Honolulu
First Residents Moving into Kamehameha Schools’ Kakaako Development
Kamehameha Schools’ Six Eighty apartment project in Honolulu recently welcomed its first residents. The newly renovated building is located at 680 Ala Moana Blvd. in Kakaako and offers 54 loft-style units affordably priced for median-income workers. On the ground floor, the project also includes 8,600 square feet of commercial space. Designed by Architects Hawaii, Six Eighty offers 42 studios and 12 one-bedroom units. The apartments are equipped with stainless steel appliances and feature designer touches like vinyl whitewashed floors, open-concept floor plans and 12-foot ceilings.
Ala Moana Center Redevelopment to Begin in Early 2013; New Residences Coming to Lahaina
The $543 million redevelopment of the Ala Moana Center in Honolulu is expected to start early next year, the Pacific Business News reports. The completion date has been set for late 2015, General Growth Properties Inc. said in a filing with the U.S. Securities and Exchange Commission. The Chicago-based company plans to expand Hawaii’s largest shopping mall by replacing the current 340,000-square-foot Sears store with approximately 700,000 square feet of retail and restaurant space, including a three-level, 160,000-square-foot anchor tenant. Plans also call for a fourth-level parking deck.
Luxury Condominium High-Rise Coming to Honolulu
HHMK Development, LLC, comprised of landowner and developer The Howard Hughes Corporation and a joint venture of Honolulu development firms, The MacNaughton Group and Kobayashi Group, are developing a luxury residential tower above the existing Nordstrom parking structure at Ala Moana Center in downtown Honolulu. Called ONE Ala Moana, the 23-story high-rise will offer 206 one, two and three bedroom condominium homes ranging from 760 to 4,100 square feet. Prices will go from approximately $500,000 for the lower floor one-bedroom condominiums to over $9 million for penthouse suites. The average price per unit will be around $1.6 million.
Developer Plans Large Mixed-Use Community in Downtown Kihei on Maui
The Krausz Cos. is planning a 320,000-square-foot sustainable, mixed-use project in the city of Kihei, one of Maui’s most populated communities. According to the Pacific Business News, the proposed Downtown Kihei project calls for a village square; more than 200,000 square feet of office, medical office, retail and restaurant space; a 44,180-square-foot movie theater; a four-story, 150-room hotel; and more than 1,000 parking stalls. The new development will be built between the Piilani Village Shopping Center and the Longs and Azeka’s centers, on four parcels of land totaling 27 acres.
TNP Strategic Retail Trust Sells Waianae Mall, Acquires Lahaina Gateway
TNP Strategic Retail Trust Inc. of Irvine, Calif., has entered into an agreement to sell the Waianae Mall Shopping Center in Leeward Oahu to an unnamed buyer. The company acquired the property in June 2010 for $25.7 million.
Built in 1981, the retail center comprises 11 buildings totaling 170,275 rentable square feet. It is anchored by Longs Drugs and City Mill Superhardware, and includes a mix of national and regional tenants, such as Burger King, Fantastic Sams, Goodyear Tire, the state of Hawaii, American Savings Bank, Waianae District Health and Aaron Rents.
Honolulu Officials Approve Leasehold Sale of City-Owned Affordable Housing
The Honolulu City Council has approved Mayor Peter Carlisle’s plan to sell the city’s 12 leasehold affordable rental complexes situated in various parts of Oahu to a private entity for $142 million. Called Honolulu Affordable Housing Partners L.L.C., the corporation comprises Highland Property Development L.L.C. of Arcadia, Calif.; Richard Gushman of Honolulu, who has more than 40 years of real estate experience; and Stephen Gelber, a Honolulu real estate and tax attorney who has worked on many affordable housing transactions in Hawaii.
The leasehold purchase agreement requires the entity to make a a one-time payment of $142 million to the city and spend an additional $42 million within the first two years of the 65-year lease term to renovate the apartments.
Bank of Hawaii to Move Ward Branch to Hokua at Ala Moana
Bank of Hawaii has announced plans to relocate its Ward Plaza branch to the ground floor of the Hokua condominium at 1288 Ala Moana in Honolulu, about half a mile from its current location. Construction for the new offices should begin by the end of February 2013, with completion scheduled for mid-August. DKKY Architecture Studio will design the space. The move will allow for a smooth transition of services, as the bank intends to close its current Ward branch at 210 Ward Ave. on a Friday and open at the new location the following Monday.
Remodeled Center to Become Maui’s First Outlet Mall
By Adriana Pop, Associate Editor In November, Honolulu Builders will begin work on the renovation of Lahaina Center on Maui. Called The Outlets of Maui, the project will include 10 existing buildings on 11 acres at 900 Front St. Upon completion, the remodeled center will become the island’s first outlet mall. The Maui News reports […]
Phase Two of Ward Village Shops Welcomes New Tenants
By Adriana Pop, Associate Editor The Howard Hughes Corp. announced the first tenant for Phase Two of Ward Village Shops, a 57,000-square foot, two-level retail center along Auahi Street in the heart of the Kaka’ako district in Honolulu. Pier 1 Imports will occupy 12,688 square feet at the new retail center, which is scheduled to […]
Plans Move Forward for DeBartolo Development’s $350M West Oahu Shopping Center
By Adriana Pop, Associate Editor The Hawaii Land Use Commission has approved a use change for a proposed 1.4 million-square-foot regional shopping mall in East Kapolei. The Pacific Business News reports that under a previous state plan the site had been slated for the development of a regional sports complex. Florida-based DeBartolo Development L.L.C. plans […]