A South Korean developer that once proposed to build a luxury high-rise condominium behind Ala Moana Center in Honolulu on land it bought in 2007 is deliberating on what would be the best thing to do with the site, including switching it to a mostly affordable project, the local consultant for the developer told PBN on Tuesday.
South Korea’s SamKoo Development is looking into whether a mostly affordable project would work or not, but no decision has been made just yet, according to Lowell Chun, the consultant for the developer.
“They are running the numbers,” he told PBN.
Chun, who said SamKoo Development is not ready yet to submit its plan to the City and County of Honolulu just yet, noted that a decision to scrap the project altogether, which also is on the table, also has not been made yet.
The site also sits along the city’s planned rail station line.
“I think it would be nice to have something there,” he said. “It’s got to make business as well as aesthetic and community sense. [SamKoo’s] chairman really likes Hawaii.”
The sale of the 1.43-acre car lot formerly owned by Motor Supply Co. at 1391 Kapiolani Blvd. for $26 million was the 13th largest transaction in 2007.
The $417 per square foot SamKoo paid for the lot set a record at that time.
In February, SamKoo Hawaii filed a building permit with the City and County of Honolulu for a new $190 million condominium building at the site at 1391 Kapiolani Blvd.
Duane Shimogawa Reporter – Pacific Business News