Honolulu
Nordic PCL to Build $500M M-U Project in Downtown Honolulu
Nordic PCL Construction Inc. has been appointed general contractor for the $500 million 690 Pohukaina mixed-use project in Honolulu, the Pacific Business News reports. Forest City Hawaii has also selected Benjamin Woo Architects LLC as part of the development team.
Blackstone to Acquire Hyatt Regency Waikiki
The Blackstone Group has agreed to purchase the leasehold interest in the 1,230-room Hyatt Regency Waikiki Beach Resort and Spa in Honolulu.
According to the Real Estate Alert, the property’s current owner – a joint venture comprised of Goldman Sachs’ Whitehall Street Real Estate Fund and the Hyatt Hotels Corporation – is selling the hotel for approximately $450 million, or $366,000/room. Eastdil Secured is brokering the transaction on behalf of the seller.
ONE Ala Moana Luxury Condominium High-Rise Breaks Ground
Construction has begun on the “ONE Ala Moana” luxury condominium tower in downtown Honolulu. According to the Pacific Business News, Albert C. Kobayashi Inc. has been appointed general contractor for the 23-story, 206-unit residential high-rise. The project’s developer, HHMK Development, made the announcement on April 5th during a traditional Hawaiian pre-construction blessing ceremony held at the site of the new development. Construction is expected to be complete by the end of 2014.
A&B Properties Launches New Residential Community in Kakaako
A&B Properties and landowner Kamehameha Schools have announced plans to develop a $200 million mixed-use residential community at 600 Ala Moana Boulevard on the site of the former CompUSA in downtown Honolulu.
Called The Collection, the project will feature a high-rise condominium tower, a mid-rise building and town homes, as well as retail shops and restaurants. Prices for the residences will be around $300,000s for one-bedroom units, mid $500,000s for two-bedroom units, and mid $700,000s for three-bedroom units.
Hawaii Pacific University Takes Full Ownership of Aloha Tower Marketplace
Hawaii Pacific University (HPU) and its development partner Ed Bushor have resolved a dispute regarding the ownership of the Aloha Tower Marketplace in downtown Honolulu. According to the Pacific Business News, the university, along with its affiliate Hawaii Downtown Holdings LLC and Lifestyle Retail Properties LLC led by the California-based developer have agreed to proceed with a buyout agreement. Financial terms were not disclosed.
The resolution allows HPU to move forward with an approximately $30 million plan to redevelop the two-story waterfront property into a 300-unit student dormitory and multi-use complex. Plans call for housing on the upper floor and retail, dining and entertainment space on the first floor.
Pacrep to Revise Design for Ritz-Carlton Hotel Condo in Waikiki
The Honolulu Department of Planning and Permitting has granted conditional approval to the proposed $275 million Ritz-Carlton condominium hotel project in Waikiki. The Pacific Business News reports that California developer Pacrep LLC will need to revise the design of the 37-story tower known as 2121 Kuhio, in order to reduce its apparent mass. The company has also been asked to consider an expansion of the commercial space planned for the tower’s ground floor.
Plans Move Forward for $72M Mixed-Use Project on Maui
The Maui Planning Commission has recently approved the final environmental assessment for a $72 million mixed-use development in Kihei, one of the island’s most populated communities.
According to the Maui News, Krausz Companies Inc. will not need to conduct an environmental impact statement for the 250,000 square-foot Downtown Kihei project.
Howard Hughes Expects $66M Profit from ONE Ala Moana Condominium
In a letter to shareholders, Howard Hughes Corp. CEO David Weinreb has announced that the ONE Ala Moana ultra-luxury condominium tower in downtown Honolulu is expected to generate a total profit of $66 million. The Dallas-based company is building the new high-rise in partnership with local developers Kobayashi Group and The MacNaughton Group, the Pacific Business News reports. The three entities have formed HHMK Development LLC for the construction of ONE Ala Moana.
Expected to break ground this summer, the 206-unit tower has sold out in just two days during the month of December. The cost of the project amounts to approximately $900 per square foot, while the condominiums sold for an average price of $1.6 million, or approximately $1,170 per square foot.
Robertson Properties Group’s Mixed-Use Development Under Review
The Honolulu Department of Planning and Permitting is currently reviewing Robertson Properties Group’s plans for a $767 million, 1,500-home mixed-use project in Aiea.
Called “Live, Work, Play Aiea,” the project will be developed on the site of the former Kamehameha Drive-in property across from Pearlridge Center. It will also include about 143,000 square feet of retail and restaurant space, and as much as 80,000 square feet of office space.
Central Y Property Redevelopment Brings Condominiums, Smaller Facility
San Francisco-based MB Property Acquisitions LLC is planning a new 150-unit condominium high-rise at the site of the current YMCA of Honolulu facilities, as well as a smaller adjacent building that would better suit the needs of the nonprofit organization.
According to the Pacific Business News, the developer has asked the Department of Planning and Permitting to approve a zoning change that would allow for the development of a high-density apartment mixed-use tower with a height limit of 350 feet. The area’s current limit is only 150 feet.