Navy as the Master Developer for Ford Island, including development of $84 million of infrastructure, as well as the renovation of over 2,000 homes at the former Iroquois Point and Barbers Point Navy housing areas. Additionally, Hunt was selected to develop former Navy properties at Waikele and Halawa Landing. Hunt was also awarded the contract by Forest City to build more than 740 homes under the Navy's privatized housing initiative. For more information, visit the company's web site at www.huntcompanies.com
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