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JW Marriott Ihilani’s Transformation into a Four Seasons Resort to Cost $500M

20 Nov 2014, 4:42 am

By Adriana Pop, Associate Editor

Hawaii real estate developer Jeff Stone has partnered with Canada-based Westbank to buy and re-brand the JW Marriott Ihilani hotel at the master-planned Ko Olina community in West Oahu. Cornerstone Real Estate Advisers LLC is the seller of the property, which will be redeveloped into a Four Seasons resort.

According to the Honolulu Star-Advertiser, Stone’s company, The Resort Group, and its Canadian partner will invest an estimated $500 million into the project, which includes $250 million for the hotel’s acquisition and another $250 million for its redevelopment.

Plans include a major overhaul of the property’s existing 401 units, as well as the construction of a new 15-story tower with 150 luxury residences, the island’s first Four Seasons-branded estates.

“This is the fulfillment of a long-held dream for Ko Olina,” Stone said in a news release. “The economic impact of the project, the return to the state and county, is over $1 billion. This is a real hotel with real residences that are part of the hotel. No brand has ever come and done this.”

The renovation is scheduled to begin Jan. 10, following the expiration of the JW Marriott contract at the end of this year. This phase of the project will bring 195 guestrooms dedicated for hotel use, along with 206 resort condominium residences priced between $1.5 million and $5 million. It will also include a wedding chapel, two new main pools, seven private pools, a coconut grove, a remodeled resort entry, a lobby atrium with a ceiling-to-floor 3-D art piece, as well as a new grand staircase and water promenade.

The hotel is expected to reopen in December 2015, while construction on the new high-rise, designed by Japanese architect Toyo Ito, should begin in January 2016. The prices of the new units are estimated to range between $5 million and $10 million.

Honolulu-based Group 70 International is also involved in the project, along with James K.M. Cheng Architects, Philpotts Interiors and SWA Group.

During the renovation, Ihilani’s 500 employees will receive severance packages and medical benefits totaling $5.2 million. Upon completion, the new resort is expected to employ 800 people. It will be renamed Four Seasons Resort Oahu at Ko Olina (or “place of joy” in Hawaiian).

“We welcome the very first Four Seasons hotel or resort to Oahu. The addition of this world-renowned hotel brand will enhance Oahu’s tourism base and support economic growth on the leeward coast. The city looks forward to working with Four Seasons on their expansion plans and the growth opportunities they bring to Ko Olina,” added Honolulu Mayor Kirk Caldwell.

The Canada-based Four Seasons hotel management company — which operates properties on Maui, the Big Island and Lanai — first attempted to bring its luxury brand to Ko Olina in 1990, and then in 2008, when the economy stalled. It currently manages the Four Seasons Resort Maui at Wailea, the Four Seasons Resort Hualalai at Historic Kaupulehu on the Big Island, the Four Seasons Resort Lanai at Manele Bay and the Four Seasons Resort Lanai, The Lodge at Koele.

Photo credits: Four Seasons Resorts

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Construction Begins on A&B’s “The Collection” Condo High-Rise in Downtown Honolulu

27 Oct 2014, 4:38 am

By Adriana Pop, Associate Editor

A&B Properties held a traditional Hawaiian groundbreaking and blessing ceremony for its $200 million, 465-unit luxury condominium complex in Honolulu, the Pacific Business News reports.

The Collection Luxury Condominium Complex in Honolulu

Called The Collection, the project is being developed on the former 3.3-acre CompUSA site at 600 Ala Moana Blvd., a single urban block in the city’s Kakaako neighborhood.

The new mixed-use community, for which construction is scheduled to be complete in late 2016, will comprise three residential components. The initial development phase, The Tower, will bring 397 two- and three-bedroom units with ocean and mountain views. More than 75 percent of the new residences within the planned 43-story high-rise have already been sold, with prices starting from the low $600,000s. Amenities will include a swimming pool, a spa, barbecue dining pavilions, a fitness center and entertainment rooms.

The second phase, The Lofts @ The Collection, will consist of 54 condominiums within a four-story, mid-rise building. Priced from the mid-$300,000s, these units opened for pre-sale on Aug. 23 and sold out in less than a day.

The final phase of The Collection will include 14 urban townhomes, for which plans will be announced at a later date.

Upon completion, the project will also include 13,000 square feet of commercial space for shops and restaurants.

Earlier this month, Alexander & Baldwin’s real estate subsidiary purchased the site of the planned development from Kamehameha Schools. Terms of the deal were not disclosed.

“As a Hawaii-based company with a 144-year history in the islands, A&B Properties is committed to creating homes for Hawaii residents to live, play and raise their families,” A&B president & COO Christopher Benjamin said in a news release. “The Collection is a project by a local company for local people, and we are proud and honored that over 85 percent of our homebuyers are Hawaii residents.”

The Collection is part of Kamehameha Schools’ Our Kakaako master plan in Honolulu, which would spread across nine blocks along Ala Moana Boulevard, between South Street and Ward Avenue. Four other developers also plan construction of residential buildings in the area, including Stanford Carr, Castle & Cooke Homes, Gerding Edlen, and a partnership between the MacNaughton Group and Kobayashi Group.

A&B is the developer of two other high-rise condominium projects in Honolulu, Keola Lai, which opened in 2008, and Waihonua at Kewalo, which is nearing completion.

Photo credit: A&B Properties

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Avalon Development Celebrates Construction Start on $165M Hawaii Kai Apartment Complex

21 Oct 2014, 1:23 am

By Adriana Pop, Associate Editor

Aerial view of Hawaii Kai

Construction on a 269-unit Hawaii Kai residential rental project that was initially planned as a luxury condominium complex was set to begin on Friday, with a groundbreaking ceremony.

According to the Pacific Business News, Honolulu-based Avalon Development Co. is planning the construction of two 10-story apartment buildings and a parking structure on nearly four acres of land at 7000 Hawaii Kai Drive.

The new development, which entails a total investment of $165 million, will bring a mix of 215 market-rate units and 54 affordable residences.

The owner of the land is Hanwha Engineering and Construction, a South Korean developer who originally planned the Hale Ka Lae condominium complex at the site. Plans were shelved in late 2011, and last year the company contracted Avalon Development to develop, design and obtain financing for the rental project, now called 7000 Hawaii Kai.

Construction on the complex is scheduled to be complete during the second quarter of 2016. Monthly rents for the market-rate two-bedroom, two-bathroom units and three-bedroom, two-bathroom units are expected to range between $2,200 and $3,700. Meanwhile, the affordable component of the project, which includes two-bedroom and three-bedroom apartments reserved for residents earning up to 80 percent of the area median income, is expected to lease for between $1,475 and $2,200 per month.

Amenities at 7000 Hawaii Kai will include a clubroom with full kitchen, a library, a secondary dining/meeting room, a media/performance room with kitchenette, a music practice room/conference room, a fitness center, a business center, commercial laundry facilities, a dog wash area and an expansive lawn area.

“Not only did we help a troubled project come back to life, we have given some significant benefit to the community with these rentals,” Avalon president & CEO Christine Camp told the newspaper. “We may help bring back young families to the place where they grew up.”

Design Partners Inc. is the project’s architect, and the builder is Hawaiian Dredging Construction Co.

Photo credit: Travis Thurston via Wikimedia Commons

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Construction to Begin on Forest City Hawaii’s $140M Apartment Complex in West Oahu; Hunt Development Breaks Ground on $65M Luxury Residential Project on Maui

11 Oct 2014, 6:17 am

By Adriana Pop, Associate Editor

Construction on Forest City Hawaii’s 499-unit mixed-use residential rental complex on West Oahu will soon begin, the Pacific Business News reports.

Called Kapolei Lofts, the project entails an investment of $140 million. It will feature one-, two- and three-bedroom apartments, ranging from 400 to 1,200 square feet, as well as a variety of amenities, including commercial space, a community center/clubhouse, a 1.34-acre linear park and parking.

Kapolei-based Delta Construction Corp. is in charge of the project’s site work. Completion of the new complex is expected in about two years.

Out of the total number of units, 100 apartments will be reserved for households earning up to 80 percent of the area median income (AMI), while another 200 will target renters earning up to 140 percent of the AMI. The remaining 199 units will be rented at market rates.

In other news, Hunt Development Group has celebrated the groundbreaking of its $65 million luxury residential development in South Maui.

According to the Pacific Business News, the 68-unit Nuu Aina project at 1345 Piilani Highway in Kihei will feature one- and two-story single-family homes and two-story villas.

The new development will spread across 17 acres of land surrounded by the Maui Nui Golf Club. It will be located above the Piilani Highway, between Kalepolepo Beach Park and Kalama Beach Park. Amenities will include a pool, hot tub, outdoor kitchen facilities, as well as golf course privileges.

Maui-based Goodfellow Bros. is in charge of the project’s site work. The first phase of construction is expected to create about 15 full-time jobs.

“We are starting the grading right away,” Steve Colon, president of Hunt Development Group Hawaii Region, told the newspaper. “Many more (jobs will be created) over the life of the entire project.”

Hunt is currently in the process of selecting a builder, which will also be handling the sale of the new homes.

Photo credit: Forest City Hawaii via bizjournals.com

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Capbridge Group Invests $300M into Maui’s First Hilton Grand Vacations Timeshare Property

6 Oct 2014, 4:56 am

By Adriana Pop, Associate Editor

Japanese investment firm The Capbridge Group, through its local subsidiary, Capbridge Pacific LLC, is planning to invest $300 million into the development of Maui’s first Hilton Grand Vacations timeshare resort.

The new holiday destination is slated to rise at the site of the former Maui Lu Resort in Kihei, a 28-acre beachfront parcel Capbridge recently acquired. The transaction marks the company’s first venture in Hawaii.

Construction on the redevelopment project is expected to begin in late 2015 and be complete in 2017. Capbridge has selected Hilton Grand Vacations to manage the property’s timeshare sales and hotel operations.

Upon completion, the planned villa-style, Hawaiian resort will feature 388 one-, two- and three-bedroom residences. Amenities will include a super swimming pool, a fitness center, kids’ and teen centers, a private beach club, as well as a great lawn on Maui’s longest beach.

Located only 15 minutes from the Kahului Airport, the new holiday destination will also offer easy access to a variety of restaurant, shopping and nightlife destinations in Kihei and Wailea.

According to Will Beaton, president of Capbridge Pacific, the project will provide a significant improvement to Kihei and a major economic boost to the island of Maui.

“Maui continues to be one of the most desirable destinations for the vacation ownership market. Hawaii’s relationship, from both a geographic and business perspective, with both the U.S. mainland and the Asia-Pacific region, is a great fit with our company’s growth and investment strategy,” he said. “The plans for this resort, coupled with the quality of the Hilton Grand Vacations Club product and the strength of the Hilton brand, will offer visitors another exceptional vacation experience on Maui.”

The Capbridge Group is headquartered in Tokyo and has offices in Honolulu, San Francisco and Shanghai. The company’s Honolulu office is led by Beaton, who has more than 26 years of land development experience in Hawaii, including projects such as One Archer Lane and Wailea Beach Villas on the Valley Isle.

“Hilton Grand Vacations is thrilled to be a part of this new resort development, and we are excited to soon have a presence on the island of Maui,” added Mark Wang, president of Hilton Grand Vacations. “This new resort will be an outstanding addition to our portfolio of vacation destinations and ownership opportunities in Hawaii.”

On Maui, Hilton Worldwide also manages the Grand Wailea (pictured) as part of its Waldorf Astoria Resort brand.

Photo credit: www.grandwailea.com

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