By Adriana Pop, Associate Editor
Construction has begun on the ONE Ala Moana luxury condominium tower in downtown Honolulu. According to the Pacific Business News, Albert C. Kobayashi Inc. has been appointed general contractor for the 23-story, 206-unit residential high-rise. The project’s developer, HHMK Development, made the announcement during a traditional Hawaiian pre-construction blessing ceremony held on April 5. The new tower is expected to be complete by the end of 2014.
HHMK Development L.L.C. is an entity comprising landowner and developer The Howard Hughes Corp., The MacNaughton Group and Kobayashi Group. Both The MacNaughton Group and Kobayashi Group have worked with Albert C. Kobayashi on two other luxury condominium projects: Hokua and Capitol Place. Kobayashi also built The Trump Tower Waikiki and the University of Hawaii Cancer Center.
Upon completion, the ONE Ala Moana high-rise will offer one-, two- and three-bedroom condominium homes ranging from 760 to 4,100 square feet. Amenities include a wine-tasting room, a chef’s kitchen where owners can bring in their personal chefs, as well as a private salon where personal shoppers may bring items to residents from a multitude of nearby stores.
Last December, all units within the tower sold out in just two days. Prices went from approximately $500,000 for the lower-floor one-bedroom condominiums to more than $9 million for penthouse suites. The average price per unit was around $1.6 million.
The project has received $40 million in mezzanine debt, with profit participation. A&B Properties, the real estate subsidiary of Alexander & Baldwin Inc., provided $20 million, while another $20 million was provided by List Island Properties L.L.C., a U.S. subsidiary of LIST Co. of Japan.
Photo credits: HHMK Development L.L.C.