Developer PRW Hawaii LLC hopes to build an assisted-living tower at 1700 Kalakaua Avenue in Waikiki, provided that they can acquire the land and gain the necessary permissions and permits from the state and city. Under their proposal, PRW would like to build a 250 foot tall tower with as many as 250 residential units for seniors. Residents would pay a one-time entry fee of between $750,000 to $1,000,000 for units with 1,000 sq ft of living space on average, and would pay additional monthly services fees. However, residents will not actually own their unit. Residents who decide to move out or die would get between 75 percent to 90 percent of their entry fee refunded to them or to their estates. This model is similar to the one currently used by Kahala Nui.
The project will still have to obtain agreements to buy the land from multiple owners as well as work with the city Department of Planning and Permitting to rezone the parcel to allow for height increases and affordable-housing requirement issues. Principals at PRW Hawaii LLC expects that it would take about a year to complete development arrangements and another 18 to 22 months to build the tower after that. The developer is currently welcoming feedback from the public.
Source: Honolulu Star Advertiser, 9-9-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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