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Princeville Center on Kauai’s North Shore Sells for $51M

29 Mar 2015, 2:47 am

By Adriana Pop, Associate Editor

The Princeville Center retail property on Kauai’s North Shore has a new owner.

According to the Pacific Business News, The Sullivan Family of Cos., the owner of the Foodland supermarket chain in Hawaii, has acquired the shopping mall at 05-4280 Kuhio Highway, along with an adjacent vacant parcel of land, for a combined $51.3 million.

The company formed SFLP Princeville Center Owner LLC and SFLP Sponsor LLC to purchase the properties from Princeville SC LLC, a partnership led by local developer Honu Group. The seller’s other partners include the entities HSC Holdings LLC, Hivan LLC, Strand Hawaii Investors LLC and Delaware corporation Ayrtonco LLC.

Located outside the entrance to the Princeville at Hanalei resort, the 71,000-square-foot Princeville Center is anchored by one of Hawaii’s top-performing Foodland stores. Other tenants include restaurants, ice cream and coffee shops, a general store, as well as the only gas station on Kauai’s North Shore. Meanwhile, the 10-acre lot nearby has the potential to be developed into another 50,000 square feet of retail and 100 residential units.

Princeville SC LLC bought the 19.2-acre property for $40 million in 2006 from Princeville Associates, an entity led by Hawaii developer Jeff Stone that also included Morgan Stanley and Cornerstone Real Estate Advisors.

Princeville Associates owns the entire 9,000-acre Princeville at Hanalei resort, which it purchased from its Japanese owners in 2005 for $200 million. The acquisition included a lodging facility managed by Starwood Hotels & Resorts Worldwide Inc. that was immediately sold to the Los Angeles County Employees Retirement Association. The hotel is scheduled to close for renovations this fall and reopen as Hawaii’s first St. Regis hotel.

Last September, Reignwood International, led by Thai-Chinese billionaire Chanchai Ruayrungruang, purchased 1,103 acres at the Hanalei property for $343 million.

Photo credit: princevillecenter.com

 



Howard Hughes Sells Waiea, Anaha Luxury Condominiums at Ward Village

23 Mar 2015, 5:04 pm

By Adriana Pop, Associate Editor

Waiea Condo Tower at Ward Village in Honolulu

About 80 percent of the residences within the first two condominium towers currently under construction at the Ward Village master-planned community in Honolulu have been sold.

Howard Hughes Corp. CEO David Weinreb announced in a letter to shareholders that more than half of the buyers are from Hawaii. Other investors come from Japan, the Mainland U.S., as well as Canada, China, Taiwan, Korea and Australia.

Pre-sales for the 482 units in the Waiea and Anaha high-rises were launched in February. Last November, The Howard Hughes Corp. announced it had secured a $600 million non-recourse construction loan from The Blackstone Group to build the two projects.

“The sales to date demonstrate the pent-up demand for quality residential product in the urban core of Honolulu, and the broader undersupply of housing on the island of Oahu,” Weinreb said in the letter.

Anaha Condo Tower at Ward Village in Honolulu

He added that despite the increase in recent development activity on Oahu, current housing production remains near historic lows and that, according to the University of Hawaii Economic Research Organization, Oahu needs to produce approximately 4,000 units annually simply to meet existing demand.

Waiea, meaning “water of life” in Hawaiian, will offer 171 units upon completion (expected by the end of 2016), while Anaha, meaning “reflection of light,” will offer 311 residences when it opens during the first half of 2017.

In 2014, The Howard Hughes Corp. also obtained approval for the next phase of projects at Ward Village, Ward Village Gateway, two residential towers designed by Richard Meier & Partners, as well as a fifth condo tower designed by Bohlin Cywinski Jackson, which will include Whole Foods Market’s largest location in Hawaii.

Ward Village is the nation’s largest LEED-ND Platinum certified project. It incorporates and promotes the highest standards of sustainable neighborhood design, including pedestrian orientation, bicycle friendliness, easy access to public transit, use of recycled materials, as well as water and energy efficiency.

Photo credits: The Howard Hughes Corp.



California Developer Celebrates Groundbreaking of Second Ritz-Carlton Condo-Hotel in Waikiki

17 Mar 2015, 4:58 am

By Adriana Pop, Associate Editor

Ritz-Carlton Residences, Waikiki Beach in Honolulu

Construction has begun on the second Ritz-Carlton Residences, Waikiki Beach condo-hotel building in Honolulu.

According to the Pacific Business News, community and business leaders recently joined the project’s development team for a groundbreaking ceremony. Meanwhile, construction on the first 324-unit, 37-story “West” tower at 2121 Kuhio Ave. next door is advancing, with completion set for early 2016.

Both towers are being built by Pacrep LLC, which was formed by Irongate, the developer of the Trump International Hotel & Tower at Waikiki Beach Walk and the Watermark Waikiki.

The upcoming 37-story “East” building will be located right next to the company’s first Honolulu project and will offer 246 luxury condominium-hotel units by the time it is complete in 2017.

Designed by New York-based Guerin Glass & Associates, the new high-rises will be connected by an eighth-floor resort terrace. Amenities will include resort pools, a spa, a fitness center, an owners’ lounge and storage, while the commercial component will feature Hawaii’s first Dean & Deluca, BLT Market, Sushi Sho and a yet-to-be-announced grocery.

Other partners in the development include local company Brett Hill Construction Inc. as project manager, Honolulu-based Albert C. Kobayashi Inc. as general contractor and California-based Jon Brent Design as interior designer.

So far, most of the units within the first tower have been sold, especially to buyers from Japan, the Mainland and other parts of Asia. Lance Wilhelm, Irongate managing principal, told the newspaper that the remaining studio, one-, two- and three-bedroom units are priced between $998,800 and $3.5 million, while penthouse units cost from $6.8 million to $25 million.

When it opens, the two-tower condo-hotel complex will be the first Ritz-Carlton-branded property on Oahu. Other such projects in Hawaii are located on Maui and the Big Island.

Photo credits: Guerin Glass & Associates



Construction on Skyline Honolulu Condo Project Could Begin This Fall

2 Mar 2015, 9:48 pm

By Adriana Pop, Associate Editor

Skyline Honolulu Project Site in Honolulu

In the context of an improving economy, plans are moving forward for the long-stalled 140-unit residential condominium complex proposed by an affiliate of local developer Form Partners LLC on the slopes of the Punchbowl crater in Honolulu.

According to the Pacific Business News, construction on the mid-rise Skyline Honolulu project in Makiki is estimated to begin this fall and be complete on a 14-month schedule. The new development will include two-bedroom condominiums ranging from 700 to 800 square feet and priced between $450,000 and $550,000 per unit. Plans also call for 200 parking spaces and possibly a mix of three- and four-bedroom units.

Richard Matsunaga & Associates Architects Inc. and U.S. Pacific Development will design and build the new five-story complex, which is a scaled-back version of the developer’s initial proposal, approved by the city in 2008. At that time, Form Partners affiliate Prospect Properties intended to develop a 95-unit, four-story building comprising one-, two- and three-bedroom units, but construction had to be postponed because of the Great Recession. In 2007, the firm had acquired and consolidated the development’s 1.6-acre site, which consists of 12 individual residential properties, with the main building located on Prospect Street.

Skyline Honolulu is currently being reviewed by the city and county of Honolulu’s Department of Planning and Permitting and will soon undergo a traffic study.

Form Partners has also completed The Vanguard Lofts on the city’s Kapiolani Boulevard and is currently developing Robertson Properties’ $767 million mixed-use project on the 14-acre site of the former Kamehameha Drive-In Theater in Aiea. Last year, Honolulu Mayor Kirk Caldwell approved the development known as Live Work Play Aiea.

Photo credit: www.formpartners.com

 



Starwood’s Westin Nanea Ocean Villas Timeshare Resort to Open on Maui in 2017

24 Feb 2015, 7:24 pm

By Adriana Pop, Associate Editor

The Westin Kaanapali Ocean Resort Villas (Maui)

Starwood Vacation Ownership, a division of Starwood Hotels & Resorts Worldwide Inc., has announced plans for the development of The Westin Nanea Ocean Villas, an oceanfront timeshare resort located on Kaanapali Beach on Maui.

Upon completion in 2017, the new 26-acre property at 45 Kai Malina Parkway will offer 390 luxurious villas, along with a variety of amenities, including a 10,000-square-foot, lagoon-style swimming pool with an upper pool, a children’s beach pool and play area, two plunge pools, a beach bar, three oceanfront cabanas and a Westin Workout fitness studio. Guests will also have access to a full-service restaurant with stunning ocean views and an enticing menu of Hawaiian and international cuisine.

Designed by local architectural firm WCIT Architecture, the project will pursue LEED certification for high-performance buildings. It will be built by general contractor Hawaiian Dredging Construction Co.

Starwood recently unveiled plans to spin off its vacation ownership business into a separate company, a move that aims to take advantage of the increasing growth opportunities within the timeshare industry.

Starwood currently has three other time-share properties in Hawaii, including The Westin Kaanapali Ocean Resort Villas (pictured) and Westin Kaanapali Ocean Resort Villas North on Maui and the Westin Princeville Ocean Resort Villas on Kauai.

Additionally, as part of the spin-off, the company intends to increase its Starwood Vacation Ownership inventory in Hawaii by converting the Sheraton Kauai Resort into a timeshare property.

Photo credit: www.westinkaanapali.com







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