Honolulu
Bank of Hawaii Waikiki Center Changes Owners
Shoei USA Inc. has acquired the Bank of Hawaii Waikiki Center from Honolulu-based Pacific Office Properties Trust Inc. and its Mainland partner. According to the Pacific Business News, NAI ChaneyBrooks represented the buyer in the transaction. Financial terms of the deal were not disclosed.
Located at 2155 Kalakaua Avenue near the Waikiki Beach Walk, this landmark nine-story property offers more than 150,000 square feet of office and retail space, along with 219 parking stalls. Its tenants include Bank of Hawaii, Starwood Hotels & Resorts, Aston Hotels, JTB Hawaii, 7-Eleven and the Teddy Bear World.
Last May, the building’s former owners put the property on the market for $38 million. Larry Taff, president and CEO of Pacific Office Properties, told the newspaper that the company’s partner, a group of Mainland investors, owned an 83 percent interest in the property.
Planned 459-Key Condo-Hotel in Waikiki Gains Preliminary Approval
The Honolulu City Council has approved a height variance for the proposed $275 million Ritz-Carlton condominium hotel project in Waikiki. According to KHON, the 350-foot tower planned for a vacant 1.4-acre parcel at the corner of Kuhio Avenue and Kalaimoku Street will exceed the site’s standard limit by 50 feet.
Pending final approval from the city’s Department of Planning and Permitting, the project is expected to break ground towards the end of this year. Upon completion in early 2016, the Ritz-Carlton Residences Waikiki Beach will be the area’s first new luxury condominium property since Trump International Hotel Waikiki Beach Walk opened in 2009.
Plans for the Future of Hawaii’s Pineapple Island Unveiled
Oracle Corp. CEO Larry Ellison is planning to revitalize Lanai’s hospitality industry by upgrading its existing properties and by adding a third luxury hotel. According to the Pacific Business News, the island’s billionaire owner also intends to expand the 1.5-megawatt La Ola solar farm, invest in desalination technology and improve transportation to and from Lanai.
Kurt Matsumoto, head of business operations at Lanai Resorts LLC, described the initiatives involving the future of Hawaii’s Pineapple Island at a recent community meeting.
Called “Lanai — Today and into the Future, A Vision for Creating a Sustainable Lanai”, the plan includes renovations for the Four Seasons Resorts and The Lodge at Koele and Manele Bay, as well as the development of a new resort destination on the eastern side of the island.
A&B Properties Acquires West Oahu Shopping Mall for $29.8M
A&B Properties Inc., the real estate subsidiary of Honolulu-based Alexander & Baldwin, has acquired the 170,275 square-foot Waianae Mall in Leeward Oahu from TNP Strategic Retail Trust Inc. The $29.8 million purchase price included the assumption of a $19.7 million mortgage, at a 5.4 percent interest rate. “The Waianae Mall acquisition redeploys proceeds realized from a July 2012 land sale, on a tax-advantaged basis, into a favorably priced, significantly higher income-generating commercial property on Oahu,” said Christopher J. Benjamin, A&B’s president & chief operating officer.
State Agency Green-Lights Student Housing for Aloha Tower
The Hawaii Pacific University (HPU) has gained approval from the Aloha Tower Development Corporation (ATDC) to repurpose the Aloha Tower Marketplace in downtown Honolulu into a 300-unit student dormitory and multi-use complex. According to the Pacific Business News, the $30 million project for the 160,000-square-foot, two-story waterfront marketplace would bring student housing on the upper floor, along with retail, dining and entertainment options on the first floor. “We’re delighted with the actions taken today by ATDC and excited about our ability to move forward with a project that we believe has tremendous implications for the university, for our downtown merchants and community and for all of Honolulu,” said HPU President Geoffrey Bannister on the occasion of the announcement.
Alexander & Baldwin Completes Construction of Hawaii’s Largest Solar Farm
Alexander & Baldwin, Inc. (A&B) and Kauai Island Utility Cooperative (KIUC) have recently announced the completion of Hawaii’s largest photovoltaic energy plant. The 6-megawatt solar farm is located on Kauai’s sunny south shore, on a 20-acre parcel of land owned by A&B nearby KIUC’s Port Allen Station power plant. Electricity from the facility began flowing on Dec. 7. Developed and operated by A&B’s subsidiary, McBryde Sugar Company, LLC, the project is expected to generate approximately 10,200 megawatt hours of electricity per year. KIUC and its members will be provided with renewable solar energy at a fixed rate for at least the next 20 years.
Forest City Hawaii to Develop 690 Pohukaina Mixed-Use Project in Honolulu
Forest City Hawaii has been selected by the Hawaii Community Development Authority (HCDA) to develop the $500 million “690 Pohukaina” mixed –use project in Honolulu’s Kakaako neighborhood.
According to the Pacific Business News, the developer has proposed the construction of 800 workforce rental housing units on the state owned parcel located at 690 Pohukaina Street. Pending further approvals, the public-private project could include Hawaii’s tallest building at 650 feet. Plans also call for a commercial and civic building, a parking structure, a business incubator and offices for the state’s library system and Friends of the Library. Continue reading →
State Agency Green-Lights $200M Condo Project in Downtown Honolulu
The Hawaii Community Development Authority has unanimously approved the construction of a $200 million condominium skyscraper on the site of the former Honolulu Advertiser building. The 46-story tower proposed at 801 South St. will be the first high-rise condo project in Kakaako in which all of its 635 units are designated “workforce housing.” Construction and sales are expected to begin by mid-2013. Upon completion in 2015, the project will offer a mix of studio, one- and two-bedroom units priced between $250,000 and $550,000. According to the Pacific Business News, Honolulu-based Downtown Capital L.L.C. will develop the all-affordable condo high-rise. The team working on the project also includes general contractor Hawaiian Dredging Construction Co., architect Kazu Yato AIA & Associates Inc. and the real estate brokerage firm Marcus & Associates Inc.
Waihonua at Kewalo High-Rise Receives Financing
Alexander & Baldwin has announced that a portion of the $206 million cost of the planned Waihonua condominium high-rise in Honolulu will be financed through a $120 million construction loan from First Hawaiian Bank, Wells Fargo Bank, Bank of Hawaii and Central Pacific Bank. Alexander & Baldwin’s subsidiary Waimanu Development L.L.C. is part of a consortium developing the high-rise under the name Kewalo Development L.L.C. and also including N1189 L.L.C., Armstrong Homes Ltd. and BSC Waihonua L.L.C., which is owned by BlackSand Capital Management, according to the Pacific Business News.
Sheraton Hotels & Resorts Completes $230M Renovation of Hawaiian Properties
Starwood Hotels & Resorts Worldwide Inc. has announced the completion of an approximately $230 million renovation of four of its Sheraton properties in Hawaii. The multi-year revitalization project included the $188 million renewal of the Sheraton Waikiki resort on Oahu. The 31-floor hotel features 1,636 renovated rooms, new landscaping and pools, redesigned convention facilities, as well as new restaurants and bars.
Sheraton Hotels & Resorts and the properties’ owners also invested $6.5 in the renovation of the 508-room Sheraton Maui Resort & Spa, $16 million in the improvement of the 394-room Sheraton Kauai Resort, and $20 million in the remodeling of the Sheraton Kona Resort & Spa at Keauhou Bay.