Howard Hughes Corp. withdraws petition for reserved units at Kakaako residential project

This rendering shows The Howard Hughes Corp.'s planned 424-unit, mostly affordable condominium at 988 Halekauwila, part of the developer's Ward Village master-planned community.

This rendering shows The Howard Hughes Corp.’s planned 424-unit, mostly affordable condominium at 988 Halekauwila, part of the developer’s Ward Village master-planned community.

The Howard Hughes Corp. is temporarily withdrawing its petition dealing with reserved housing units on its 424-unit residential tower planned for 988 Halekauwila in Honolulu’s Kakaako neighborhood as part of the first phase of its Ward Village master plan.

The Howard Hughes Corp. (NYSE: HHC) said that 375 of the total number of units will be offered at prices lower than the market-rate luxury condo towers.

“Ward Village is dedicated to helping fulfill the housing needs of our neighborhood, [and] we have listened to the community and have heard great demand for more affordable options, including rentals at lower income levels,” Race Randle, senior director of development for the Texas-based developer, said in a statement. “In response to this message from our community, we have asked for clarification of [Hawaii Community Development’s] rules to better understand what options are available.”

He also said that “due to the misunderstanding of our request, we have decided to temporarily withdraw it so that we can further clarify our intentions to the appropriate stakeholders.”

“This rule clarification in no way changes our commitment to build 375 reserved housing units at 988 Halekauwila, nor does it change our strong commitment to creating a diverse community at Ward Village with an array of housing options and price points, including affordable and market-rate housing,” Randle said.

The developer noted in its second quarter earnings report that it is finalizing plans for this project, and that as of June 30, it has spent $3.8 million on developments costs on the project, which will be located on what is the former site of the Kanpai Bar & Grill and the current California Rock ‘N Sushi.

The project also will include six levels of parking and about 23,000 square feet of retail space.

Duane Shimogawa Reporter – Pacific Business News

The Howard Hughes Corp. finalizing plans on Honolulu workforce housing tower

The Howard Hughes Corp. plans to redevelop the block at 404 Ward Ave. in Kakaako, including the two-story building shown here, into a 415-unit residential tower with commercial space and parking, the first project in its Ward Village master plan.

The Howard Hughes Corp. plans to redevelop the block at 404 Ward Ave. in Kakaako, including the two-story building shown here, into a 415-unit residential tower with commercial space and parking, the first project in its Ward Village master plan.

The Howard Hughes Corp. is finalizing plans for its 424-unit workforce housing residential tower planned for 404 Ward Ave. in Kakaako as part of its first phase of its Ward Village master plan, the Texas-based developer said this week in its second quarter earnings report.

As of June 30, The Howard Hughes Corp. has spent $3.8 million on development costs on the project, which will be located on what is the former site of the Kanpai Bar & Grill and the current California Rock ‘N Sushi.

The Howard Hughes Corp. (NYSE: HHC) said that 375 of the total number of units will be offered at prices lower than the market-rate luxury condo towers, Anaha and Waiea, as well as 404 Ward tower’s 49 market rate units.

The project also will include six levels of parking and about 23,000 square feet of retail space.

The Howard Hughes Corp. is expected to start construction on Anaha, the 311-unit luxury condo planned for the site of the old Pier 1 Imports store, later this year with a completion date scheduled for early 2017. As of June 30, it had spent $16.8 million on development costs for the project.

Waiea, which will have 171 luxury units, began construction in June on what was a surface parking lot next door to Ward Warehouse, is expected to be completed at the end of 2016. Thus far, The Howard Hughes Corp. has spent nearly $20 million on development costs for the Waiea project.

As of Aug. 1, about 65 percent of the 482 total units in the two towers — 71 percent in Waiea and 61 percent in Anaha — in these two towers have been contracted and passed their 30-day rescission period for which buyers have made non-refundable deposits.

This week, PBN first reported that The Howard Hughes Corp. will present to the Hawaii Community Development Authority in October its plan to build a 236-unit residential high-rise project that will include two towers at the 115,000-square-foot Ward Warehouse site as part of its second phase of its Ward Village master plan.

The developer also has plans to build another condo tower at the corner site of the existing Old Spaghetti Factory.

Duane Shimogawa Reporter – Pacific Business News

The Howard Hughes Corp. to replace Ward Warehouse with condominium projects

The Howard Hughes Corp. plans to replace the Ward Warehouse shopping center in Honolulu with several condominium towers. The Texas-based developer plans to present the plans to the Hawaii Community Development Authority at a hearing on Oct. 1.

The Howard Hughes Corp. plans to replace the Ward Warehouse shopping center in Honolulu with several condominium towers. The Texas-based developer plans to present the plans to the Hawaii Community Development Authority at a hearing on Oct. 1.

The Howard Hughes Corp. will present plans this fall to replace the existing Ward Warehouse shopping center in Honolulu with a new 236-unit residential high-rise project that includes two towers, as well as commercial and recreation space as part of its second phase of its Ward Village master plan, the head of the Hawaii agency overseeing the redevelopment of the Honolulu neighborhood of Kakaako told PBN.

Anthony Ching, executive director of the Hawaii Community Development Authority, said that the Texas-based developer also has plans to build another condo tower at the corner site of the existing Old Spaghetti Factory, completing the entire replacement of the 115,000-square-foot Ward Warehouse, which was opened in 1975 by Victoria Ward Ltd. and is the current home to dozens of small businesses.

Race Randle, senior director of development for The Howard Hughes Corp. (NYSE: HHC), told PBN in an email that, consistent with its approved master plan, the developer is continuing its long-term planning efforts for the entire property to make Ward Village an integrated, sustainable master-planned community that will continue to be a gathering place for Honolulu.

Ward Warehouse tenants react to Howard Hughes plans to redevelop Honolulu center

“We are still early in the planning process for phase two and there are no immediate plans for Ward Warehouse,” he said. “Ward Warehouse will continue to be open and at such time as we are ready to proceed with redevelopment, we will work closely with our tenants to assist them in relocating within Ward Village or to another location in the area.”

Ching said that The Howard Hughes Corp.’s Ward Village master-plan calls for a potential of four towers — all with unobstructed views of the ocean overlooking the Kewalo Basin small boat harbor — for the Ward Warehouse site, as well as an urban park.

The HCDA has scheduled an Oct. 1 presentation hearing at noon at its office at 461 Cooke St. in Kakaako with two other hearings following the initial one for The Howard Hughes Corp.’s first Ward Warehouse condo project that includes two towers.

Located at 1050 Ala Moana Blvd., the address for Ward Warehouse, the two towers will rest on separate platform structures and have a combined total of 236 residential units, about 19,730-square-feet of commercial space, 42,178-square-feet of ground level open space, 80,242-square-feet of indoor and outdoor recreation space and 548 parking stalls.

The developer is asking the HCDA, which oversees the redevelopment of Kakaako, for four modifications, including to increase the maximum platform height to 65 feet with an allowance of an additional 15 feet in height for 15 percent of the roof area that will be used for accessory uses.

This project is part of The Howard Hughes Corp.’s second phase of its Ward Village plan, which planned to add more than 900 units in the first phase, which includes two mixed-use high-rises called Anaha and Waiea.

A third tower is in the works, which will be a mostly affordable residential tower with 415 units at 404 Ward Ave., the space where the former Kanpai Bar & Grill occupied, as well as California Beach Rock ‘N Sushi.

The Howard Hughes Corp. also is expected to present its plans soon for another mixed-use project as part of its second phase, which incorporates the new Whole Foods Market that will cover the entire block at Queen and Kamakee streets.

“The Whole Foods project was supposed to start the entitlement process in the third or fourth quarter of this year,” Ching said.

Howard Hughes Corp. gets OK to lease Honolulu small boat harbor for 45 years

The Howard Hughes Corp. will take over operations and management of Kewalo Basin Harbor, between Downtown Honolulu and Waikiki, for up to 45 years under a lease approved Friday by the Hawaii Community Development Authority.

The Howard Hughes Corp. will take over operations and management of Kewalo Basin Harbor, between Downtown Honolulu and Waikiki, for up to 45 years under a lease approved Friday by the Hawaii Community Development Authority.

The Hawaii Community Development Authority on Friday voted to allow The Howard Hughes Corp. to lease Kewalo Basin Harbor for up to 45 years in a public-private partnership that could revitalize the small commercial boat harbor between Downtown Honolulu and Waikiki.

Under the lease approved Friday, The Howard Hughes Corp. (NYSE: HHC), the Dallas-based developer of the Ward Village master plan across the street from the harbor, will take over operations and management of Kewalo Basin Harbor for a term of up to 35 years, with a 10-year option to extend.

Under the terms, Howard Hughes Corp. will pay the state agency about $500,000 upon execution of the lease in August, and then a base rent until the developer recoups its initial improvement costs, which is estimated to take about 12 years, and HCDA spokeswoman said. After that, the developer will pay a percentage rent of 16.5 percent for the remainder of the initial 35-year term, with the rent rates opening for renegotiation for the 10-year extension period, she said. The developer is expected to pay a total of approximately $14.4 million in base and percentage rent during the first 30 years of the lease, the HCDA said.

Kewalo Basin currently has 144 boat slips in various states of disrepair and is in need of an overhaul, the HCDA, which assumed control of the harbor in 2009, said. The Howard Hughes Corp. has committed to spending millions of dollars to improve the harbor with security upgrades and dock renovations, to benefit the charter boat businesses, fishermen and other harbor users.

“Effective harbor renovations are never cheap or easy, and we recognize Ward Village for stepping up and investing in the future of Kewalo Basin Harbor,” Brian Lee, chairperson of the HCDA, said in a statement. “This lease agreement will allow us to share both the risks and the returns in revitalizing the harbor to serve the community. We will be working together to reconnect Kakaako and all of Honolulu with our waterfront.”

Nick Vanderboom, senior vice president of development for The Howard Hughes Corp., noted that Victoria Ward sold the fishery of Kukuluaeo to the territory of Hawaii on July 25, 1913.

“As we approach the 101st anniversary of that sale, Ward Village is honored to have the opportunity to revitalize Kewalo Basin Harbor and return the stewardship of a portion of the fishery to Victoria Ward,” Vanderboom said in a statement. “In addition to providing the harbor with much-needed improvements to its facilities, we will also seek to make it a best-in-class community amenity and recreational area for locals and visitors to enjoy, truly connecting Ward Village from mauka to makai.”

Janis L. Magin Managing Editor – Pacific Business News

Howard Hughes Corp.’s second Honolulu luxury tower to start construction in coming months

anaha_01The Howard Hughes Corp. is preparing to start construction in the coming months on its second luxury Honolulu condominium tower called Anaha that is planned for the former Pier 1 Imports location in Kakaako, the senior vice president for the Texas-based firm’s Hawaii operations told PBN.

The Howard Hughes Corp. (NYSE: HHC) said in its first quarter earnings report in March that it had pre-sold 54 percent of the project, which includes 311 units.

“Over the last few months, sales have continued to progress,” Howard Hughes Corp.’s Senior Vice President for Hawaii David Striph told PBN via email.

Last month, the developer broke ground on its Waiea luxury condo tower on a former surface parking lot fronting Ala Moana Boulevard, diagonally across from the Anaha site.

Both towers are part of the developer’s first phase of its Ward Village master plan.

The Howard Hughes Corp. plans to add more than 900 residential units in the first phase of its Ward master plan, which includes these two mixed-use high-rises.

Duane Shimogawa Reporter – Pacific Business News

 

Howard Hughes Corp. breaks ground on Waiea condo tower in Honolulu

From left, David Striph, senior vice president of Hawaii, the Howard Hughes Corp.; David Weinreb, president and CEO, the Howard Hughes Corp.; Gov. Neil Abercrombie; Mayor Kirk Caldwell; and Nick Vanderboom, senior vice president of development, the Howard Hughes Corp., at the groundbreaking for the Waiea condominium at the Ward Village master-planned community in Honolulu.

From left, David Striph, senior vice president of Hawaii, the Howard Hughes Corp.; David Weinreb, president and CEO, the Howard Hughes Corp.; Gov. Neil Abercrombie; Mayor Kirk Caldwell; and Nick Vanderboom, senior vice president of development, the Howard Hughes Corp., at the groundbreaking for the Waiea condominium at the Ward Village master-planned community in Honolulu.

Howard Hughes Corp. President and CEO David Weinreb was joined by Hawaii Gov. Neil Abercrombie and Honolulu Mayor Kirk Caldwell Saturday for the groundbreaking on the Waiea condominium tower at Ward Village in Kakaako Saturday morning, with the governor saying that the massive residential, commercial and retail community will be like nothing Hawaii has seen before.

“Respect the past, but live in the present in order to create the future,” Abercrombie said to an audience of dozens that included future residents of the tower. He said the Ward Village represents a collaboration among political, economic and social circles that has never before existed in Hawaii.

If things go according to plan, that future includes two luxury towers— Waiea and Anaha — that will be built by the Howard Hughes Corp. and are geared toward higher-level income residents, as well as other, more affordable condominium towers that will eventually be built. Whole Foods Market (NYSE: WFM) recently announced that it will open a 50,000-square-foot store in Ward Village.

The project will have a total economic impact of $975 million and represents $2 million in annual property taxes for the City and County of Honolulu, said David Striph, senor vice president of Hawaii for the Howard Hughes Corp. (NYSE: HHC).

Caldwell told PBN that the project has been almost 40 years in the making, since the Hawaii Community Development Authority was founded.

He said about $300 million has been put into infrastructure improvements and that Kakaako is ready for such a large project.

Weinreb told PBN that the biggest challenge was assimilating the needs of the community into the project.

Abercrombie told PBN that seniors will enjoy living in a place where they can walk wherever they need to go.

The project represents the beginning of a new era for Honolulu, Caldwell said.

“We are on the cusp of becoming a capital for the Asia-Pacific area,” he said. “A true capital city we can all brag about.”

Bill Cresenzo Reporter – Pacific Business News

ANAHA - Click here for residence details and floor plans

ANAHA – Click here for residence details and floor plans

WAIEA - Click here for residence details and floor plans

WAIEA – Click here for residence details and floor plans

ANAHA TOWER
WAIEA TOWER

Groundbreaking for Howard Hughes Corp.’s Waiea condominium tower in Honolulu slated for Saturday

The Howard Hughes Corp. has reached contractual agreements for about half of the 482 units in its two ultra-luxury high-rises in Honolulu's Kakaako neighborhood— Anaha and Waiea, seen here in this rendering.

The Howard Hughes Corp. has reached contractual agreements for about half of the 482 units in its two ultra-luxury high-rises in Honolulu’s Kakaako neighborhood— Anaha and Waiea, seen here in this rendering.

Groundbreaking for Howard Hughes Corp.’s Waiea condominium tower in Honolulu slated for Saturday

The Howard Hughes Corp. will break ground Saturday on Waiea at Ward Village in Kakaako, the first of two planned luxury condominium towers, where a penthouse is listed for a record $20 million.

The groundbreaking is slated for 10 a.m. at the site. Honolulu Mayor Kirk Carldwell is expected to join Gov. Neil Abercrombie and project officials for the ceremony.

Construction on the condominium tower project at 1118 Ala Moana Blvd. will begin this month.

The Howard Hughes Corp. (NYSE: HHC) says Ward Village will be a mixed-use master-planned development with 4,000 residential units and more than 1 million square feet of retail and commercial space.

Seventy percent of the 171 units in the Waiea tower and 55 percent of the 311 units in the planned Anaha tower diagonally across the street have sold.

Prices at Waiea range from $1 million for a one-bedroom unit to $20 million for a penthouse.

Bill Cresenzo Reporter – Pacific Business News

More towers on the rise – Three developers present the neighborhood board with proposals for a half-dozen new projects

20140529_a1big20140529_progressKakaako is in the middle of a residential tower development wave that builders see as meeting overwhelming homebuyer demand, but some area residents see as crowding their quality of life.

Well, don’t look now, but another wave is on the way.

Three developers have unveiled plans to seek permits later this year for six more residential towers in or on the edge of Kakaako with more than 1,000 new units.

Four of the new towers are part of the Ward Village master plan by Ward Centers owner Howard Hughes Corp. One is part of the Our Kakaako master plan by Kamehameha Schools. And one is adjacent to Ala Moana Center and the city’s planned rail station there.

The six new projects are on top of 15 towers in or on the outskirts of Kakaako with a combined total of roughly 5,400 units under construction, permitted, in permitting or recently completed.

Local housing market analyst Ricky Cassiday said the newest tower plans reflect an eagerness by developers to meet market demand and perhaps get projects approved before state lawmakers have an opportunity next year to change Kakaako development rules in response to public outcries as they did earlier this year.

“Developers like certainty, and change is in the air,” Cassiday said. “There is the political cycle next to the economic cycle.”

Local economists have said that Hawaii population growth is outstripping housing production, and that even 5,000 condominiums delivered over the next two years will make only a dent in the shortage.

Far fewer homes are being built elsewhere in Honolulu — mainly single-family houses and townhomes in the suburbs — making Kakaako ground zero for housing production on Oahu.

Eugene Tian, the state’s chief economist, recently said that 3,525 new homes need to be added on Oahu annually to match an anticipated population growth of 1 percent, assuming 2.8 people per household. Over the past three years, 1,612 residential units were approved for construction per year on average, which leaves a deficit of 1,913 homes.

“We are behind,” Tian said.

Cassiday agrees that there is strong demand from residents forming families, though he also said added demand is coming from part-time residents and investors outside Hawaii.

“There is an inexhaustible demand from abroad,” he said. “Things have been under­supplied for a very long time.”

The most aggressive developer in Kakaako responding to such demand appears to be Hughes Corp. with its Ward Village plan that envisions up to 4,300 residential units in 22 towers covering 60 acres at Ward Centers.

Hughes Corp. has three towers with 915 combined units already approved and slated to begin construction later this year. On Tuesday, the company told the Ala Moana-Kakaako Neighborhood Board that it plans to seek permits later this year for another four towers.

Two of the new Ward Village towers have a combined 230 units, including some low-rise townhomes, and replace most of Ward Warehouse along Ala Moana Boulevard.

Another tower with 220 units would be just Ewa of the Ward Entertainment Center theaters.

A fourth tower with an undetermined number of units is planned next to a recently announced Whole Foods store mauka of the theaters.

This four-tower second phase of Ward Village also includes retail and a large landscaped pedestrian plaza around which the four towers are planned, according to Nick Vanderboom, vice president of development for Hughes Corp.

“This will be the start of what will be about a 4-acre village green connecting Kewalo Basin up to where the future rail stop will be near where Ross is today,” he told the board.

a couple of blocks away, Kamehameha Schools is working with local development firm The Kobayashi Group to build a 265-unit tower on a 3.5-acre site occupied by Cutter Nissan between Ala Moana Boulevard, Koula Street and a closed-off portion of Auahi Street.

Matthew Pennaz, a Kobayashi Group senior project manager, speaking at the same neighborhood board meeting on Tuesday, said the company considers the block the “crown jewel” of nine blocks in the Our Kakaako master plan.

“We’re excited to be part of the community,” he said.

Pennaz said a price range for tower units hasn’t been determined yet. Cassiday, however, said a tower on that site most certainly would be a luxury product.

Both the Our Kakaako tower and Ward Village towers will need approval from the Hawaii Community Development Authority, the state agency regulating development in Kakaako.

Existing residents in the area, many of whom live in condos next to proposed towers, have complained about the agency “rushing” public hearings on tower permits over the past couple of years, and contend that more towers can’t be supported by infrastructure such as roads and sewers.

HCDA officials insist that sufficient sewer capacity was created to handle all the proposed development under a 4-decade-old vision to concentrate dense urban development in Kakaako that relieves pressure on rural and agricultural lands on Oahu.

The city considers sewer and water connection requests per project, and has approved all of them to date.

The developers will need to produce traffic studies and mitigation plans. The projects are likely to slow traffic in the area, but not to an extent that would keep them from proceeding, based on past decisions regarding other developments.

The issue of rapid development in Kakaako led to several bills introduced in January at the Legislature, including one calling for a moratorium on development in the area and one abolishing HCDA. Only one bill passed, and will reconstitute the agency’s board of directors next year among other more minor changes.

Larry Hurst, area neighborhood board chairman, is supportive of HCDA’s mission established by the Legislature in 1976.

“All those years ago, Kakaako was (thought of as) the place to get people to live in the (primary urban core),” he said. “When it finally comes (close to happening), only the newbies start talking. I ask people, ‘Where have you been for 37 years?’ It’s like, you can’t move in next to a hospital and then start complaining about the ambulance.”

The third new project presented to the neighborhood board Tuesday is a 234-unit tower slated at 1391 Kapiolani Blvd. next to Ala Moana Center a block Ewa of the Nordstrom store fronting Kapiolani, Kona Street and Kona Iki Street just outside Kakaako’s Piikoi Street border.

In 2007, an affiliate of South Korea-based SamKoo Development Co. Ltd. bought the 1.4-acre site that formerly hosted a car dealership and announced plans for a luxury condo tower. However, Hawaii’s real estate market was approaching a turndown in the face of a recession and the project was put on hold.

Lowell Chun, a consultant for SamKoo, told the board that the developer has revised its plan to fit with the city’s new rail station that will be the Honolulu terminus of the line from Kapolei.

“It’s a rail line anchor,” he said. “It’s a destination.”

Chun said SamKoo is offering to provide a slice of its property along Kona Street for rail use, and would like to create a public area with commercial shops on the tower site integrated with the city’s rail station.

“We are right there,” he said. “What we would like to create is a landmark building for this landmark location — something that signifies that this is someplace special.”

Chun said SamKoo hopes to submit a permit application with the city within the next few months under interim transit-oriented development rules pending before the City Council, provided the rules are adopted.

A maximum height under interim rules being considered would be 450 feet, up from the site’s existing 250-foot limit, though Chun said the 1391 Kapiolani tower is planned to rise 420 feet.

The Neighborhood Board did not vote on the projects.

Developers of the three projects all expect to seek permits this year but did not project construction timetables if their towers are approved.

http://www.staradvertiser.com/newspremium/20140529_MORE_TOWERSONTHERISE.html?id=261062511&c=n

Five new tenants prepare to open at Honolulu’s Ward Centers

Little Sheep Mongolian Hot Pot, opening Friday in the former Grand Leyenda Cantina space at Ward Centre is one of five new tenants opening at Honolulu's Ward Centers in the next two months.

Little Sheep Mongolian Hot Pot, opening Friday in the former Grand Leyenda Cantina space at Ward Centre is one of five new tenants opening at Honolulu’s Ward Centers in the next two months.

Five new tenants prepare to open at Honolulu’s Ward Centers

Jenna Blakely Reporter – Pacific Business News

Five new tenants are preparing to open their doors at Ward Centers in Honolulu, adding a mix of eateries and clothing retailers to the shopping center that is being transformed into the master-planned community called Ward Village.

Three of the five new tenants are opening by the end of May, beginning with Little Sheep Mongolian Hot Pot, opening Friday, located above Genki Sushi at Ward Centre in the former E&O Trading Co. space.

Other tenants opening by the end of May include Waiola Shave Ice, which is planning its third Hawaii location at Ward Warehouse across from Dairy Queen. in the former Island Gold Collection space. Also opening this month is The Monarch Tea Room, which will be located inside Na Mea Hawaii Native Books at Ward Warehouse.

Next month, And More By Local Fever — Jeans Warehouse Inc.’s largest store spanning 20,000 square feet of space — will offer fashion, home, accessories and more with 15 different departments, located in the former Nordstrom Rack location next to Office Depot.

Later this summer, Big Island Delights will relocate its location from Ward Centre to Ward Warehouse, located in the space formerly occupied by C. June Shoes.

The Howard Hughes Corp. (NYSE: HHC), which owns Ward Centers, is also developing the master-planned Ward Village community, where two mixed-use residential towers — Waiea and Anaha — will be built in the first phase.

Early in May, The Howard Hughes Corp. said that it reached contractual agreements for about half of the 482 units in its two ultra-luxury high rises that began pre-sales in February. Construction of the Anaha and Waiea towers is on track to break ground this summer, as PBN reported.

The Howard Hughes Corp. reports strong sales for two ultra-luxury high-rise condominiums in Kakaako

The Howard Hughes Corp. has reached contractual agreements for about half of the 482 units in its two ultra-luxury high-rises in Honolulu's Kakaako neighborhood— Anaha and Waiea, seen here in this rendering.

The Howard Hughes Corp. has reached contractual agreements for about half of the 482 units in its two ultra-luxury high-rises in Honolulu’s Kakaako neighborhood— Anaha and Waiea, seen here in this rendering.

The Howard Hughes Corp. reports strong sales for two ultra-luxury high-rise condominiums in Kakaako

Duane Shimogawa Reporter – Pacific Business News

The Howard Hughes Corp. has reached contractual agreements for about half of the 482 units in its two ultra-luxury high-rises in Kakaako — Anaha and Waiea — part of its Ward Village master-planned community, according to its first-quarter earnings report released Thursday.

“We are pleased with the sales progress to date, which is proceeding according to our expectations for the high-quality residences we are developing,” the Texas-based developer said.

It also has received $55 million in buyer deposits, representing about $609 million of gross sales revenue for the two high-rises, which began pre-sales in February. The gross sales revenue assumes that buyers will close on the units when they are completed.

Construction of the two towers is expected to get underway this summer.

Meanwhile, construction for ONE Ala Moana, a 206-unit ultra-luxury condominium tower being developed in a 50/50 joint venture involving The Howard Hughes Corp., The MacNaughton Group and the Kobayashi Group., is now 52 percent complete with an expected opening in the fourth quarter, the Howard Hughes Corp. said.

Company Disclaimer: Information is deemed reliable but not guaranteed.