Pacrep LLC has announced that they would like to build a new high-rise condominium hotel in Waikiki. The property, to be built on the corner of Kuhio Avenue and Kalaimoku Street, is tentatively being referred to as 2121 Kuhio Tower. The plans call for building a 34 story tower with a total of 459 condominium-hotel (condotel) units with an estimated project cost of $275 million. An environmental assessment has been drafted for the state’s and city’s review.
According to Pacrep, they hope to generate $300 million in sales for their 459 units, which would mean that the average price per unit would be approximately $653,594. Pacrep stated that this project would create 475 jobs and would take two years to complete. The Waikiki Neighborhood Board has not voted on whether or not they are supporting the plans for 2121 Kuhio Tower. Several condominiums, including Four Paddle and La Casa may have their views significantly effected by the new building.
Source: Honolulu Star Advertiser, 7-24-2012, 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
