California Developer Builds Condos in Hawaii

Construction on the “Aloha Kai” condominium high-rise in downtown Honolulu is set to begin by early 2016.

Construction on the “Aloha Kai” condominium high-rise in downtown Honolulu is set to begin by early 2016.

Aloha Kai in Honolulu

Aloha Kai Condominiums in Honolulu

According to the Pacific Business NewsMB Property Acquisitions LLC has partnered with Japanese firm Tama Home to build the 117-unit, 37-story project at the site of the YMCA of Honolulu Central branch on Atkinson Drive. Demolition of the current building is scheduled to begin in about five months.

Michael Blumenthal, president of MB Property Acquisitions, told the newspaper that the new development will also include a new 30,000-square-foot YMCA Central branch with no residential units, a swimming pool and a sophisticated aqua facility that will cater to seniors.

In 2012, the San Francisco-based developer announced its purchase of approximately 1.5 acres of the YMCA’s nearly 1.8-acre lot across from Ala Moana Center for an undisclosed amount. The non-profit will use the proceeds from the sale, which is expected to close in about three months, to fund the construction of its new building on the remaining land.

The upcoming Aloha Kai condo tower will encompass about 150,000-square-feet of net saleable square footage, with about four units per floor. The pricing range of the new units is still being determined, and will probably be around $1,400 per square foot—this translates into approximately $840,000 for a one-bedroom condominium of about 600 square feet.

All units will feature lanais that overlook the ocean, and there will also be a pool on the building’s rooftop. Architects Hawaii Ltd., Swinerton Builders and Locations LLC are also working on the project, which is set for completion in about two years.

Rendering via MB Property Acquisitions