Ward Village is a key part of the “value creation potential” for Howard Hughes Corp., which owns, manages and develops commercial, residential, and mixed-use real estate properties around the U.S.

In a letter to shareholders, David Weinreb, CEO, described Ward Village as an urban, master-planned community in Honolulu, which already is the site of construction on a 57,000 square-foot retail project.

Weinreb also noted the construction that will begin this summer on the ONE Ala Moana condominium tower, a 206-unit luxury condo tower being developed with the Kobayashi Group and The MacNaughton Group. The project sold out in two days in December at an average price of $1.6 million per unit, or $1,170 per square foot.

Ward Village, currently called Ward Centers, has development rights for 22 high-rise towers, the construction of which will add 500 market-rate condo units and a minimum of 125 workforce units, Weinreb said.

His letter also detailed other development plans on the mainland.

For 2012, company revenues totaled $377 million, operating income and income from non-consolidated affiliates totaled $76 million compared to $36 million in 2011.