Luxury in Hawaii
- Mar 30, 2015
Honolulu—The second tower of the Ritz-Carlton Residences, Waikiki Beach has broken ground. The final phase of sales has also commenced at the luxury residential community. The announcement was made by real estate development firm Irongate.
The final phase now selling includes a collection of studio, one-, two- and three-bedroom residences ranging in price from about $950,000 to $3.5 million. A small number of unique penthouse estates are also being marketed for $6.75 to $25 million.
This second tower, called the East Tower, is scheduled for completion in 2017. It is adjacent to the West tower, which is scheduled to be complete in spring of next year.
The West Tower broke ground in September 2013, and crews reached floor 25, on their way to 38, earlier this month. A seven-story parking and amenity podium will connect the towers at their base. When complete, the podium will become a sought-after Waikiki destination and resort terrace. When complete, the towers will together house 555 fully-serviced and furnished residences.
“The tremendous demand for the first tower sent us a strong signal that completing the full vision for The Ritz-Carlton Residences, Waikiki Beach now would meet a very positive response from the market,” Irongate founder Jason Grosfeld told MHN. “So far, the positive response to the release of the second tower indicates that those signals were spot on.”
Located adjacent to the world-renowned shops of Luxury Row, The Ritz-Carlton Residences, Waikiki Beach are the first luxury towers built in Waikiki since 2009. They offer unobstructed views of the Pacific Ocean from every home, world-class design and architecture and access to amenities and services befitting the name Ritz-Carlton.
Luxury amenities include a resort terrace with two-ocean-view pools, fitness center, full-service spa, entertainment lounge and The Ritz Kids lounge. Dean & Deluca, BLT Market, Sushi Sho, a pool-side grill and locally owned produce and grocery market are among the sumptuous dining options offered to residents of the towers.
The development process has gone smoothly thus far, according to Grosfeld. “There are no projects as sophisticated and complex as this that are without challenges,” he said. “Our expertise in luxury development combined with our experience working in Hawaii and specifically, Waikiki have made it possible for us to address these challenges. The runway for completion of the second tower is clear for takeoff.”
The addition of the second tower enables Irongate to fully realize its vision for The Ritz-Carlton Residences, Waikiki Beach, Grosfeld said.
“Besides making it possible to offer this unique ownership opportunity to more people, the addition of the second tower allows for the expansion of the resort terrace and pool deck, creating space for more exciting dining and shopping options,“ he noted. “For Waikiki, the second tower’s development brings more life and activity to what is rapidly becoming the center for luxury hospitality in this very special place we call Waikiki.”