About 60% of units taken as sales start at A&B’s The Collection condo in Kakaako

Aug 19, 2013, 12:36pm HST Updated: Aug 19, 2013, 5:18pm HST

Duane Shimogawa    Reporter- Pacific Business News

About 60 percent of the units in The Collection were snapped up during an opening sales weekend that had people lined up before dawn for first crack at the 397 apartments in A&B Properties’ 43-story condominium project in Kakaako.

Prospective buyers were out in full force on Friday morning, with the first people taking their place in line starting at 4:49 a.m., and 13 people behind them about an hour later.

Sales for A&B Properties' Kakaako condominium project called The Collection start on Saturday.

Sales for A&B Properties’ Kakaako condominium project called The Collection start on Saturday.

“It was very busy and we’re certainly pleased with the activity,” A&B Properties Senior Vice President of Development Rick Stack told PBN. “We still have a lot of good units available. We’ve still got a ways to go.”

Sales for the $200 million project, to be developed on the former CompUSA site, began at 9 a.m. this past Saturday at 680 Ala Moana Blvd.

The office is now open daily from 10 a.m. to 6 p.m.

Stack says that from listening to the crowd, it seems like it’s mostly local buyers, which is what A&B Properties, a subsidiary of Honolulu-based Alexander & Baldwin Inc. (NYSE: ALEX), wanted to see.

Buyers have 30 days to back out of the purchase, so if they decide that they don’t want to move forward with the process, they can cancel the contract, Stack said.

The Collection includes a high-rise tower, a mid-rise building, town homes, as well as retail shops and restaurants.

Prices for the tower, which will have 397 units, range from $300,000 to $700,000 for a unit.

Sales for the town homes and mid-rise projects are expected to start later this year, Stack said.

The Collection is expected to take up to 30 months to build, with the estimated construction start date at least a year away.

Kamehameha Schools to unveil third Kakaako development project

Kamehameha Schools is moving forward with plans for a third piece of its Kakaako redevelopment master plan that will include a residential tower involving local developer Stanford Carr.

The trust is scheduled to announce the plans Friday.

 COURTESY IMAGE Honolulu real estate company Alexander & Baldwin Inc. announced plans to develop the former CompUSA site on Ala Moana Boulevard into a condo tower complex called The Collection, which will also include retail shops and restaurants. It's one of three development projects on Kamehameha Schools Our Kakaako master plan. A third project will to be announced Friday.


COURTESY IMAGE
Honolulu real estate company Alexander & Baldwin Inc. announced plans to develop the former CompUSA site on Ala Moana Boulevard into a condo tower complex called The Collection, which will also include retail shops and restaurants. It’s one of three development projects on Kamehameha Schools Our Kakaako master plan. A third project will to be announced Friday.

The project will include a residential tower, townhomes, live-work units, rental apartments and commercial space, Kamehameha Schools said in an announcement Monday.

Other details including the site location were not disclosed.

Kamehameha Schools launched two pieces of its Our Kakaako master plan earlier this year.

The first piece is being developed by local development firm Alexander & Baldwin Inc., which is buying the former site of a CompUSA store at the makai end of South Street from the trust and proposing a tower and low-rise buildings with 470 condominiums.

The second piece is a retail complex with a parking garage dubbed SALT on an adjacent block to The Collection that will be created mostly by renovating old buildings on the site.

Both The Collection and SALT are pending approval by the Hawaii Community Development Authority.

The Our Kakaako master plan covers 29 acres spread over nine blocks, and allows up to 2,750 residential units, seven towers and 300,000 square feet of commercial space.

By Star-Advertiser staff

POSTED: 03:32 p.m. HST, Jul 22, 2013
LAST UPDATED: 03:50 p.m. HST, Jul 22, 2013

HCDA staff recommends new condo be denied permit

The Hawaii Community Development Authority decided today to take a final vote August 7 on whether to allow a new condominium project to rise significantly above the height limit for the site and stand closer to the adjacent Imperial Plaza building than rules permit.

Today the HCDA voted 6-0 to adopt a staff finding that concluded the height and spacing of the proposed tower at 803 Waimanu would have “significant adverse effects” on the neighborhood.

The HCDA staff recommended the development permit be denied because of the significant departures from the rules pertaining to proximity to Imperial Plaza and the tower’s height.

The HCDA won’t make its decision on the permit until the August 7 meeting.

By Andrew Gomes | www.staradvertiser.com

Howard Hughes Corp. to present Ward condo plans to HCDA in July

Jun 18, 2013, 11:28am HST
Duane Shimogawa  |  Reporter- Pacific Business News

The Howard Hughes Corp. is scheduled to officially present plans for a couple of residential projects to the Hawaii Community Development Authority on July 17, as part of the first phase of its Ward Village master plan in Honolulu’s Kakaako neighborhood.

This rendering shows The Howard Hughes Corp.'s planned market-rate condominium towers, which located diagonally across the street from each other at the corner of Auahi and Kamakee streets, part of the developer's Ward Village master-planned community. Courtesy The Howard Hughes Corp.

This rendering shows The Howard Hughes Corp.’s planned market-rate condominium towers, which located diagonally across the street from each other at the corner of Auahi and Kamakee streets, part of the developer’s Ward Village master-planned community.
Courtesy The Howard Hughes Corp.

The two market-rate towers are planned for a surface parking lot across from the Consolidated Theatres Ward Stadium 16, which will have about 185 units and commercial space at a total height of 400 feet, and for the site of the current Pier 1 Imports store diagonally across the street. Pier 1 Imports (NYSE: PIR) will be relocated to another spot to make way for that tower, which will have about 325 units, as well as commercial space, with a total height of 400 feet.

The condo tower on the Pier 1 site, located at 1108 Auahi St., is the first project for “Land Block 3” of the Ward Neighborhood Master Plan.

The other one, located on the surface lot at 1122 and 1140 Ala Moana Blvd., is the first project proposed for “Land Block 2” of the same plan.

The HCDA expects to make a decision about these projects on Aug. 21.

The Howard Hughes Corp. (NYSE: HHC) plans to add more than 900 residential units in the first phase of its Ward master plan, which also includes one mostly affordable residential 415-unit tower at 404 Ward Ave.

The Dallas-based developer’s 60-acre urban master planned community that would eventually double the retail, dining and entertainment space in Kakaako could have some 20 high-rise towers in the transformation that’s scheduled to happen throughout the next decade.

NEWS RELEASE – SYMPHONY HONOLULU ANNOUNCES STRONG OPENING WEEKEND SALES

SALES REACH 194 AND CLIMBING DURING FIRST TWO DAYS

(Honolulu, Hawaii) — The developer of the newest residential project in Kaka‘ako to launch sales says the public response and sales have been strong. Symphony Honolulu is to be built at the corner of Ward Avenue and Kapiolani Boulevard, with the address 888 Kapiolani Boulevard.

“The response to our project indicates there is a strong demand for homes in the urban core of Honolulu,” said Dan Nishikawa, president of OliverMcMillan Pacific Rim, the developer of Symphony Honolulu.

He says 194 residences were sold during the weekend, with several potential buyers still in the sales center reviewing their choices.

Nishikawa says buyers cited location as a major reason for their purchase.

“People want to live close to their jobs so they can walk more and drive less.

Avoiding traffic congestions and long commutes gives them more quality time to enjoy with their family and friends.”

He also pointed out that buyers saw value in Symphony residences compared to other condominium projects in the area.

“The size of our apartments average 1,100 square feet, with the added benefit of amenities such as a pool and spa, work-out and yoga studios, multi-media theaters, and outdoor grills and cabanas with a kitchen.”

The condominium apartments include 288 market-priced residences and 100 reserved housing units. The market price ranges from the low $500,000s for a one-bedroom, the mid $600,000s for two bedrooms, and from the high $800,000s for three bedrooms.

Reserved units are for buyers who meet income and asset requirements set by the Hawaii Community Development Authority (HCDA) and will be available for sale at a later date.

Symphony is a mixed-use condominium tower with commercial areas and parking on the lower floors. The ground floor is being designed by JN Auto Group to create a world class auto galleria.

Construction is expected to begin at the end of 2013 on a 25-month schedule. The project will create 400 jobs for construction and related industry workers. The auto galleria is expected to add 100 positions.

The exclusive project broker is Heyer & Associates, with the project sales gallery at the Inspiration Design Center, 1250 Kapiolani Boulevard, 3rd floor. The sales gallery will be open daily from 10 am to 5 pm.

Moderate-priced units proposed for Kakaako

Honolulu is accustomed to housing booms — especially for luxury condominiums in the urban core. But a workforce housing boom may now be forming.

A developer has proposed a 217-unit workforce, or moderate-priced, condo tower in Kakaako on a roughly half-acre site now occupied by single-story industrial buildings.

A developer is proposing to demolish the single-story industrial buildings on a half-acre site between Kawai­ahao and Waimanu streets and build a 250-foot condo tower. Pictured is L&L Transmission at 803 Wai­manu St.

A developer is proposing to demolish the single-story industrial buildings on a half-acre site between Kawai­ahao and Waimanu streets and build a 250-foot condo tower. Pictured is L&L Transmission at 803 Wai­manu St.

MJF Development Corp., led by Franco Mola, is seeking a permit from the Hawaii Community Development Authority to develop the 27-story project, which would rise 250 feet.

Mola’s project application was filed last month shortly before the sellout of a 635-unit workforce condo tower called 801 South St. on a site nearby that is slated to be further developed with a second tower containing 400 units.

The Mola project and 801 South St. are products of a relatively new HCDA “workforce housing” rule giving developers extra density for buildings with at least 75 percent of units priced for buyers earning no more than 140 percent of Hono­lulu’s median income.

The income limit translates to about $96,000 for a single person or $137,000 for a family of four.

Other projects for workforce rentals in Kakaako are also in the pipeline, including the 204-unit Hale­kau­wila Place apartments that began construction earlier this year, the proposed 690 Pohu­kaina project calling for 804 apartments on state land, and 80 live/work lofts for artists.

Those three projects propose rents that would be affordable to tenants earning 50 percent to 140 percent of the median income.

HCDA, the state agency governing development in Kakaako, also requires that 20 percent of units in higher-priced condo tower projects be priced at the workforce level, and there are at least two such projects in the works.

Chuck Wathen, an affordable-housing advocate and executive director of Hawaii Housing Alliance, isn’t surprised by the rising volume of moderate-priced housing being proposed in Kakaako.

“We really need rentals, and … the supply of units for sale is almost nothing,” he said.

Wathen predicts that Mola’s project, if it comes to market, will almost certainly sell out. “We are basically supply-constrained,” he said.

Of all the workforce condo plans, 801 South St. is positioned to break ground first, in June.

Mola’s project is subject to HCDA approval. The agency has scheduled two public hearings on the plan.

The first hearing is slated for May 1 at 9 a.m. and will include a presentation by the developer. The agency will host a second public hearing June 5 at 9 a.m., after which a decision on the application is expected by the agency’s board. Both hearings will be held at HCDA offices at 461 Cooke St.

The property borders Kawai­ahao Street and the Ewa end of Wai­manu Street between the Imperial Plaza tower and a self-storage facility.

A company named Action Development LLC, managed by Francine Summers and Byron Ho, is listed as the property’s owner. That firm bought the parcels in 2007 for $3.9 million, according to property records.

Mola could not be reached for comment Tuesday, when HCDA announced the public hearing schedule.

The developer is proposing a mix of units from studios with 372 square feet of living space to two-bedroom units with a little more than 600 square feet, according to application details. Unit prices were not specified.

Mola, through companies including Coastal Rim Properties Inc., has been involved in development mainly in California and Hawaii, including the 176-unit affordable senior apartment building Kulana Hale in Hono­lulu.

Coastal Rim’s website says Mola has overseen planning and construction of more than 4,300 homes.

The developer previously had an option to buy the 801 South St. site, but that purchase fell through, and local affordable-housing developer Marshall Hung acquired the property and launched plans for two workforce housing towers.

Article courtesy of the Honolulu Star Advertiser, written By Andrew Gomes and POSTED: 01:30 a.m. HST, Apr 03, 2013

Forest City picks Nordic PCL to build Honolulu’s tallest building

Forest City picks Nordic PCL to build Honolulu’s tallest building

May 9, 2013, 2:26pm HST
Duane Shimogawa  |  Reporter- Pacific Business News

Forest City Hawaii has chosen Honolulu’s Nordic PCL Construction Inc. as the general contractor for the $500 million 690 Pohukaina mixed-use project in Kakaako.

Forest City Hawaii has chosen Honolulu’s Nordic PCL Construction Inc. as the general contractor for the $500 million 690 Pohukaina mixed-use project in Kakaako.

Forest City Hawaii has chosen Honolulu’s Nordic PCL Construction Inc. as the general contractor for the $500 million 690 Pohukaina mixed-use project in Kakaako, which may include Hawaii’s tallest building at 650 feet.

James Ramirez, a vice president for Forest City Hawaii, told PBN that, in addition to Nordic PCL, it has chosen Honolulu-based Benjamin Woo Architects LLC as its local architecture firm for the 800-unit rental project, which will include affordable and market-rate units.

In December, the Hawaii Community Development Authority unanimously selected Forest City Hawaii to develop the project, which will be built on state land under a 65-year ground lease.

Forest City and the HCDA are in the midst of an 18-month development process, which includes an conducting an environmental assessment.

Forest City Hawaii has chosen Honolulu’s Nordic PCL Construction Inc. as the general contractor for the $500 million 690 Pohukaina mixed-use project in Kakaako.

Weekend lottery to decide who will buy condos at former Honolulu Advertiser site

Weekend lottery to decide who will buy condos at former Honolulu Advertiser site

Duane Shimogawa | Reporter- Pacific Business News  |  Mar 22, 2013, 3:36pm HST

The developer of a $200 million high-rise affordable condominium tower planned for the site of the former Honolulu Advertiser building will conduct a lottery on Saturday to decide who will snatch up the units, which are priced between $250,000 and $550,000.

This rendering shows Downtown Capital LLC's 801 South St. project, which will be built on the site of the former Honolulu Advertiser building in Honolulu. Courtesy Downtown Capital LLC

More than 4,000 people have visited the sales office at the corner of Queen and Keawe streets in pursuit of a unit in the 46-story tower at 801 South St., which will feature a mix of studio and one-and-two bedroom units.

http://properties.shopoahurealestate.com/i/KAKAAKO_NEIGHBORHOOD

The lottery will be conducted at the sales office starting at 10 a.m. Those who turned in eligibility packets are welcome to attend, but they don’t have to be present if their number is chosen.

The results will be posted online at www.801southst.com.

“We are very pleased but frankly not surprised at the robust interest in the units,” Project Developer Marshall Hung of Downtown Capital LLC said in a statement. “This project addresses the critical shortage of housing that Hawaii’s residents can afford in Honolulu’s urban core.”

All of the 635 units are priced as workforce housing units. Bank of Hawaii (NYSE: BOH) will be the lead lender for the construction financing.

The developer expects to sell out quickly, paving the way for a second tower made up of 400 workforce housing units.

The Hawaii Community Development Authority approved the project last December. Construction is expected to begin this summer.

The project team includes Hawaiian Dredging Construction Co., Kazu Yato AIA & Associates Inc. and Marcus & Associates.

http://properties.shopoahurealestate.com/i/KAKAAKO_NEIGHBORHOOD

California developer Franco Mola plans to build workforce housing in Kaka’ako

Duane Shimogawa  |  Reporter- Pacific Business News
Apr 2, 2013, 1:54pm HST

A California-based real estate developer is planning to demolish several existing single-story industrial buildings and develop a 20-story, 217-unit workforce housing condominium project with ground-floor retail space in the Kakaako neighborhood in Honolulu.

The property, at 803 Waimanu St., encompasses a little more than 21,000 square feet.

It was once on the market for $4.8 million, according to the commercial real estate property website LoopNet.

The planned project also includes parking for 245 vehicles.

According to the plans, there will be no amenities and the ground floor may include a convenience store such as a 7-Eleven.

“It seems like these types of projects are catching on,” Hawaii Community Development Authority Director of Planning and Development Deekpak Neupane told PBN. “I think as far as affordable housing goes, it’s a good project.”

It will include studio, one-bedroom and two-bedroom units. Neupane says that a two-bedroom unit would go for about $350,000.

Construction is slated to begin in the first quarter of next year and be done in 24 months.

The HCDA has scheduled a public hearing at which the developer, Franco Mola’s MJF Development Corp., will present its plans on May 1 with decision-making scheduled for June 5.

MJF Development could not be reached for comment.

Mola is no stranger to the Hawaii market, as he once had plans to redevelop the former Honolulu Advertiser property on Kapiolani Boulevard into a two-tower commercial and residential complex, which is now a project headed up by Hawaii developer Marshall Hung.

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