Hawaii developer Stanford Carr, who has been around for several real estate cycles in the state, describes the current upswing as if the stars are aligned.
In an exclusive interview with PBN this week, the Maui native who has turned into one of the top developers in Hawaii, especially in the residential real estate sector, noted that one of the stars is the pent-up demand of the market.
Other factors include an overall improvement in the economy, high consumer confidence and historically-low interest rates.
In the Honolulu neighborhood of Kakaako where Carr’s Stanford Carr Development is getting ready to start construction on his 388-unit Keauhou Lane residential project, the skyline is dotted with numerous building cranes and several other developers are helping to build up the area between Downtown Honolulu and Waikiki.
“You can look out at the skyline [in Kakaako] and you can correlate these buildings with the different economic cycles,” Carr said as we looked out of his office’s conference room on the 27th floor of the 1100 Alakea building in Downtown Honolulu. “You see Royal Capitol Plaza, Imperial Plaza, Waterfront Towers, Nauru Tower, Hawaiki Tower, One Archer Lane, Hokua, Hokulani, Moana Pacific, Pacifica and 909 Kapiolani.”
He pointed out that the new cycle includes Hawaii developer Marshall Hung’s 801 South St. projects at the site of the former Honolulu Advertiser building, The Howard Hughes Corp.’s slew of towers in Ward Village, Alexander & Baldwin’s Waihonua at Kewalo, the Kobayashi Group and The MacNaughton Group’s ONE Ala Moana and Vida at 888 Ala Moana, OliverMcMillan’s Symphony Honolulu, his Keauhou Lane and others.
When asked when he feels the cycle will begin to taper off, Carr said that the state is okay for the next three years.
“[But] beyond that, ask that question again next year,” he said.
Duane Shimogawa Reporter – Pacific Business News