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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

Developers Unveil Scaled-Back Version of King’s Village Redevelopment in Waikiki

16 Feb 2015, 6:17 am

By Adriana Pop, Associate Editor

Kings Village in Waikiki Honolulu

The local development partnership between BlackSand Capital, Kobayashi Group and The MacNaughton Group has revised its plans for the construction of a new mixed-use condo-hotel tower at King’s Village in Waikiki.

According to the Honolulu Star-Advertiser, the developers presented an updated version of the project to the Waikiki Neighborhood Board earlier this month. Plans now call for a reduction of the building’s unit count from 256 to 248 luxury condominiums. The new design also removes a 240-foot wing in an attempt to preserve more of the neighborhood’s ocean and mountain views.

If approved, the new 350-foot, 33-story high-rise, which exceeds Waikiki’s current limit of 240 feet, would also feature a parking deck, a retail and office portion, and a small park. The development is slated to replace the King’s Village shopping center, which will be demolished, along with Prince Edward Apartments and Hale Waikiki. Black Sand purchased the property in 2012 for $41.3 million.

In exchange for exceeding the area’s height and density requirements, the development team has agreed to contribute more than $1 million in community spending, including $500,000 for Waikiki beach replenishment, support for the area’s homeless community, and other public benefits.

When it was first presented and approved by the board last spring, the project met with very little resistance. This time, however, nearby residents have expressed their opposition to the plan. Some were concerned about the fact that the upcoming tower would block most of the views for owners in the Waikiki Skytower, while others said that construction guidelines “were put in place for the good of all Waikiki.”

Nearby projects that have also exceeded Waikiki’s current height, density or setback limits include Trump Hotel Waikiki, which opened in 2009, and the two Ritz-Carlton Residences Waikiki towers currently under construction. Furthermore, Outrigger Enterprises Group is requesting an exemption for a new high-rise at the Outrigger Reef Hotel.

Photo credit: www.tripadvisor.com

Blackstone Sells Waikoloa Beach Marriott Resort

9 Feb 2015, 4:17 pm

By Adriana Pop, Associate Editor

A new owner has emerged for Waikoloa Beach Marriott, a 555-key resort hotel located on the shore of Anaeho’omalu Bay, on the Big Island’s Kohala Coast.

In a joint venture partnership called SMG Hotel Waikoloa LLC, Colorado developer Silverwest Hotel Partners, private equity firm Mariner Real Estate Management and an affiliate of Global Endowment Management have purchased the 16-acre property from a Blackstone affiliate for an undisclosed amount.

A paradise in the true Hawaiian style, Waikoloa Beach Marriott is one of only a few resort hotels on the Kohala Coast. It offers guests a variety of amenities, including a full-service spa, a fitness center, a swimming pool, a meeting event space, outdoor venues and access to two golf courses.

Marriott International will continue to manage the property, according to Silverwest co-founder & managing partner Edward Mace.  “The addition of this asset is part of a new joint venture with Mariner and GEM. It is a solid brand in a unique location on fee-simple oceanfront land in one of the great destinations of the world. The Big Island is recovering nicely, and we look forward to a long and successful relationship with the property,” he added.

Edward Mace has a long history with Hawaii. He also led the acquisition of the Fairmont Kea Lani on Maui as vice chairman of Fairmont Hotels & Resorts in 2001 and has advised a number of investors and private equity firms who have been involved in Hawaii resort transactions over the past eight years.

Silverwest Hotel Partners currently has two Colorado hotel projects underway, a 113-room Element by Westin in Basalt and an 88-room Hampton Inn and Suites in Silverthorne. Both properties are scheduled to open for the 2015-16 ski season.

Photo credit: www.marriott.com

Kamehameha Schools Sells Interest in Iconic Honolulu High-Rise

25 Jan 2015, 2:45 am

By Adriana Pop, Associate Editor

Kamehameha Schools, Hawaii’s largest private landowner, has sold the land under the 41-story mixed-use Executive Centre tower in downtown Honolulu.

According to the Pacific Business News, a group of local buyers, including the condo’s association of apartment owners, paid about $75 million to acquire the building’s leased-fee interest.

Located at 1088 Bishop St., the property features approximately 120 hotel units managed by Aston Hotels & Resorts, about 200 residential units and nearly 100 office units. There is also retail space, including the Hukilau Honolulu restaurant and Longs Drugs, a penthouse and a 12-story low-rise structure comprising 33 town homes and a parking facility.

“The property, which has a significant residential condominium component, is subject to a long-term lease (that runs through 2053), and is not part of any of Kamehameha’s strategic development areas,” Kekoa Paulsen, spokesman for Kamehameha Schools, told the newspaper in an email statement.

Under the terms of the agreement, individual condo owners may acquire the fee-simple title to their residential and commercial units. Public records indicate that Hawaii businessman Duane Kurisu, ResortQuest Hawaii, Nevada Holdings, Calvert Chipchase III Trust, Best Buy Hawaii International, Hawaii Holdings L.L.C., Longs Drugs and MB Technologies are among the buyers of the property’s leased-fee interest.

The transaction is part of Kamehameha Schools’ long-term strategy to generate revenue from commercial real estate sales to fund its educational mission. Over the past year, the $9.2 billion private trust has sold several properties, including the Costco-anchored Hawaii Kai Towne Center, to California’s ValueRock Realty Partners for $109.9 million and the Royal Hawaiian Center in Waikiki to a JPMorgan Chase affiliate for nearly $700 million.

Photo credit: Eugene Kim via Flickr

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