California Developer Pacrep Plans Second Condo-Hotel Tower in Waikiki
- Mar 03, 2014
By Adriana Pop, Associate Editor
Los Angeles-based Pacrep LLC is planning the construction of a second luxury condo-hotel tower in Waikiki. According to the Pacific Business News, the city and county of Honolulu will not require an environmental impact statement for the $159.5 million, 280-unit project at 2139 Kuhio Ave.
Construction is set to begin in April and wrap up by the summer of 2015. Plans also call for building support facilities, resident services, recreational amenities, streetscape improvements and commercial space. Pacrep estimates that the project would create about 275 construction jobs and generate more than $174 million in on-site sales, including about $1.2 million in conveyance tax revenues for the state.
The new 39-story high-rise will be located right next to the company’s first Honolulu project, The Ritz-Carlton Residences, Waikiki Beach (pictured), which is currently under development. Scheduled to open in early 2016, the 37-story tower at 2121 Kuhio will bring 309 luxury hotel-condominium units, ranging from studios to three-bedroom layouts. Most of the residences, which have attracted significant interest from Japanese investors, have already been sold. Amenities will include resort pools, a spa, a fitness center, an owners’ lounge and storage, while the commercial component will feature Dean & Deluca, BLT Market and Sushi Sho.
Upon completion, the two new high-rises will be connected through an eight-story building podium, the newspaper reports.
Jason Grosfeld, managing member of Pacrep, has led the development of other notable condominium-hotel properties in Honolulu, including Irongate’s Trump International Hotel Waikiki Beach Walk and the Watermark Waikiki.
Condo-hotel properties allow investors to purchase individual rooms and rent them to tourists, while sharing the proceeds with an on-site management firm. Owners may also opt to reside in or manage the condominiums themselves.
Photo credits: Pacrep LLC