A South Korean developer is moving ahead with two mixed-use high-rise projects near Honolulu’s Ala Moana Center, a total of nearly 1,000 units consisting of both affordable and moderately-priced units, the company’s president confirmed to PBN on Thursday.
“We are in the process of developing two projects on both sites,” Timothy Yi, president of SamKoo Pacific LLC, the Hawaii subsidiary of SamKoo Development, told PBN.
The first project, which is located on a parcel it owns at 1631 Kapiolani Blvd., will include 485 units in a 45-story tower, with 60 percent of the units affordable and the balance moderately-priced units. There will be one- two- and three-bedroom units.
Yi said that it hopes to start construction on the 1631 Kapiolani project by the end of the year.
SamKoo Pacific still needs approvals from the Honolulu City Council and the Hawaii Housing Finance & Development Corp., he said, noting that both projects’ heights will be under 400 feet.
No general contractor has been chosen for both projects, although Honolulu’s Design Partners is the architect.
Lowell Chun, a consultant for the developer, told PBN Thursday that SamKoo wants to establish its brand as a developer that could offer real quality for this segment of the market.
“It’s an affordable housing project near the available conveniences,” he said, referring to the first tower in line to be developed.
The second tower at 1391 Kapiolani Blvd., on a parcel it owns, at this time mirrors the first one, with 485 units in a 45-story tower with both affordable and moderately-priced units, but is still a work in progress.
“We’re not sure what project will take shape on the second tower,” Chun said, noting that the market will dictate what type of price structure and other features the tower will have.
Yi pointed out that the developer hopes to finish both projects within five years, first 1631 Kapiolani and then 1391 Kapiolani, a 1.43-acre car lot formerly owned by Motor Supply Co. that SamKoo bought in 2007 for $26 million.
As it stands now, there would be commercial spaces at the street level of the towers.
Duane Shimogawa Reporter – Pacific Business News