Developers Plan Second Luxury Condo Complex at Ala Moana Center in Honolulu
An ultra-luxury condominium complex is slated to rise on the makai (ocean side) parking lot of Ala Moana Center in downtown Honolulu.
According to the Pacific Business News, local investment firm BlackSand Capital and the mall’s owner, General Growth Properties, have partnered with The MacNaughton Group and Kobayashi Group to develop the 200-unit project, which has an estimated cost of $500 million.
The new residential community will feature seven mid-rise residential buildings stretching from Piikoi Street to the Neiman Marcus department store along Ala Moana Boulevard.
The size of the residences, which will offer amazing ocean views, private pools and gardens, will range from 850 square feet for a one-bedroom unit to 6,000 square feet for a five-bedroom penthouse. Plans also call for 2.5 floors of commercial parking for each of the buildings.
“This distinct concept will make a significant statement in the landscape of Hawaii’s residential development business,” Ian MacNaughton, a principal with the development team, told The Honolulu Star-Advertiser. “The community will establish a new global standard for luxury residential living without compromising any of Hawaii’s understated authenticity.”
Construction, which is expected to create more than 300 jobs, will begin in mid-2014. Upon completion in 2016, the project will bring the second condo complex at Hawaii’s largest mall.
General Growth, the MacNaughton Group, the Kobayashi Group and the Howard Hughes Corp. are currently building a 206-unit ultra-luxury condominium tower called ONE Ala Moana (pictured) on the mauka (mountain) side of Ala Moana Center, atop Nordstrom’s parking garage. Slated for completion toward the end of 2014, all residences have been sold, with prices ranging from $500,000 for a one bedroom to about $9 million for a penthouse.
Photo credits: www.onealamoana.comTags: BlackSand Capital, Consumer, Developers, Development, economy, Finance/Investment, General Growth Properties, Honolulu condominium, Honolulu Lead Story, Investors, Kobayashi Group, Local, luxury, Managers, multi-family, National, ONE Ala Moana, Owners, Professional, Regional, Residential, The Howard Hughes Corporation, The MacNaughton Group