Nordic PCL to Build $500M M-U Project in Downtown Honolulu
Nordic PCL Construction Inc. has been appointed general contractor for the $500 million 690 Pohukaina mixed-use project in Honolulu, the Pacific Business News reports. Forest City Hawaii has also selected Benjamin Woo Architects L.L.C. as part of the development team.
Last December, the Hawaii Community Development Authority (HCDA) unanimously approved Forest City Hawaii’s proposal to develop 800 affordable and market-rate housing units on the state-owned parcel located at 690 Pohukaina St. in Kakaako.
Pending further approvals, the public-private venture could include Hawaii’s tallest building at 650 feet. Plans also call for a commercial and civic building, a parking structure, a business incubator and offices for the state’s library system and Friends of the Library.
Forest City and the HCDA are currently involved in an 18-month development process. Construction on the project is expected to begin in 2015 or 2016 and be complete by 2019.
In regional news, Jones Lang LaSalle’s hotels and hospitality group is marketing for sale the Ritz-Carlton Kapalua Resort on Maui.
The beachfront luxury property spans 54 acres and consists of 297 hotel rooms and 107 condominium units (73 of which are unsold). The resort also benefits from 35,288 square feet of indoor meeting space, 173,000 square feet of outdoor meeting space, a 17,500-square-foot Ritz-Carlton Spa, a three-tiered pool, a tennis center and six world-class food and beverage outlets.
“The Ritz-Carlton Kapalua Resort is a strategic and value-add acquisition opportunity that we expect will attract investor interest from around the world,” said John Strauss, managing director of the hospitality group. “A new ownership group has the ability to capitalize on the strength of the Maui lodging market and significant compression from Oahu to drive outsize rate and occupancy growth in the near to medium term.”
At about 727.2 square miles, Maui is the second largest of the Hawaiian Islands. For 18 consecutive years, it has been named “Best Island in the World” in the Conde Nast Traveler Reader’s Poll.
Photo credits: Forest City HawaiiTags: affordable housing, Development, economy, Jones Lang LaSalle, leasing, multi-family, Policy, property management