Thank you, Eric, and good morning to all from Phoenix. Before we begin, I'd like to welcome Joe Valane, our new General Counsel, for his first earnings call with Howard Hughes. Joe brings a wealth of legal expertise and experience overseeing large real estate platforms across many asset classes, and we're pleased to have him on our team.
On our call today, I'm going to begin with a recap of the first quarter and cover the segment highlights for our Master Planned Communities in Seaport. Dave Striph will cover the performance of our operating assets, followed by remarks from Jay Cross, who will provide updates on our strategic development projects. Finally, Carlos Olea will review our full year guidance and the balance sheet before we open up the lines to Q&A.
All right. Jumping into our results. The first quarter of 2024 continued our strong momentum experienced throughout 2023, setting the stage for what we expect to be another incredible year across each of our core businesses. In our MPCs, we saw increased underlying demand, including a double-digit acceleration of new home sales and elevated homebuilder interest for our land, which we expect will yield strong land sales in Nevada and Texas during the remainder of the year.
In Arizona, we achieved a major milestone with the closing of our first residential land sales in Floreo, paving the way for the start of our next great MPC, Teravalis. Our operating assets delivered $63 million of NOI, representing an impressive 7% year-over-year growth with solid improvement in office and multifamily. This result provides a strong foundation for the full year, which we expect will achieve a new all-time high for NOI in 2024.
In strategic developments, demand for our newest condominium project in Hawaii and Texas was extraordinary, with more than 250 residences presold in the quarter, which represent future revenue of nearly $560 million. We're still on track for a late 2024 delivery of Victoria Place, which we expect will generate approximately $700 million of revenue in the fourth quarter.
Looking at Ward Village overall, we've reached $6 billion in sales, including the community's 6 delivered towers that are 100% sold and those towers that are currently under construction or increased sales.
Looking into the results of our MPC segment, we delivered MPC EBT of $24 million in the first quarter, largely driven by the sale of 31 acres of residential land in Bridgeland and $13 million of builder price participation across our communities. As expected, we did not close on the sale of any residential land in Summerlin as all super pads are expected to close in the second and third quarters.
In the Woodlands Hills land sales were muted in the quarter as many lot deliveries were postponed as a result of municipal permitting issues. These delays have since been resolved, and we anticipate significant increases in residential land sales is MPC during the remainder of the year, most likely to levels outpacing 2023's results.
With land sales only occurring in Bridgeland and Woodland Hills, our average residential price per acre was $600,000. This reflected a year-over-year reduction, primarily due to 6 custom lot sales in the Woodlands and Summerlin during the prior year for $2.9 million per acre. Excluding these custom loss sales, our price per acre increased 15% year-over-year. As we've reiterated for years, land sales could be lumpy and should not be measured on a quarterly basis, the volatility can be driven by custom lot sales, commercial land sales, changes in inventory, all of which contributed to this quarter's year-over-year comparison. We have strong confidence in our current guidance and this quarter's results are not indicative of our expectations for the remainder of the year.
In Arizona, our Floreo joint venture closed on its first residential landfills, which totaled 52 acres and an impressive $758,000 per net acre. Much of this revenue was deferred as we will complete infrastructure and loss preparation later this year or early next year. We expect more lot closings to occur in the second and third quarters and hope to celebrate our grand opening next year.
Turning to new home sales, which we believe are a leading indicator of future land sales. We saw increased demand with a total of 654 homes sold across our MPCs, this represented the highest quarterly sales in 3 years, outpacing the first quarter of 2023 by 18% and the fourth quarter by 24%. Increases were utilized in each of our MPCs with people continuing to choose our highly amenitized communities, which offer exceptional quality of life, a variety of housing options in short commutes.
Looking forward, we anticipate strong demand for new home sales during the remainder of 2024. With mortgage rates now expected to remain at levels of around 7% for the foreseeable future and most homeowners benefiting from mortgage -- existing mortgages of 5% or less, we expect a continued significant lack of resale supply in the market. As a result, homebuyers will be driven into the new home construction market, where they often benefit from lucrative mortgage rate buydowns and other incentives from our homebuilder partners.
With elevated demand for new homes, as well as a significant undersupply of vacant developed lots, which remain well below equilibrium in the Las Vegas and Houston markets, we expect continued strong homebuilder demand for incremental acreage. This will ultimately drive what we expect will be a robust residential land sales in MPC EBT for the full year in 2024. Carlos will provide more details in a few minutes.
Turning to the Seaport. We're making considerable progress towards the successful spin-off of Seaport Entertainment, which will include all of the Seaport with the Las Vegas Aviators baseball team, the Las Vegas Ballpark, our 25% interest in Jean Georges restaurants and our 80% air rights over the Fashion Show Mall in Las Vegas. In January, Anton Nikodemus joined Howard Hughes as the CEO of Seaport Entertainment, and since that time, he has been actively running the business, building his management team in implementing operational improvements. We remain positive and confident about the opportunities that the spinoff will create in the years ahead both for Howard Hughes and Seaport Entertainment, and we look forward to sharing more with you soon.
Looking at the financials. Seaport operating results remained challenged, generating revenue of $11.5 million, which reflected a modest $395,000 year-over-year reduction. The decline was primarily associated with poor weather and lower foot traffic at our restaurants as well as a decrease in sponsorships. These reductions were partially offset by increased revenue from the Fulton Market Building, which has benefited from the commencement of the Alexander Wang lease and the opening of the Lawn Club late last year.
Net operating losses were $8.6 million in the quarter or a $3 million year-over-year reduction, primarily due to sales mix and increased costs associated with the standup of Seaport Entertaining. Including equity losses of $8.9 million primarily from the Tin Building, total Seaport NOI with a loss of $17.5 million in the quarter. Although these losses remain sizable, the Tin Building did see improved financial results, both sequentially and year-over-year. Significant changes in the operating platform, which have been implemented by Jean-Georges in consultation with Anton and his team are yielding positive results and contributing to enhanced efficiencies and reduce costs. With more changes to come, we expect further improvements going forward.
With that, I'll turn the call over to David Striph for a review of our operating assets.
