A total of 5,000 new condominium units and 1,000 rental units have been planned to be developed in Oahu’s urban core over the next decade. While some people are questioning if there will be enough demand for these new buildings, many local economists and real estate experts believe that the increased supply won’t even be noticed. Paul Brewbaker, the chief economist of TZ Economics, commented, “It’s not a question of will there be enough buyers. The problem is, will there be enough condos?”
Below is a list of the planned buildings:
Waihonua, located on Queen Street, is being developed by Alexander & Baldwin Inc. Currently 321 of their 341 units have been sold. The building is scheduled to be completed in March 2015.
One Ala Moana, is located above the Nordstrom parking garage at the Ala Moana Center. The 210 units have been sold out. The MacNaughton Group and the Kobayashi Group are the local developers in partnership with the Howard Hughes Corp.
801 South Street was marketed as moderately priced building. All 635 units have been sold through a lottery drawing. At that time 300 lottery entrants did not secure a unit. Marshall Hung is the developer of this building.
Symphony Honolulu is located on the North West corner of Ward Avenue and Kapiolani Boulevard. Sales are expected to begin this summer.
404 Ward Avenue is the address of a new moderately priced condominium tower that the Howard Hughes Corporation will be building. Prices have not been specified as of yet. Sales are expected to begin this year. The building will have approximately 400 units.
1108 Auahi Street is the address of a new mid-luxury condominium tower that the Howard Hughes Corporation will be building. Prices have not been specified as of yet. Sales are expected to begin this year. The building will have approximately 300 units.
1140 Ala Moana is the address of a new luxury condominium tower that the Howard Hughes Corporation will be building. Prices have not been specified as of yet. Sales are expected to begin this year. The building will have approximately 200 units.
The Collection is a project being done by Alexander & Baldwin. Located at the site of the former CompUSA store on the corner of South Street and Ala Moana Blvd, the project will include 466 units including several townhouses. Sales are expect to begin later this summer.
803 Waimanu is a project being developed by Franco Mola and will be located on Waimanu Street near Cooke Street. The project will feature 217 units. Sales are expect to begin later this summer.
Aloha Kai is a planned project on Atkinson Drive on the property that is currently being occupied by the Central YMCA property. The developer is still seeking a city zoning change. The building would have 128 units.
Halekauwila Place is a rental project with 204 units being developed by Standord Carr.
690 Pohukaina is also a rental project with 804 units. The project is being planned by Ohio-based Forest City Enterprises Inc.
Source: Honolulu Star Advertiser, 6-3-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
