Nov 7, 2013, 2:50pm HST
Duane Shimogawa | Reporter- Pacific Business News
The Howard Hughes Corp. said Thursday that it expects to begin pre-sales of its first three residential condominium towers in Honolulu’s Kakaako neighborhood by the end of this year, or early next year, as it awaits Real Estate Commission’s approval of its condo documents.
The Texas-based developer noted in its third-quarter earnings report that it anticipates receiving the Real Estate Commission’s approval by the end of this year.
Development permit applications and detailed plans for the first phase of its Ward Village master plan, which includes the first three residential towers, were approved by the Hawaii Community Development Authority in the third quarter
Thus far, The Howard Hughes Corp. (NYSE: HHC) said it has incurred pre-development costs of about $11.9 million as of September, for the first phase of the master plan, which includes 4,000 residential units and up to 1.7 million square feet of retail, office, commercial and other uses with full build-out expected to take more than 15 years.
The first phase incudes the renovation of the IBM Building and the development of about 482 condo units in two mixed-use towers to be completed in 2016, and another residential tower with workforce units having sales prices lower than market rate.
The redevelopment of the IBM Building into an information center and residential sales gallery for the entire project, which began in the first quarter, is on schedule for completion by the end of this year with an anticipated cost of $24.4 million, The Howard Hughes Corp. said.
As of September, the developer said that it spent about $13.4 million on that project.