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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 Maui11 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 Property6 Oct 2014, 4:56 am
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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Howard Hughes Corp. Plans New Ward Village Condo High-Rise in Downtown Honolulu29 Sep 2014, 2:02 pm
The Howard Hughes Corp. is planning the construction of a new mixed-use condominium high-rise as part of its Ward Village master-planned community in the heart of downtown Honolulu.
According to the Pacific Business News, the 466-unit project is slated to rise at the former site of Hawaii’s first Nordstrom Rack store. It will also include a flagship 50,000-square-foot Whole Foods Market, the company’s largest location in Hawaii.
The Texas-based developer is asking the Hawaii Community Development Authority for five modifications, including a rotation of the project that would preserve mauka to makai view planes, in response to the community’s demands. An upcoming hearing for the company’s proposal is scheduled for Nov. 5 at 461 Cooke St. in Honolulu. A modification hearing will take place on Nov. 6, and on Jan. 7, 2015, at 545 Queen St., the committee will reach a final decision.
If approved, the new development at 330 Kamakee St. will offer a combined 78,319 square feet of commercial space, 53,375 square feet of indoor and outdoor recreation space and 1,301 parking stalls. Plans also call for public open spaces, as well as streets and significant improvements to the neighborhood.
Howard Hughes is currently building two other ultra-luxury condo towers in Kakaako as part of the first phase of Ward Village. Called Waiea and Anaha, the two high-rises will bring nearly 500 residential units, along with street-level retail. Waiea is located at 1118 Ala Moana Blvd., across from the Ward Entertainment Center, and includes 171 units, while the 311-unit Anaha (pictured) will be rising at 1108 Auahi St., on the site of the former Pier 1 Imports store.
“The first phase of the Ward Village Master Plan has brought significant economic growth and increased community amenities to the neighborhood,” David Striph, senior vice president for Hawaii for The Howard Hughes Corp., told the newspaper. “As we move forward with the early planning stages for phase two, we have submitted an application to the Hawaii Community Development Authority for a sustainably-designed mixed-use project at 330 Kamakee St.”
Slated to rise on 60 acres between the city’s downtown and Waikiki, the massive Ward Village mixed-use community is one of the largest LEED-ND Platinum-certified projects in the U.S. and the only one of its kind in Hawaii. At full build-out over the next decade, the project could bring more than 4,000 residential units and more than 1 million square feet of retail and commercial space.
Photo credit: wardvillage.com
Thai-Chinese Billionaire Invests $343M in Kauai’s Princeville Resort14 Sep 2014, 5:59 am
A portion of the Princeville Resort on Kauai’s North Shore sold for $343 million.
According to the Pacific Business News, Reignwood International led by billionaire Thai-Chinese businessman Chanchai Ruayrungruang has purchased 1,103 acres at the Hanalei property, which includes the Prince Golf Course.
The seller was The Resort Group, led by Hawaii developer Jeff Stone, one of the state’s largest resort development landowners. The company will continue to manage the Kauai lands, as Reignwood International bought out the share of the group’s finance partner, Morgan Stanley.
In an e-mail written to The Garden Isle, Stephanie Reid, director of public relations for St. Regis, said that the sale did not include the St. Regis Princeville Resort. The hotel continues to be managed by St. Regis by Starwood Hotels & Resorts Worldwide Inc.
Built in the 1960s, the 9,000-acre Princeville Resort marked Hawaii’s first and largest master-planned community. The Resort Group and Morgan Stanley purchased the property in 2005 from Suntory, Japan’s largest beverage company.
The master-planned community currently supports 2,500 jobs and generates $1 billion in economic impact to Kauai and the state. According to The Resort Group, the sale of the property will not affect employees and operations will continue as usual.
“Hawaii’s culture has deep roots in Asian heritage, as many of my good friends cherish the Islands and have made them their preferred vacation destination or home,” Ruayrungruang told the newspaper. “We’re excited to be part of the Kauai and Hawaii communities. The island’s natural beauty is spectacular, and its open countryside translates well to our sustainability goals for our communities.”
“We’re committed to preserving Princeville’s regal heritage and cultural roots,” added Ni Songhua, the London-based head of global investments and acquisitions for Reignwood. “We believe that Reignwood’s profound respect for Hawaiian history, along with our green vision for the future, will help to advance the long-term vision of Mr. Stone.”
Reignwood International is a subsidiary of Reignwood Group, which was founded in 1984 in Thailand by Ruayrungruang, who owns assets with a net worth of $2 billion. Currently based in Beijing, Reignwood Group holds branch offices in Singapore, Thailand, the United Kingdom, Canada and the United States.
Photo credit: www.princeville.com
Developer Ed Bushor Acquires Long-Stalled Kauai Lagoons Project for $60M8 Sep 2014, 4:52 am
The unfinished Kauai Lagoons oceanfront resort project on Hawaii’s Garden Isle could soon have a new owner.
According to the Pacific Business News, Marriott Vacations Worldwide is in negotiations to sell the property to Hawaii developer Ed Bushor for $60 million. The transaction is expected to close in the fourth quarter of this year.
First planned decades ago by the late hotel developer Chris Hemmeter, the project includes partially built Ritz-Carlton residences, ocean-view subdivisions, ready-to-build home sites with ocean and golf course views, a 27-hole Jack Nicklaus signature-designed golf course and a golf club house.
Overall, the property’s entitlement allows for the construction of as many as 700 residential units. It is located near the Lihue Airport and covers 83 acres of developable land within the 601-acre Kauai Lagoons master-planned community, one of the largest Hawaii construction projects to be interrupted by the recession.
“I enjoy finishing projects, (and) I hope that one day we can build a tribute to (Hemmeter’s) brilliance in creating that and finishing it for the state,” Bushor told the newspaper. “The main concept is to finish the project and help tourism. The economy is back, and Hawaii is firing on all cylinders. It’s really an exciting time for Hawaii.”
The Marriott International subsidiary halted construction at its $1.4 billion Kauai Lagoons resort development in 2008.
The company had multiple brands involved in the project, including 14 Ritz-Carlton Residences, 46 Ritz-Carlton Residences town homes, 72 Ritz-Carlton Club fractional ownership residences, 78 Grand Residences by Marriott, 200 Marriott Vacation Club villas and 50 custom-home lots.
Late last year, Ed Bushor, in partnership with marine artist Wyland, also purchased the Naniloa Volcanoes Resort on the Big Island. The investors paid $5.2 million for the property, which they plan to turn into an environmentally friendly, artistic boutique hotel.
Photo credit: Marriott Vacations Worldwide