VIDA at 888 Ala Moana Blvd

Hawaii developers cancel plans to build luxury condo tower, develop neighboring parcel

The Kobayashi Group and The MacNaughton Group have canceled plans to build the Vida at 888 Ala Moana luxury high-rise condominium project and develop a neighboring parcel that would have added a total of 500 residential units to Honolulu’s growing Kakaako neighborhood, citing slow sales in recent months, executives from the two Hawaii developers confirmed to PBN Friday.

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Hawaii developers the Kobayashi Group and The MacNaughton Group have received approval from the Ala Moana/Kakaako Neighborhood Board to move ahead with its Vida at 888 Ala Moana luxury condominium high-rise on a 3.5-acre site in Honolulu.

The cost of to the develop the project hasn’t been disclosed. PBN first reported on the project, which is part of Kamehameha Schools’ “Our Kakaako” master plan and still needs the approval from the Hawaii Community Development Authority.

Kamehameha Schools’ master plan proposes seven residential towers with 2,750 units and 300,000 square feet of commercial space on 29 acres on nine city blocks.

MK Development, a joint venture of the Kobayashi Group and The MacNaughton Group, purchased six acres from the state’s largest private landowner for an undisclosed price to develop two ultra-luxury mixed-use residential projects totaling about 500 units along the mauka side of Ala Moana Boulevard.

Vida at 888 Ala Moana, which will be built on a site currently occupied by a Cutter Mazda automobile dealership and service center, is one of the projects. Sales prices for the project remain preliminary, but are projected to be about $600 to $2,500 per square foot, which would be comparable to the per-square-foot sales prices per square foot at another Kobayashi-MacNaughton project, ONE Ala Moana.

The 38-story Vida tower will include 265 two- and three-bedroom units and will be designed by Los Angeles-based Arquitectonica and Honolulu-based Ben Woo Architects, which will be helping the project seek LEED certification with an energy-efficient design and features.

Amenities for the project include guest suites, movie theaters, dining rooms with a chef’s kitchen, children’s play areas, game rooms and a putting green.

Heyer & Associates LLC will be handling sales of the project, which is scheduled to begin later this year.

The Kobayashi Group and The MacNaughton Group also developed the Hokua and Capitol Place mixed-use projects in Honolulu, and are also working on a project that includes seven ultra-luxury condominium towers planned for what is now a parking area of Ala Moana Center fronting Ala Moana Boulevard called Park Lane Ala Moana, with a development cost of about $300 million, according to public records.

The project, which was first reported by PBN, is scheduled to start in mid-2014, with a completion date in 2016.

Duane Shimogawa Reporter – Pacific Business News

 

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The planned Vida at 888 Ala Moana luxury condominium tower being developed by the Kobayashi Group and The MacNaughton Group received neighborhood board approval Tuesday night.

The planned Vida at 888 Ala Moana luxury condominium tower being developed by the Kobayashi Group and The MacNaughton Group received neighborhood board approval Tuesday night.

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