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In the Pipeline: Hawaii Senior Living Coming to West Oahu

2 Jul 2015, 4:00 am

By Adriana Pop, Associate Editor

Ilima at LeihanoConstruction on one of the newest Kisco Senior Living projects is nearing completion.

According to the Pacific Business News, the $30 million, three-story facility in the heart of the pedestrian-friendly city of Kapolei in West Oahu will be ready for move-in by November.

Called Ilima at Leihano, the new development is located in a park-like setting on a 3.8-acre parcel that is part of the 40-acre Leihano mixed-use community.

Designed by Group 70 International, Ilima at Leihano features 84 independent, assisted-living and memory-care units, along with large common areas and extensive outdoor gardens.

Monthly rents will range from $5,805 for a studio of about 410 square feet to $7,675 for a two-bedroom, two-bathroom unit of about 995 square feet.

The property also offers easy access to a variety of amenities for all generations, including the 60-acre Kapolei Regional Park across the street, the Kapolei Library, West Oahu Queens Medical Center, a future transit station, shopping and dining options, an Embassy Suites hotel, First Hawaiian Bank, home furnishings company C.S. Wo & Sons and medical services.

This is one of the main reasons why California-based Kisco Senior Living selected Kapolei as the location for its soon-to-open Hawaii project, which has been seven years in the making. Within the last four years, the company closed on the final land acquisitions from the James Campbell Co.

“We started the project before the recession, waited out the recession, and then for a lot of the infrastructure to come in,” Kisco Senior Living’s chief development officer, Mitchell Brown, told the newspaper.

Photo credit: Kisco Senior Living



Marriott Vacations Time-Share Option Coming to the Big Island

23 Jun 2015, 4:38 pm

By Adriana Pop, Associate Editor

Waikoloa Beach Marriott in Hawaii

Waikoloa Beach Marriott on the Big Island in Hawaii

Marriott Vacations, one of the world’s largest time-share companies, agreed to purchase 240 rooms at the 555-key Waikoloa Beach Marriott Resort & Spa on the Big Island.

According to the Pacific Business News, the company is spending $38.5 million on the acquisition of these vacation ownership units, which it plans to convert into 112 timeshare condos.

Upon completion of the transaction sometime next year, the Orlando-based company plans to spend an additional $45 million to $55 million on renovations. The new resort condos, which should be ready for occupancy by 2017, will become part of the Marriott Vacation Club Destinations program. Sales are expected to begin in 2016.

The Waikoloa Beach Marriott Resort & Spa changed owners in February. The 16-acre property is currently owned by SMG | Hotel Waikoloa LLC, a joint venture between Colorado developer Silverwest Hotel Partners LLC, private equity firm Mariner Real Estate Management and an affiliate of Global Endowment Management, and managed by Marriott International.

The partnership purchased the resort from a Blackstone affiliate for approximately $68 million, according to public records.

Marriott Vacations currently operates more than 60 resorts with 400,000 owners and members across its world renowned timeshare brands, including Marriott Vacation Club, Grand Residences by Marriott and The Ritz-Carlton Destination Club.

Photo credit: www.marriott.com

Check out an executive insight into today’s timeshare industry.



Affordable Options for Kupuna

17 Jun 2015, 2:35 am

By Adriana Pop, Associate Editor

Kulana Hale II at Kapolei in HawaiiFranco Mola’s California-based Coastal Rim Properties Inc. is planning a January construction start for Kulana Hale II at Kapolei, a mixed-use residential and retail project on West Oahu. Construction is scheduled for completion by July 2018.

According to the Pacific Business News, the $111.5 million development will be built in three phases on approximately three acres of vacant land in downtown Kapolei. The property is currently owned by Goodwill Industries of Hawaii Inc.

The first component of the project will bring a 13-story residential tower with a floor area of 41,131 square feet. It will include 154 affordable senior rental units and ground-floor retail space. The apartments will be reserved for senior households earning between 30 percent of area median income (which amounts to $20,150 annually for a single person) and 60 percent (or $40,260 annually for a single person).

The next phase of the development will add a second 13-story, 44,310-square-foot high-rise with 143 affordable and market-rate condominium units, above more ground-floor retail space. About half of these residences will be reserved for buyers in the 140 percent area median income range and below (equivalent to a single person’s annual income of $93,940 or less).

The third phase of the project will consist of a single-story retail building of 46,788 square feet.

Developer Franco Mola is also building two condominium projects in Honolulu: the 153-unit, 65-foot building at 803 Waimanu St. and the 180-unit Ohana Hale high-rise at 929 Pumehana St.

Photo credit: www.coastalrim.com



CBRE Arranges Financing for Top Apartment Community on Maui

16 Jun 2015, 3:31 am

By Adriana Pop, Associate Editor

Sunset Terrace Apartments in Lahaina, Maui

Sunset Terrace Apartments in Lahaina, Maui

As demand for multifamily housing on Maui continues to increase, CBRE Capital Markets has secured $38.5 million in financing for Sunset Terrace Apartments, a 288-unit garden-style residential complex in Lahaina, on Maui’s western coast.

Andrew Behrens and Jesse Weber of CBRE’s San Francisco office arranged the cash-out refinance through Freddie Mac on behalf of Empire USA Real Estate Investments.

The property is located at 3626 Lower Honoapililani Road, adjacent to Honokowai Beach Park in Maui’s Kaanapali Beach Resort area. It is also situated within walking distance of a number of restaurants, grocery stores and shopping venues.

Surrounded by 13 acres of lush tropical landscape, the community offers a mix of one- and two-bedroom apartments, as well as a swimming pool and direct access to the Pacific Ocean. It was built in 1987 and renovated multiple times over the years. Today, it continues to rank as one of the island’s top market performers.

“Empire USA Real Estate Investments and Freddie Mac were both able to recognize the increasing demand for housing on Maui,” Behrens said in a prepared statement. “With no new residential product being built, and the hospitality and tourism industries growing, the housing dynamics present on Maui provide a favorable scenario for multifamily owners as the demand for apartments continues to increase with new jobs entering the market.”

Photo credit: Empire USA Real Estate Investments



Volcano-Side Resort to Reopen as DoubleTree by Hilton in December

15 Jun 2015, 2:44 am

By Adriana Pop, Associate Editor

Hilo Naniloa Hotel and Golf Club on the Big Island in Hawaii

The former Hilo Naniloa Hotel and Golf Club will become the DoubleTree by Hilton Hilo-Naniloa in December

The oceanfront Hilo Naniloa Hotel and Golf Club on the east side of the Big Island will undergo an $18.5 million conversion into a DoubleTree by Hilton property.

Located at 93 Banyan Drive in Hilo, the 12-story, three-tower resort covers 70 acres of land fronting Hilo Bay at the tip of the Waiakea Peninsula. It offers convenient access to Mauna Kea Observatory and downtown Hilo. The property is also the closest full-service hotel to Hawaii Volcanoes National Park, which is home to the Kilauea volcano, one of the most active volcanoes on earth. The park is in fact considered the state’s second-most-visited attraction, with an average of 1.3 million annual visitors, who spend more than $80 million every year.

By the time it opens in December, DoubleTree by Hilton Hilo-Naniloa will feature 388 rooms, as well as an entertainment venue, a “farm to table” restaurant, meeting space, a ballroom, a health club, a golf course and an outdoor swimming pool.

The property, which is owned by Ed Bushor’s Hawaii-based Tower Development, will be the second DoubleTree lodging facility in Hawaii, next to the Alana Hotel Waikiki in Honolulu. Hilton Worldwide currently operates seven timeshare properties and has nearly 10 hotels open or under development in Hawaii.

Globally, the DoubleTree by Hilton brand comprises a 100,000-key portfolio, while another 40,000 rooms are currently in the pipeline.

Photo credit: DoubleTree by Hilton

 







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