Long-Stalled Skyline Honolulu Residential Project Back on Track
An affiliate of locally based Form Partners LLC has revived its plans for Skyline Honolulu, a 140-unit condominium project slated to rise on the slopes of Punchbowl crater in the heart of downtown.
According to the Pacific Business News, Prospect Properties LLC plans to begin construction on the five-story complex in the first quarter of 2015. The building — which will include studio, one- and two-bedroom apartments — is expected to be complete on a 14- to 16-month schedule.
Richard Matsunaga & Associates Architects Inc. and U.S. Pacific Development will design and build the project, which has been modified from its initial version seven years ago to offer more affordable rates.
“(The project) may wind up being a rental apartment building or we may put it up as a for-sale project,” Bill Deuchar, a partner of U.S. Pacific Development LLC, told the newspaper. “The way I see the market, I see so much high-end stuff. I’d rather be fighting it out in the lower end rather than the higher end. Our project is more community oriented.”
Prospect Properties acquired and consolidated the 1.62-acre site in 2007, with plans to develop a more than 95-unit, four-story building, comprising one-, two- and three-bedroom units, as well as a pool, recreation room, rooftop decks, a community rooftop deck, a recreational area and underground parking. The consolidated purchase included five different owners/sellers of nine separate parcels, consisting of 12 single- and multi-family structures with 19 tenants.
At the time, total project sales were expected to exceed $80 million, whereas the revised version could bring an estimated $60 million.
Form Partners is also developing the Robertson Properties’ $767 million mixed-use project on the 14-acre site of the former Kamehameha Drive-In Theater next to Pearlridge Center in Aiea. The project, known as Live Work Play Aiea, was recently approved by Honolulu Mayor Kirk Caldwell.
Photo credit: www.formpartners.comTags: Condo, Co-op, HOA, Consumer, Conventional - Market Rate, Developers, Development, Finance/Investment, Form Partners LLC, Honolulu Lead Story, Investors, Local, Managers, multi-family, National, Owners, Professional, Prospect Properties, Regional, Residential, Skyline Honolulu, U.S. Pacific Development LLC