The Howard Hughes Corporation and Kamehameha Schools have the legal rights to build a combined 29 new high rise condominium towers over the next decade. Hughes Corp is allowed to redevelop 60 acres of land for a combined total of 4,650 residential units in 22 towers by 2024. Hughes Corp is also allowed to build 985,000 sq ft of additional retail space in the Kakaako neighborhood. Kamehameha Schools is allowed to build an additional seven residential towers on 29 acres of land. They will be allowed to build 2,750 residential units in these seven towers, as well as 300,000 sq ft of commercial space. This massive redevelopment has brought about a significant concern from residents living in and around Kakaako on how bad traffic would be once all of these towers have been built.
The Honolulu Rail Project is expected to be completed by 2019 and run through the Kakaako neighborhood with a station at Ward Village and one at Ala Moana. Once completed, the two developers note that a rail station will be at most a nine-minute walk from any of the residential towers. The developers also note that there will be plenty of jobs, shopping and dining options in the Kakaako neighborhood, which will hopefully reduce traffic concerns. Residents are not convinced and would like to see updated traffic studies from unbiased parties being presented.
Source: Honolulu Star Advertiser, 6-29-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®Global Executive Realty, LLC
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