Howard Hughes Corp. puts its largest North Texas property up for sale - The Dallas Morning News

A major real estate developer that’s moving its headquarters from Dallas to Houston has hired real estate brokers to find a buyer for its largest property in North Texas.

Howard Hughes Corp. has hired commercial property firm JLL to sell its 230-acre Monarch City development on U.S. Highway 75 in Allen.

In October, Howard Hughes Corp. announced that it was moving its head offices from Dallas to its huge Woodlands development in Houston. The real estate investor also said it planned to sell $2 billion in properties as part of a restructuring that included new management.

The developer announced plans in 2018 for Monarch City, a more than $1 billion mixed-use development about 25 miles north of downtown Dallas.

The project was approved by the city to include 10 million square feet of office, residential, retail and hospitality construction. The property is also zoned for up to 4,000 apartments.

Howard Hughes Corp has owned the land for the development at the southwest corner of U.S. 75 and State Highway 121 since 2010. It’s one of the largest vacant tracts in Allen.

Allen officials said they were aware that the property was coming up for sale.

“It’s a good move,” said Dan Bowman, CEO of the Allen Economic Development Corp. “I think an investor/developer will jump on this as one of the best opportunities in the D-FW area.”

JLL’s Michael Swaldi and Jonathan Carrier are marketing the property to potential buyers with plans to sell the whole thing in one transaction.

“The Monarch City asset is an incredible parcel,” Swaldi said. “We believe the buyer profile with regards to geography is going to be broad.

“North Texas is so fortunate to have such high-quality capital and developers, and we know we will get strong attention from our local colleagues,” he said. “We will also cover the U.S., and JLL’s international capital markets footprint allows us to make sure the asset is being seen Europe, Asia and the Middle East.”

The Monarch City land in Allen is one of Howard Hughes Corp.’s largest property holdings in Texas. The developer also owns a key tract at the Circle T Ranch in Westlake near Charles Schwab’s new corporate campus.

Monarch City was planned as one of North Texas' biggest mixed-use project with offices, retail, hotel rooms and apartments at U.S. 74 and State Highway 121.(Howard Hughes Corp.)

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