Kevork S. Hovnanian was an Armenian-American businessman and philanthropist who founded Hovnanian Enterprises, Inc. in 1959. Born in Kirkuk, Iraq, in 1923, he immigrated to the United States with his family, bringing with him a rich heritage and a vision to build homes that would provide families with a sense of security and belonging. His journey from a refugee to a prominent figure in the American homebuilding industry is a testament to his resilience, ambition, and commitment to quality craftsmanship.
Early Life and Background
Kevork Hovnanian was born in 1923 in Kirkuk, Iraq, to Stepan K. Hovnanian, an Armenian refugee who had settled in Iraq. Stepan operated a construction business that held contracts with oil companies in the region. Growing up in this environment, Kevork was exposed to the construction industry from an early age, which sparked his interest in building and design.
In 1958, following the Iraqi Revolution that overthrew the monarchy, Kevork and his family fled Iraq and immigrated to the United States. Settling in New Jersey, he sought to establish a new life and career in the land of opportunity.
Founding Hovnanian Enterprises
In 1959, Kevork Hovnanian, along with his three brothers-Hirair, Jirair, and Vahak-founded Hovnanian Enterprises, Inc. in a trailer in Toms River, New Jersey. Each brother contributed $1,000, and they borrowed an additional $20,000 to start the company. Initially, the company focused on building affordable homes for young families, emphasizing quality construction at reasonable prices.
In 1964, Jirair Hovnanian left the company to establish his own construction business, J.S. Hovnanian & Sons, Inc. The remaining brothers continued to expand Hovnanian Enterprises, which was incorporated as K. Hovnanian Enterprises in 1967. The company quickly gained a reputation for delivering well-built homes, and by 1989, it had built and sold more than 30,000 homes and condos.
Expansion and Growth
Under Kevork’s leadership, Hovnanian Enterprises expanded its operations beyond New Jersey, establishing a presence in multiple states across the U.S. The company diversified its offerings to include luxury homes, mid-priced homes, and retirement communities. One of its notable ventures was the development of Four Seasons communities, catering to active adult homeowners.
In 1983, the company went public, marking a significant milestone in its growth. Over the years, Hovnanian Enterprises became one of the largest homebuilders in the United States, delivering over 336,000 homes by the time of Kevork’s passing in 2009.
Leadership Transition
In 1989, Kevork Hovnanian stepped down as president of Hovnanian Enterprises and was succeeded by his son, Ara K. Hovnanian. Kevork remained the CEO until his retirement in 1997, after which Ara assumed the role of CEO as well. Despite stepping down from day-to-day operations, Kevork continued to serve as the chairman of the company’s board of directors until his death in 2009.
Philanthropy and Legacy
Throughout his life, Kevork Hovnanian was deeply committed to philanthropy, particularly in supporting medical facilities and hospitals. His contributions included the establishment of the K. Hovnanian Pavilion at the Alton A. Hovnanian Emergency Care Center at Riverview Medical Center in Red Bank, New Jersey. Additionally, he donated $5 million to the Ocean Medical Center in New Jersey to fund an $82 million expansion project, enhancing the hospital’s emergency room facilities.
Kevork’s philanthropic efforts extended beyond the United States. He was a strong supporter of Armenia and the Armenian diaspora, contributing to various initiatives aimed at improving healthcare and education in the region.
Kevork S. Hovnanian’s journey from a refugee to a prominent homebuilder is a remarkable story of perseverance and vision. Through his leadership, Hovnanian Enterprises grew from a modest startup into one of the largest homebuilders in the United States. His commitment to quality, affordability, and philanthropy left an enduring legacy that continues to impact communities across the nation. Today, Hovnanian Enterprises, under the leadership of his son Ara, remains a testament to Kevork’s enduring influence in the homebuilding industry.