Developer PACREP 2 LLC is requesting a Waikiki special district permit from the Honolulu City Department of Planing and Permitting Department to build a second tower next to the Ritz-Carlton Residences Waikiki Beach which will be located at 2121 Kuhio Avenue. Under the proposal, PACREP 2 would build a second 350 foot story tower at 2139 Kuhio Avenue, which the hope that it would be completed by the end of 2016 or the beginning of 2017. Jason Gosfeld, the senior managing director for PACREP 2, commented, "Most of the inventory at tower one was sold in a very short period of time during the spring of last year. Demand for tower two feels really good. We've got lots of qualified prospects. We expect pricing to be fairly comparable to tower one, where unit sales ranged from the $500,000s to over $15 million."
However, there are some residents in Waikiki who are unhappy with the proposed second tower, arguing that it would create too much density, does not guarantee hotel jobs and does not offer enough parking. Critics also believe that the second tower would violate Waikiki guidelines. Eric Gill, the financial secretary-treasure of Unite Here Local 5, stated, "The lawsuit on the previous 2121 Kuhio project remains unresolved, and here we are doubling the problem. We want them to do a full environmental impact statement rather than an environmental assessment, which has allowed them to gloss over issues about jobs, parking, height and configuration."
Source: Honolulu Star Advertiser, 6-7-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
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