Developer Howard Hughes Holdings has appointed an Arizona real estate executive as president of its Phoenix region.
In the role, Charley Freericks will lead residential and commercial development, leasing and operations for Teravalis, the company's new 37,000-acre development in Phoenix's West Valley.
Freericks has more than 40 years of experience in development throughout Arizona. He most recently served as senior vice president at Catellus Development Corp., the master developer of the Novus Innovation Corridor, a 355-acre redevelopment of Arizona State University’s Athletic Facilities District.
“Charley’s decades of leadership and deep commitment to Arizona will be a tremendous asset to our company as he oversees the development of Teravalis," Howard Hughes CEO David O’Reilly said in a statement.
The executive replaces Heath Melton, who left the company
The first residential village of 5,000 homes in Teravalis is due to open next year, according to Howard Hughes. At full build-out, the development is expected to provide 100,000 homes for 300,000 residents and 55 million square feet of commercial space.
“Teravalis will be Arizona’s next great community at the forefront of innovation and sustainability,” Freericks said in a statement.
Howard Hughes is a master planner, developer and property owner in Texas, Nevada, Arizona, New York, Arizona, Hawaii and Maryland. Its other mixed-use projects include Summerlin near Las Vegas, Downtown Columbia in Columbia, Maryland, and The Woodlands, in Texas.
In recent weeks, the company increased its annual condominium sales expectations on the strength of residential land and condo demand. It also announced it has formed a committee to review a potential proposal from its largest shareholder to take the company private.
Freericks, who has a bachelor’s degree in general business and a master's in business administration from Arizona State University, has been a member of the Urban Land Institute since 1985. He also has extensive experience working with nonprofit organizations across the state, including the Arizona Community Foundation.
