Ritz-Carlton Considers Building a Second Tower Next Door

PACREP LLC, the developer of the Ritz-Carlton Residences Waikiki Beach, is considering building a second tower next to the first one.  According to a disclosure statement that PACREP made to buyers in the first tower, the developer is exploring the feasibility of buying the land next door.  They may either merge the second tower with the Ritz Carlton or keep it as a separate condominium building.

The land in question is currently owned by Food Pantry Ltd, which is an affiliate of Foodland Super Market Ltd.  The lot is relatively small with only 38,000 sq ft of space.    The Food Pantry purchased the lot in 1997 for approximately $13 million and is currently using the space as a parking lot with approximately 67 stalls.  Previously. The Food Pantry was considering building a grocery store on the site.

Waikiki residents living in buildings on the opposite side of Kuhio Avenue across from the two lots are very unhappy about the possibility of a second tower being built due to the fact that it would severely impact their ocean views.  Mark Harpenau, a resident of the Four Paddle condominium, stated, “Holy smokes.  If they put another tower there it would really put up a wall, even if there’s a little space between the towers, it would be disastrous.”

Source: Honolulu Star Advertiser, 6-27-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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