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Commodore Waikiki Condo Project Hits Market

13 Apr 2015, 4:53 pm

By Adriana Pop, Associate Editor

Sales have been launched at the Commodore Waikiki, a new low-rise condo conversion that overlooks the Ala Wai Canal in Honolulu.

According to the Pacific Business News, the project has been developed by husband-and-wife team Mary Pattee and Rodney Howard, the former owners of Staffing Solutions of Hawaii. Through an entity called Commodore LLC, the developers purchased and transformed an old rental apartment complex at 1880 Kahakai Drive in Waikiki into a for-sale condominium project. In 2006, they invested $6.5 million into the acquisition of the property, which was built in the late 1940s by the U.S. Army Corps of Engineers to provide housing for naval officers. Another $3.5 million went into its refurbishment.

The four-story, two-building Commodore Waikiki now features a mix of 43 one-bedroom, two-bedroom and penthouse units priced from $280,500 to $549,000 on a fee simple basis. There are four two-bedroom penthouses ranging from 450 to 1,188 square feet and six two-bedroom condos ranging from 589 to 592 square feet, with the remaining one-bedroom condos ranging in size from 392 to 408 square feet. All of the units offer an open living concept, along with a variety of interior amenities.

The property, which also offers 13 parking spaces for sale at $60,000 per stall, is located between the Hawaii Convention Center and Ala Moana Shopping Center, just minutes away from Ala Moana and Magic Island beaches. Coldwell Banker Pacific Properties of Honolulu is the broker.

“The one-way in-and-out loop street allows for a more serene, quiet environment yet also offers a five-minute walk to the beach, restaurants, Ala Moana Center and Waikiki nightlife. As such, we anticipate our buyers will include young families, professionals and empty-nesters,” Tracy Allen, realtor-associate & vice president of Coldwell Banker Pacific Properties, said in a news release.

Photo credit: www.commodore-waikiki.com



California Developer MJF to Break Ground on Two Honolulu Condo Projects by Year-End

6 Apr 2015, 7:39 pm

By Adriana Pop, Associate Editor

Kakaako as seen from Magic Island

Plans are moving forward for the upcoming seven-story condominium project proposed by MJF Development Corp. in the growing Honolulu neighborhood of Kakaako.

According to the Pacific Business News, the California-based developer recently purchased industrial parcels at 803 Waimanu St., 764 Kawaiahao St. and 802 Kawaiahao St., where it plans to build the new residential complex. MJF Development, led by developer Franco Mola, formed an entity called Eight Zero Three Waimanu LLC to purchase the properties, currently occupied by warehouses, for a combined $5 million.

To be called 803 Waimanu St., the planned 65-foot building will offer a mix of 153 market-priced studio, one- and two-bedroom condominiums. There will also be a mechanized ground-floor parking system with 92 spaces, the newspaper reports.

The project, approved by the Hawaii Community Development Authority about a year ago, is expected to break ground this year and be complete in 2017. An earlier plan called for the construction of a 250-foot tower with 217 workforce units, but the proposal had to be scaled back to conform to the community’s demands.

MJF Development is also planning a 180-unit affordable and workforce condominium tower on a 14,400-square-foot parcel at 929 Pumehana St. in Honolulu. Approximately 60 percent (or 108) of the new residences within the Ohana Hale high-rise will be available to households earning between 100 and 120 percent of the city’s area median income. Construction on the project — which will include studio, one- and two-bedroom units — is also scheduled to begin later this year.

Photo credit: Brian Briones via kakaako.com



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







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