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$350M International Market Place Redevelopment Begins in Waikiki; Castle & Cooke, Kamehameha Schools Develop Workforce Housing in Kakaako

10 Mar 2014, 8:37 pm








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By Adriana Pop, Associate Editor

Michigan-based developer Taubman Centers Inc. and its partners CoastWood Capital Group LLC of San Francisco and landowner Queen Emma Land Co. of Honolulu celebrated the groundbreaking of the new International Market Place in Waikiki.

Upon completion in the spring of 2016, the 360,000-square-foot shopping center will feature approximately 75 retailers, seven restaurants and the island’s first full-line Saks Fifth Avenue. According to the Pacific Business News, the redevelopment entails an investment of $350 million.

In addition to creating an estimated 1,000 construction jobs and about 2,500 permanent jobs, the project will bring revenues to support The Queen’s Medical Center, the state’s largest private, nonprofit hospital.

“The new International Market Place will become a new and sustainable income source for The Queen’s Medical Center, helping us provide much-needed quality healthcare and access to specialized medical services,” Eric Martinson, president of Queen Emma Land Co., said in a news release. “The groundbreaking ceremony marks a milestone for us as we continue to honor the legacy of Queen Emma.” 

In other news, Castle & Cooke Homes Hawaii and Kamehameha Schools officially announced their plan to develop a 183-unit mixed-use workforce housing project in Kakaako.  

The new development is slated to rise in an area known as the “Third City,” on a block bounded by Auahi, Keawe and Pohukaina streets.

The Castle & Cooke component of the project will be located on the makai end of the block and will include a 65-foot, six-story mixed-use building with 75 market-priced and 20 workforce condominiums, and 10,000 square feet of commercial space.

On the remainder of the land, Kamehameha Schools will be developing a 65-foot building, with 88 rentals reserved for middle-income workers and their families.  Plans call for four floors of residential units and three levels of parking.

The entire project, which will be part of Kamehameha Schools’ “Our Kakaako” master plan, will cost $60 million to develop, the Pacific Business News reports.

“Castle & Cooke understands and shares our vision for Our Kakaako and has a deep respect for Hawaii’s culture and lands. We are extremely pleased to be collaborating with them,” said Elizabeth Hokada, vice president for endowment for Kamehameha Schools.

Photo credit: Taubman Centers



California Developer Pacrep Plans Second Condo-Hotel Tower in Waikiki

3 Mar 2014, 10:03 pm







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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



Stanford Carr’s Halekauwila Affordable Rental Complex in Kakaako Nears Completion

24 Feb 2014, 6:31 am








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By Adriana Pop, Associate Editor

The Hawaii Community Development Authority (HCDA) announced that Stanford Carr’s affordable 204-unit Halekauwila Place apartment high-rise in Honolulu’s Kakaako neighborhood would be complete in March.  

According to the Pacific Business News, financing for the $70 million project includes $25 million from the U.S. Department of Housing and Urban Development through PNC Bank, $28 million in low-income tax credits, as well as subordinate gap funding from the HCDA in the amount of $17 million.

Rents at Halekauwila Place will range from $956 a month for a studio to $1,389 a month for a three-bedroom unit. The residences will be available to tenants earning as much as 60 percent of Honolulu’s median income, which is between $36,000 and $41,000 a year for a single person.

The Halekauwila affordable rentals are considered the first phase of the 690 Pohukaina mixed-use project in Kakaako, which includes two additional residential towers, one of which is slated to become the tallest building in Hawaii.

Plans for the state-owned parcel at 690 Pohukaina St. call for 300 for-sale workforce units, available to buyers earning as much as 140 percent of the city’s median income, as well as 500 market-priced housing units, a parking structure, a business incubator, commercial space and offices for the state’s library system and Friends of the Library. Forest City Hawaii expects to begin construction on the buildings in 2015 or 2016 and complete the project by 2019.

Stanford Carr is also developing the 40-story Keauhou Place residential tower in Kakaako. The new high-rise will be part of Kamehameha Schools’ Keauhou Lane mixed-use development and will include 400 condominiums, 200 apartments and ground-floor commercial space. Kamehameha Schools’ portion of the project consists of a low-rise mixed-use structure with 200 workforce apartments and ground-floor retail space. Construction on the buildings is scheduled to begin in mid- to late 2014 and be complete in 2016.

Photo credits: www.halekauwilaplaceapartments.com



Gerding Edlen Tapped to Develop Kamehameha Schools’ Workforce Rentals in Kakaako

17 Feb 2014, 7:03 am







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By Adriana Pop, Associate Editor

Kamehameha Schools has selected Oregon-based Gerding Edlen to develop a 209-unit workforce rental project, which will be part of the company’s $300 million Keauhou Lane mixed-use residential development in Kakaako.   

According to the Pacific Business News, plans call for a nearly 70,000-square-foot building with studio, one-bedroom and two-bedroom apartments reserved for middle-income workers. The six-story structure will also feature 17,590 square feet of ground-floor retail space, 14,290 square feet of ground-floor restaurant space and a 280-stall parking garage.

Kamehameha Schools has partnered with Stanford Carr Development for the construction of the Keauhou Lane project, which is slated to rise on a block bordered by South, Pohukaina, Halekauwila and Keawe streets.

Stanford Carr’s portion of the development includes a 40-story residential tower called Keauhou Place and a parking structure. The high-rise will bring 600 residences, 400 of which will be for-sale units, while the remaining 200 will be rentals, along with ground-floor commercial space.

The new tower will be separated from Kamehameha Schools’ low-rise mixed-use building by a pedestrian promenade that may connect to the rail transit station planned by the Honolulu Authority for Rapid Transportation.

Combined, the two housing projects will offer a total of 800 residences, about 50,000 square feet of recreational space and more than 65,000 square feet of open space. Construction is expected to begin in mid- to late 2014 and be complete in 2016.

The Keauhou Lane development is part of Kamehameha Schools’ “Our Kakaako” master plan, which calls for the development of seven residential towers on nine city blocks. Upon completion, the high-rises will bring a total of 2,750 residences and 300,000 square feet of commercial space on 29 acres of land in Kakaako.

Photo credits: www.ksbe.edu



New Hilton Grand Vacations Resort Opens in Honolulu’s Waikiki Beach Walk

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By Adriana Pop, Associate Editor

On Jan. 28, Hilton Grand Vacations (HGV) celebrated the grand opening of its newest resort, Hokulani Waikiki by Hilton Grand Vacations Club in Honolulu. Mayor Kirk Caldwell and other officials attended the reception hosted by Mark Wang, president of Global Sales and HGV.

Centrally located in the vibrant Waikiki Beach Walk entertainment district, the urban 14-story timeshare property offers 143 one-bedroom suites ranging from 545 to 575 square feet. Owners and guests have access to a variety of upscale amenities, including Waikiki’s only open-air, rooftop pool bar, with amazing skyline views and private cabanas. The property also features a fitness center, a business center, a laundry room on each floor and valet parking.   

“The resort has a great location, just two blocks from the beach and steps away from popular dining and shopping. But what really sets Hokulani Waikiki apart is its design approach, which combines a distinctive Hawaiian style with a vibrant, urban aesthetic,” Bryan Klum, executive vice president of Hilton Grand Vacations – Asia Pacific, said in a news release.

The new resort at 2181 Kalakaua Ave. resulted from the redevelopment of the former OHANA Islander Waikiki Hotel. Local architecture firm Group 70 International and Los Angeles-based Indidesign were selected to work on the overhaul project, which began in 2012.

Sophisticated as well as natural design elements capture the essence of the local culture and environment, and complement the resort’s name, Hokulani, which means “heavenly star” in Hawaiian.

HGV has three other resorts in the state, located at the Hilton Hawaiian Village in Honolulu. These include Kings’ Land by Hilton Grand Vacations Club, Kohala Suites by Hilton Grand Vacations Club and The Bay Club at Waikoloa Beach Resort.

“Hokulani Waikiki is further proof of the popularity of HGV’s timeshare properties in Hawaii,” Klum added. “This new location provides a compelling complement to our three timeshare properties at the nearby Hilton Hawaiian Village. Our properties within the Village offer a relaxing and immersive beach vacation, while Hokulani Waikiki is designed to provide a more energetic urban experience.”

Developed in 2007 by Hawaii’s Outrigger Enterprises Group in partnership with American Assets Trust Inc., Waikiki Beach Walk is the largest hotel-retail-entertainment complex in Waikiki’s history. Spanning nearly eight acres, the development includes more than 40 world-class retailers in an open-air, two-level center, as well as restaurants, casual eateries, four accommodation options and an outdoor plaza featuring live performances.

Photo credits: Hilton Grand Vacations



Prospective Buyer Terminates $142M Deal to Acquire City-Owned Affordable Housing

3 Feb 2014, 6:17 am







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By Adriana Pop, Associate Editor

The $142 million leasehold sale of 12 city-owned affordable rental complexes located in various parts of Oahu has been canceled.

According to the Honolulu Star-Advertiser, the group of investors that agreed to purchase and manage the properties in the summer of 2012 will not be able to make a $35 million payment to the city by the March 31 deadline. 

In a letter sent on Jan. 23rd, the proposed buyer, Honolulu Affordable Housing Partners LLC (HAHP LLC), informed the city and county of Honolulu that the group would not be able to secure commitments from any investors, lenders or other capital sources by the closing deadline specified in an August 2012 sale agreement.

“We are extremely disappointed that Honolulu Affordable Housing Partners LLC was unable to satisfy the city’s requirement for the seller-financing requested by HAHP LLC and to develop a workable solution in order to close by the deadline,” City Managing Director Ember Shinn said in a news release.

In June 2012, the former Carlisle administration selected the HAHP partners’ proposal from among seven submittals. The city will now move forward with a new request for proposals to secure a buyer for these properties.

In regional news, the Pacific Business News reports that a new low-income rental housing community has recently opened in Wailuku on Maui.

Called Imi Ikena Apartments, the four-story complex at 511 Imi Place offers 28 two- and three-bedroom units for households earning between 30 and 50 percent of the area’s median income. Rents range between $417 and $913, according to EAH Housing, a non-profit affordable housing organization that partnered with Imi Ikena Housing Partners LLC to develop the project.  

Imi Ikena Housing Partners LLC is a joint venture between DBR Development LLC, Horizon Development Consulting LLC and Affordable Housing Specialists LLC.

The project received $9.4 million in proceeds from Low Income Housing Tax Credits granted by the Hawaii Housing Finance & Development Corp., as well as an Affordable Housing Funds award from the county of Maui.

Photo credits: EAH Housing



Rockbridge Capital Acquires Aqua Wave Waikiki Hotel for $48M

27 Jan 2014, 5:32 am







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By Adriana Pop, Associate Editor

Ohio-based private equity firm Rockbridge Capital has purchased the Aqua Wave Waikiki hotel in Honolulu from Ramsfield Hospitality Finance’s CR Wave LLC. According to the Pacific Business News, the leasehold property at 2299 Kuhio Ave. sold for $48 million.

Located at the center of many new developments in Waikiki, the pet-friendly lodging facility offers 247 guest rooms and 39 suites ranging in size from 328 to 511 square feet. Amenities include a concierge/activity desk, a fitness center, retail shops, two restaurants and two meeting and event spaces.

The acquisition marks Rockbridge Capital’s first venture in Hawaii and its 330th hotel investment.

Richard Mandel, president of Ramsfield Hospitality Finance, told the newspaper that the hotel, which was listed by the Los Angeles office of Jones Lang LaSalle, attracted a lot of interest from investors all over the world.

Ramsfield Hospitality acquired the property in 2006 for approximately $40 million and made significant improvements, bringing it to a three-star level.  

Aqua Hospitality will continue to manage the hotel, whose average daily rate rose 21 percent in 2012 and another 28 percent year-to-date through March 2013.

In other news, Laie Ventures LLC is about to break ground on a new Courtyard by Marriott hotel in Laie on Oahu’s North Shore.

Slated to rise at the site of the former Laie Inn, on land leased by Hawaii Reserves Inc., the property will feature 144 guest rooms, as well as an upscale pool, bistro and meeting space.

To make room for the new development, a McDonald’s restaurant and a Chevron gas station are being relocated to the opposite end of the 9.5-acre property.

“The hotel will be a great asset for the community, and we anticipate a mobilization and groundbreaking in the next several weeks,” Dan Gifford of Laie Ventures said in a statement.

Photo credits: www.rockbridgecapital.com



Tennessee Billionaire Acquires Over 3,000 Acres of Land on Kauai

20 Jan 2014, 4:44 am







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By Adriana Pop, Associate Editor

Tennessee billionaire Brad Kelley recently purchased more than 3,000 acres of agricultural land on the island of Kauai, the Pacific Business News reports.  Lihue-based Grove Farm Co., which is owned by AOL founder Steve Case, sold the property for an undisclosed amount. The land is located in the Puhi area of Lihue.

Biotechnology company Dow AgroSciences LLC of Indiana, owned by Dow Chemical Co., is among the current tenants.

According to Charlie Anderson, principal broker of Hawaii Pacific Brokers LLC, Kelley’s investment is a smart decision. “I think a lot of people are thinking land is a good place to put your money,” he told the newspaper. “I think smart people are land banking, and what better place to have a low cost holding and get income on it than Hawaii.”

Brad Kelley is one of the largest private landowners in the United States, with properties totaling more than 1.5 million acres of ranch lands in Kentucky, Tennessee, New Mexico, Florida and Texas. With a fortune of $2 billion, the 57-year-old Kentucky native also ranks at No. 273 on the Forbes 400 list.

Grove Farm, which is the 10th largest landowner in Hawaii and third largest on Kauai, recently partnered with eBay founder and billionaire Pierre Omidyar for the development of an approximately 580-acre grass-fed dairy farm on the south side of the Garden Isle.

In other news, the Hawaii Community Development Authority has approved the scaled-back version of California developer Franco Mola’s 803 Waimanu St. condominium tower in Kakaako.

According to the Pacific Business News, the proposed project consists of a 65-foot, seven-story building with 153 market-priced residences, including studios and one- and two-bedroom units. Plans also call for a mechanized ground-floor parking garage with 92 spaces.

MJF Development Corp., the company behind the project, had initially applied for the construction of a 250-foot tower with 217 workforce units. The proposal was withdrawn last July.

Photo credits: Julius Silver via Wikimedia Commons



Terramar Pays $99.5M for Safeway-Anchored Shopping Center in Ewa Beach

13 Jan 2014, 2:20 pm







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By Adriana Pop, Associate Editor

In a $99.5 million deal, California-based Terramar Retail Centers has purchased the newly developed 223,000-square-foot Laulani Village Shopping Center in Ewa Beach, Oahu, from Property Development Centers, a subsidiary of Safeway Inc.  

Located on approximately 20 acres at the center of the Ewa Beach residential neighborhoods, the property is anchored by a 60,000-square-foot Safeway, with a 33,000-square-foot City Mill super-hardware store, both of which opened in 2012. 

Currently 89 percent leased, Laulani Village also features 35 shops and restaurants, including Petco, Ross, Walgreens, Starbucks, Panda Express and Teddy’s Bigger Burger. Additional stores are slated to open in 2014.

CBRE Group Inc. charged with management of the retail center, while Jones Lang LaSalle Inc. will continue to handle leasing.

“This is a strategic, quality addition to Terramar’s retail portfolio. Grocery-anchored centers like Laulani Village are solid, long-term performers and a top target as we continue an aggressive expansion of our portfolio,” Steve Bowers, president & CEO of Terramar Retail Centers, said in a prepared statement. “The Ewa Beach area is experiencing prolific growth, with very strong demographics and a large customer base.”

Founded in 1996, Terramar currently owns and operates 24 neighborhood, community, specialty and power centers totaling more than 3.6 million square feet in the Western United States.

In other news, the Pacific Business News reports that Alexander & Baldwin Inc. has sold several retail and industrial assets on the Mainland and in Hawaii for a total of $330 million. The portfolio includes the Maui Mall in Kahului, the Activity Distribution Center and Rancho Temecula in California, the Savannah Logistics Park in Georgia, the Heritage Business Park in Texas, and Broadlands Marketplace and Meadows on the Parkway in Colorado.

The Honolulu-based company is using the proceeds to fund its $373 million purchase of Kaneohe Ranch and the Harold K.L. Castle Foundation’s Windward Oahu real estate portfolio. First announced in November, the acquisition closed on Dec. 20.

Photo credits: Terramar Retail Centers



Developers Plan Second Luxury Condo Complex at Ala Moana Center in Honolulu

21 Dec 2013, 6:59 am








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By Adriana Pop, Associate Editor

An ultra-luxury condominium complex is slated to rise on the makai (ocean side) parking lot of Ala Moana Center in downtown Honolulu.

According to the Pacific Business News, local investment firm BlackSand Capital and the mall’s owner, General Growth Properties, have partnered with The MacNaughton Group and Kobayashi Group to develop the 200-unit project, which has an estimated cost of $500 million.

The new residential community will feature seven mid-rise residential buildings stretching from Piikoi Street to the Neiman Marcus department store along Ala Moana Boulevard.

The size of the residences, which will offer amazing ocean views, private pools and gardens, will range from 850 square feet for a one-bedroom unit to 6,000 square feet for a five-bedroom penthouse. Plans also call for 2.5 floors of commercial parking for each of the buildings.

“This distinct concept will make a significant statement in the landscape of Hawaii’s residential development business,” Ian MacNaughton, a principal with the development team, told The Honolulu Star-Advertiser. “The community will establish a new global standard for luxury residential living without compromising any of Hawaii’s understated authenticity.”

Construction, which is expected to create more than 300 jobs, will begin in mid-2014. Upon completion in 2016, the project will bring the second condo complex at Hawaii’s largest mall.

General Growth, the MacNaughton Group, the Kobayashi Group and the Howard Hughes Corp. are currently building a 206-unit ultra-luxury condominium tower called ONE Ala Moana (pictured) on the mauka (mountain) side of Ala Moana Center, atop Nordstrom’s parking garage. Slated for completion toward the end of 2014, all residences have been sold, with prices ranging from $500,000 for a one bedroom to about $9 million for a penthouse.  

Photo credits: www.onealamoana.com







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