by Adriana Pop, Associate Editor
HHMK Development, LLC, comprised of landowner and developer The Howard Hughes Corporation and a joint venture of Honolulu development firms, The MacNaughton Group and Kobayashi Group, are developing a luxury residential tower above the existing Nordstrom parking structure at Ala Moana Center in downtown Honolulu.
Called ONE Ala Moana, the 23-story high-rise will offer 206 one, two and three bedroom condominium homes ranging from 760 to 4,100 square feet. Prices will go from approximately $500,000 for the lower floor one-bedroom condominiums to over $9 million for penthouse suites. The average price per unit will be around $1.6 million.
“We are seeing extensive interest among potential purchasers and anticipate rapid sales because of the unique location, high quality design and finishes and the fact that buyers could be living in their new homes within the next 24 months,” said Bert Kobayashi, Sr., Kobayashi Group Founder and Senior Advisor. “The early interest is from individual buyers and the high-end realtor community, both in and outside Hawaii, who know our reputation and dedication to exceptional quality and stand-out developments,” Kobayashi added.
The project recently received $40 million in mezzanine debt with profit participation. A&B Properties, the real estate subsidiary of Alexander & Baldwin, Inc. is providing $20 million, while another $20 million is being provided by List Island Properties, LLC, a U.S. subsidiary of LIST Co., Ltd. of Japan. LIST will also serve as an exclusive representative of the new property for buyers in Japan.
HHMK Development has selected architectural firm Benjamin Woo Architects of Hawaii and Solomon Cordwell Buenz of San Francisco and Chicago to design the new building. Heyer & Associates LLC is the exclusive broker for the project, while Joyce Timpson & Associates is handling the marketing.
Photo credits: HHMK Development LLC