Under the Howard Hughes Corporation master-plan, a total of 4,000 residential units and 1 million sq ft of new retail and commercial space will be added to the Kakaako neighborhood in the next 15 years. The first phase will be the building of three new condominium towers in the Ward Village area. These towers are tentatively called 1140 Ala Moana Blvd, 1108 Auahi Street and 404 Ward Avenue and are ultra-luxury, luxury, and moderate income respectively. Sales for these towers should begin in December 2013.
Chief Executive Officer for the Howard Hughes Corporation, David Weinreb, stated, "We certainly think it is a great time to be doing this. It's almost impossible to determine how long a market cycle will last but we certainly think at this point we are in the early innings of a robust and reasonably long-term period that you can see demand. From extrapolating what One Ala Moana sold for using an average price of about $1,200 a square foot you can come up with a number that is certainly a big number. But will it be that number? It could be less or more. It's hard to say, but we're hopeful that demand will be robust. And we do think there is a market for people wanting to live in this kind of community."
Source: Honolulu Star Advertiser, 10-3-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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