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
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