Developer Pacrep LLC has announced that they will be building a new $275 million condominium-hotel tower at 2121 Kuhio Avenue in the heart of Waikiki. The 37-story project will have a total of 459 units and the sales office is expected to open in the beginning 2013. Units will range in size from 400 sq ft to 3,000 sq ft. Tentative, construction will begin late 2013 and the completion date expected in early 2016.
Pacrep LLC has added that Ritz-Carlton will be managing the property and has stated that the tentative name of the project is now The Ritz-Carlton Residences Waikiki Beach. This will be the Ritz-Carlton’s first presence on the island of Oahu, and it’s second presence in the Hawaiian Islands. The Ritz also operates a hotel in Kapalua, Maui. A Pacrep principal, Jason Grosfeld, commented, ”The Residences will further secure Waikiki’s position as a world-class destination providing full- and part-time residents, as well as visitors, with all the legendary services and amenities they have come to expect of The Ritz-Carlton brand.”
Pacrep still needs to obtain several permits from the city and a variance from the City Council before construction can commence. The biggest challenge is that the high limit for the property is 300 feet, and building plans call for a 350 foot tower. Owners of the neighboring Four-Paddle condominium are also concerned with the direction that the Ritz-Carlton Waikiki tower faces, as it would completely destroy the Four Paddle’s ocean views.
Source: Honolulu Star Advertiser, 12-20-2012, 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
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
