Kamehameha Schools has announced that they will be selling two Kakaako blocks that they own to MK Development who will develop the properties into two luxury condominium towers. MK Development is a joint venture of Kobayashi Group and The MacNaughton Group, two developers with a long history of building properties in the islands.
The two blocks that are being sold are both located on Ala Moana Blvd. The first is currently occupied by a Jaguar/Land Rover dealership and an Office Max. The second block has a Cutter Mazda car dealership leasing the space. MK Development stated that they would like to build a luxury tower on each of the lots and estimates that there will be a total of 500 units split between the two towers. The Hawaii Community Development Authority would still have to give their approval of the projects. MK Development estimates that sales would begin in the fall of 2015.
Source: Honolulu Star Advertiser, 9-19-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
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