With 10 projects on the table and the potential for a few more mulling about in the minds of investors, Ala Moana is looking a lot like next door neighborhood, Kaka'ako adding to the Urban core density in Honolulu.
With the dearth of foreign investment we are seeing now in Honolulu, it usually signals the approaching end to a development cycle. With interest rates still low we will have to wait and see where the market turns.
1. Kapi‘olani Boulevard
& Makaloa Street
Hong Kong’ developer Qinghua International Holdings Ltd. purchased 1338 Kapiolani Blvd. and the adjacent property at 1356 Kapiolani Blvd. for approx. $21.1 million. The two properties combined total about one acre of land. The plan is to build a 690-unit mixed-use condo high-rise, a 75-seat restaurant, 7,200 square feet of retail space and a health spa.
2. Park Lane Ala Moana
Developers: Kobayashi Group, The MacNaughton Group, and Black Sand Capital are nearly complete with their 217-unit Park Lane Ala Moana luxury condo project. The $1 billion project, which includes seven 8 story buildings buildings at Ala Moana Center’s new Ewa wing, is expected to be completed by the end of 2017.
3. Kapi‘olani Residence
South Korea-based SamKoo Development is planning two mixed-use high-rise projects with a total of 1,000 units consisting of both affordable and moderately-priced units on Kapiolani Blvd.
4. Hawai‘i Ocean Plaza
Developer Advantage America Hawaii Regional Center LLC (Chinese) plans to build a 407-unit condominium-hotel high-rise tower near Ala Moana Center in Honolulu. The project calls for 207 condo units and 200 hotel rooms in a 40-story tower with units ranging from one- to three-bedrooms.
5. Aloha Kai
The YMCA is selling a portion of the roughly two-acre parcel it owns on Atkinson Drive to Aloha Kai Development, LLC to create a 128-unit, 39-story residential condominium tower and parking. The Aloha Kai condominium project, which is still in its development phase, will be located in parcel next to the refurbished YMCA across from the Diamond Head entrance of the Ala Moana Center.
6. Hawai‘i City Plaza
Developer California Investment Regional LLC(Chinese) The 384,000-square-foot project will feature a 26-story, 163-unit high-rise condominium tower with a mix of affordable and market-rate condos, 3 restaurants, and 313 parking spaces and 163 bicycle storage spaces.
7. Mana‘olana Place
Los Angeles-based Salem Partners plans to build two condo-tel projects in the area. Mana'olana a 234-unit condo-hotel across from the Hawaii Convention Center that is scheduled to start construction in 2017 and be completed by 2020. and...
8. Former Heald College location on Kapiolani Blvd.
Los Angeles-based Salem Partners plans to build a 500-unit high-rise condominium-hotel tower at the former Heald College Building next to Walgreens’ flagship Hawaii store on the corner of Keeamoku St. and Kapiolani Blvd., across the intersection from the mauka entrance of the Ala Moana Mall. The project will have 301 studios, 122 - 1 bedroom, 71 – 2 bedroom and 6 – 3 bedroom units, as well as 5,640 square feet of retail space.
10. Makaloa & Ke‘eamoku Street
Chinese investors, through a Honolulu company, ProsPac Holdings plan to develop a 400-unit mixed-use high-rise tower that will include affordable housing, retail and restaurants.