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