The Hawaii Community Development Authority (HCDA) has announced that Lend Lease and the Affiliates of Forest City Enterprises Inc. have both submitted bids to build a 650 foot tower in Kakaako. The project, tentatively called 690 Pohukaina (street address) would cost approximately $500 million to construct and would contain both residential and commercial units in the building. Lend Lease has built more then 450 residential project around the United States and is currently building military housing at Hickam Airforce Base and Aliamanu Military Reservation. Forest City has done military housing construction in Hawaii including projects for the Navy and the Marine Corps. Forest City is also known for building high rise residential towers including the New York by Gehry which is the tallest residential building in the Western Hemisphere at 870 feet.
However, it is still unclear if the HCDA will be allowed to build a 650 foot tower in the first place. The current height limit is 400 feet high, and it is generally anticipated that the public and environmental interest groups will challenge the proposed height increase. If everything is approved, the Hawaii Community Development Authority believes that construction may begin as early as 2016 with a completion date in 2019.
Source: Honolulu Star Advertiser, 9-11-2012, 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
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
