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Maui Officials Green-Light A&B’s 600-Unit Residential Project in Kihei; Larry Ellison Buys Historic Hotel on Lanai9 Aug 2014, 5:11 am
The Maui County Council has granted the final zoning approval for a 600-unit housing project that would spread across 95 acres of land in Kihei on South Maui.
Proposed by A&B Properties, the real estate subsidiary of Alexander & Baldwin Inc., Kihei Residential will bring a mix of single-family and multi-family homes, along with parks, open space and a 1.4-acre commercial center.
The Maui News reports that the council’s approval of the $220 million community was accompanied by a list of conditions, including a requirement that A&B provide vehicle access between the development and any future collector road or potential mauka (inland) bypass.
According to Christopher Benjamin, Alexander & Baldwin president & COO, a significant number of the 600 homes will be affordably priced, and will be among the first to be delivered when the company begins closing sales in 2018. Prices for the new residences are expected to range between $300,000 and $600,000.
The developer’s next steps are to advance engineering and design work for the project and to pursue subdivision approval.
In other news, the Pacific Business News reports that Oracle Corp. CEO Larry Ellison has acquired the historic Hotel Lanai on the Pineapple Island for an undisclosed amount.
Mary Charles, her husband Tom Kiely, and their nephew Mike Charles were the sellers of the property, which comprises the 10-room hotel, a one-bedroom cottage and a 90-seat restaurant called the Lanai City Grille.
“We loved our little business, but it just became so hard to survive,” Mary Charles told the newspaper. “Hotel occupancy for us was great, and in the 90 percent range, but the restaurant business, which is dependent upon the tourism trade, suffered.”
The property dates back to 1923. It was built by James Dole, the developer of the pineapple industry in Hawaii, and was the first and only hotel on the island until 1990.
Larry Ellison owns 98 percent of Lanai, as well as the island’s two Four Seasons-branded resorts, which it purchased from Castle & Cooke Inc. CEO David Murdock. The sale of the properties closed in 2012 for a reported $300 million.
Photo credit: www.hotellanai.com
JPMorgan Chase Affiliate Purchases Royal Hawaiian Center for Record $696.5M; Kahala Hotel & Resort Sells for $300M2 Aug 2014, 3:07 am
The sale of the Royal Hawaiian Center in Honolulu closed for $696.5 million, the Honolulu Star-Advertiser reports.
New York-based J.P. Morgan Asset Management, an affiliate of banking giant JPMorgan Chase & Co., acquired Waikiki’s largest shopping complex from Kamehameha Schools in June.
The transaction, which includes the mall buildings but not the underlying land, sets a new record for retail property in Waikiki.
“It achieved a high-water mark for a retail property in Waikiki, demonstrating the strong demand for investment properties in Hawaii,” Mike Hamasu, consulting and research director at Colliers International, told the newspaper. “I can’t imagine anywhere else would sell for $2,165 a square foot.”
Kamehameha Schools selected Eastdil Secured to find a buyer for the center in October 2013.
Built in 1979 and renovated in 2005, the Royal Hawaiian Center is located on a 6.3-acre parcel along a three-block stretch of Kalakaua Avenue. The property comprises more than 322,000 square feet of leasable area, with more than 110 shops and restaurants, including The Royal Grove, a unique 30,000-square-foot cultural venue reminiscent of Waikiki’s historic Helumoa coconut grove.
“Royal Hawaiian Center is one of the nation’s finest shopping venues and is an outstanding addition to our portfolio of best-in-class core retail properties,” Chris Graham, managing director & head of Western U.S. acquisitions for J.P. Morgan Asset Management, said in a news release.
In other news, Japanese company Resorttrust Inc. has agreed to purchase the upscale 338-room Kahala Hotel & Resort in East Honolulu for $300 million. The transaction is expected to close on Sept. 30, according to the property’s owner, Kahala Hotel Investors LLC.
The Pacific Business News reports that the hotel’s current employees and contracts with travel and marketing partners will be retained.
Open since 1964, the hotel operated as the Kahala Hilton for decades. In the 1990s, it was purchased by Japan-based Kahala Hotel Associates LLP and became a Mandarin Oriental property.
Honolulu-based Trinity Investments acquired the resort in 2005 and partnered with Landmark Hotels to manage it. It also changed the hotel’s name from the Kahala Mandarin Oriental Hawaii to its current designation.
Resorttrust, which is based in Nagoya, anticipates an annual cash flow of more than $9.7 million (approximately one billion yen), based on the hotel’s operating revenue.
Photo credit: www.royalhawaiiancenter.com
Affordable Housing Projects in Honolulu, Mililani Mauka Receive $4M in Tax Credits28 Jul 2014, 4:15 am
The Hawaii Housing Finance and Development Corp. (HHFDC) has awarded a total of $4 million in federal and state Low-Income Housing Tax Credits for the construction of two affordable apartment complexes in Honolulu and Mililani Mauka.
Located at 1025 Waimanu St. in Honolulu’s Kakaako neighborhood, the 84-unit Ola Ka Ilima Artspace Lofts project has received $2.1 million, of which $1.4 million was granted as federal tax credits and $712,500 as state tax credits.
Reserved for artists earning between 30 and 60 percent of the area median income, the new complex is being developed by Artspace, a Minnesota-based nonprofit real estate developer, in partnership with the Ford Foundation. The companies are also collaborating with the PAI Foundation, whose mission is to preserve and perpetuate Hawaiian cultural traditions for future generations.
“A first of its kind in Hawaii, the Ola Ka Ilima Artspace Lofts project serves our goals to generate more affordable housing opportunities through public-private partnerships,” Gov. Abercrombie said in a news release. “At the same time, we are able to support culture and the arts, which has a lasting benefit to the people of Hawaii. We are especially pleased to be working with the PA‘I Foundation and Executive Director Vicky Holt Takamine and President Kawika McKeague in support of Native Hawaiian cultural resources and Hawaii’s arts communities.”
According to the Pacific Business News, the $38 million project is being built on an empty parking lot owned by the HCDA. Upon completion in 2017, the residential complex will feature one-, two- and three-bedroom units in two eight-story buildings. Artspace is also planning to develop a two-story commercial component at the site, which will include 6,000 square feet of leasable space and 96 parking spaces.
HHFDC has also announced the allocation of an approximately $1.8 million grant for the construction of Meheula Vista 1, a 75-unit affordable senior rental complex in Mililani Mauka.
Developed by the Catholic Charities Housing Development Corp., the project received $1.2 million in federal credits and $597,845 in state credits.
The building, which is slated to rise on state land, will be the followed by three additional senior rental developments totaling another 225 units.
“With Hawaii’s population continuing to live longer, we owe it to our older residents to ensure there are opportunities for them to age in place, remain active and enjoy quality lives as engaged members of their communities to the benefit of us all,” Gov. Neil Abercrombie said. “I commend our state HHFDC team and the Catholic Charities Housing Development Corp. for working together to provide our kupuna additional affordable rent options close to family and friends.”
Photo credits: Artspace
Developers Celebrate Groundbreaking of Ultra-Luxury Condominiums in Honolulu; New Senior Living Community Rising in Kapolei19 Jul 2014, 2:59 am
Construction on Park Lane Ala Moana, a $300 million ultra-luxury condominium complex fronting Ala Moana Boulevard in downtown Honolulu, is scheduled to begin within the next two months.
According to the Pacific Business News, the development team, which includes The MacNaughton Group, Kobayashi Group, BlackSand Capital and landowner General Growth Properties, held a groundbreaking ceremony for the project on July 9.
Plans call for seven low-rise buildings of about 100 feet, which will offer a total of 215 units, along with amenity spaces and residential and commercial parking.
The upcoming complex at 1488 Ala Moana Blvd. is being built on a former parking lot of Ala Moana Center, right next to the Bloomingdale’s department store currently under construction at Hawaii’s largest shopping mall.
The new residences, which will range in size from 850 to 6,000 square feet, should be ready for occupancy by late 2016.
In other news, the Pacific Business News reports that California-based Kisco Senior Living and general contractor Kiewit have celebrated the groundbreaking of the $30 million Ilima at Leihano senior living community in the heart of the pedestrian-friendly city of Kapolei.
Plans call for a three-story facility offering a total of 84 spacious assisted-living and memory-care units, large common areas and extensive outdoor gardens. There will be no entrance fees, and monthly rents will include a variety of services, such as dining plans, transportation services, utilities, housekeeping, emergency response, as well as wellness activities and programs.
Designed by Group 70 International, the complex will cover about half of the 40-acre mixed-use project that Kisco is developing in phases.
“Ilima at Leihano will offer our kupuna an alternative housing option that encourages independence, active lifestyles and an environment that facilitates daily interaction between seniors and other generations,” Sharon Thom, vice president of Kiewit Senior, said in a prepared statement.
Photo credit: The MacNaughton Group/Kobayashi Group/BlackSand Capital
Hawaii Pacific University Officially Begins Redevelopment of Aloha Tower Marketplace in Honolulu29 Jun 2014, 3:53 am
A groundbreaking ceremony and traditional Hawaiian blessing marked the official construction start for the revitalization of the Aloha Tower Marketplace in downtown Honolulu.
According to the Pacific Business News, Hawaii Pacific University is investing approximately $50 million in the redevelopment project, which would bring new life to the city’s landmark waterfront property.
On the first floor, the new mixed-use residential and commercial complex will feature an improved marketplace, restaurant spaces and other HPU academic and support spaces, including a theater/lecture hall for as many as 250 people, while the second floor will be converted into 83 student and faculty residences, with the capacity to accommodate about 300 individuals.
Upon completion in the fall of 2015, the revitalized Aloha Tower Marketplace will offer a total of 84,000 square feet of indoor and outdoor public space, along with another 15,000 square feet of space that HPU will share with the public. The venue is also expected to enrich Honolulu’s intellectual and cultural scene by enabling the organization of various events, from public seminars to think-tank sessions.
Four of the property’s existing tenants — including The Cab, Gordon Biersch Brewery Restaurant, the Star of Honolulu and Hooters — will remain open throughout the renovation.
Group 70 International is the project’s local architectural firm, while Swinerton Builders is in charge of construction.
“This revitalization project at Aloha Tower Marketplace is an investment in the future, both economically and for the people of Hawai‘i,” said Gov. Abercrombie. “I commend Hawai‘i Pacific University and its partners for moving forward with a vision for a vital and lively Downtown Honolulu, while increasing access to higher education in today’s global economy.”
“The Aloha Tower has long served as a beacon, guiding ships from around the world toward our Honolulu Port,” added Honolulu Mayor Kirk Caldwell. “Hawai‘i Pacific University’s new use of the iconic Aloha Tower Marketplace will continue its historic role of welcoming visitors, and now students, to the heart of Honolulu in a modern, vibrant mixed-use space.”
HPU, the state’s largest private university, will celebrate its 50th anniversary in 2015. The not-for-profit institution is one of the nation’s most culturally diverse learning communities, with graduates from all 50 U.S. states and about 80 different countries.
Photo credit: Hawaii Pacific University
From left, HPU Board of Trustees Chairman-elect Joachim Cox, Honolulu Mayor Kirk Caldwell, HPU President Geoffrey Bannister, Hawaii Gov. Neil Abercrombie, HPU Board of Trustees Chairman Michael Chun, HPU Executive Vice President Janet Kloenhamer, HPU alumna/former Student Body President Miina Huotari and Kahu Kordell Kekoa.