A vacant lot located a 2121 Kuhio Avenue in Waikiki was recently purchased by Pacrep LLC for $15.5 million. A total of 1.3 acres in size, the lot is located next to a retail complex which houses Chanel, Gucci and Tiffany and Company. At this time the company has not announced what they plan to do with the land. The lot has remained vacant since the late 1990′s. The previous owner, K3 Owners LLC, had proposed building a 220-unit residential condominium, time-share, or a condominium-hotel property. However, that plan fell apart due to financial and real estate market troubles in the mid 2000′s.
Source: Honolulu Star Advertiser, 2-20-2012, 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
