Columbia’s Billion-Dollar Boost: What’s Next for Downtown?

We called it a few weeks ago, and now it’s official: Downtown Columbia’s big-time glow-up just got a $900 million boost. Billionaire investor Bill Ackman’s deal with Howard Hughes Holdings closed on May 5, and Columbia’s massive $5 billion, 30-year redevelopment is about to hit the gas.

Howard Hughes Holdings CEO David O’Reilly says the cash infusion lowers their cost of capital — translation: they can greenlight more projects faster. “The lower your cost of capital, the more opportunities you have,” O’Reilly told reporters.

So what’s coming next? O’Reilly wouldn’t spill the beans. “We’re working on so many things. But I can’t tell you... we’d both go to jail,” he joked.

What we do know is that Howard Hughes’ Columbia team, led by Maryland Region President Kristi Smith, remains laser-focused on leasing office space in the Merriweather District and kicking off the $325 million Lakefront District overhaul. That includes 675 new residential units and new retail near Lake Kittamaqundi.

The bottom line? Columbia’s still the centerpiece of this high-stakes, high-reward plan. As O’Reilly said: “When there’s demand, we build to meet it.”

Grab your popcorn, Columbia — this story’s just getting started.