By Adriana Pop, Associate Editor
Honolulu–About 77 percent of the luxury residences at the $1 billion Park Lane Ala Moana condo project in downtown Honolulu have been sold. Most of these buyers are Hawaiian, while another 20 percent are Japanese, according to the Pacific Business News.
The upcoming development will bring a total of 215 homes across a row of seven low-rise buildings located along Ala Moana Boulevard and Piikoi Street, near Ala Moana Center, the state’s largest shopping mall, which is currently undergoing a redevelopment of its Ewa Wing.
Announced in 2013, the project is being developed by AMX Partners LLC, which is made up of Kobayashi Group, The MacNaughton Group and BlackSand Capital, along with landowner General Growth Properties. Construction began in the summer of 2014 and could be completed sometime this year.
Located at 1388 Ala Moana Blvd., Park Lane Ala Moana will feature a mix of condos ranging from 850 square-foot one-bedroom residences to expansive 6,000 square-foot five-bedroom penthouses. Plans also call for two additional levels reserved for private residential parking, two-and-a-half floors of commercial parking and amenity spaces, plus one commercial unit. Prices for one-bedroom condos start from about $1.2 million and range up to $28 million for the five-bedroom penthouses. So far, only one of the three penthouses has been sold.
Other owners of the Park Lane units are from Hong Kong, Singapore and the West Coast of the United States.
According to B.J. Kobayashi, co-founder & partner of Kobayashi Group and co-founder & managing partner of BlackSand Capital, the buyer pool resembles that of other luxury condo projects in Honolulu, including Hokua, Capitol Place and ONE Ala Moana.
“Overall, the market for luxury condo units has been strong,” B.J. Kobayashi told the newspaper. “You’ve got Symphony, The Collection, Anaha, Waiea, Park Lane, ONE Ala Moana — there’s a lot that has been done. That stuff would not be done unless there is a pretty vibrant market.”
Image courtesy of AMX Partners LLC