King's Village Project in Waikiki Update

A development partnership which consists of BlackSand Capital LLC, Kobayashi Group and The MacNaughton Group, are proposing to demolish the King's Village retail complex in Waikiki and build a new 350 foot tall condominium hotel tower.  Under the proposal, the new condominium-hotel would feature 256-units, a parking deck, a retail an office center and a small park.  In return for the City and Council to allow the project, which exceeds the current 240-foot height limit, the development partnership will pledge over $1 million to the improvement of Waikiki.  This amount is broken down as follows:

$500,000 for Waikiki beach replenishment.
$200,000 to the city for use in helping Waikiki's homeless community.
$200,000 to keep public bathrooms in Waikiki open after 10 p.m.
$100,000 toward construction of Americans with Disabilities Act improvements for access and for a bathroom at Waikiki Community Center.
Construction and maintenance of a "pocket park" on Prince Edward Street.

The majority of the Waikiki Neighborhood Board has been very supportive of the project, mainly thanks to the fact that this development partnership has come to them in the first place for their thoughts and assistance.  Bob Finley, the chairman of the board, stated, "[The development partnership] asked the board and the Waikiki Improvement Association to help them come up with a list of community improvements and they've been working with people in buildings about their view planes.  This was done with a whole lot more transparency than the PACREP 2121 and 2139 Kuhio project. I don't see a lot of opposition coming."  Finley is referring to the two luxury towers, also known as the Ritz-Carlton Waikiki Beach Residences.  

President and CEO of Hospitality Advisors LLC, Joe Toy, commented, "Given costs and barriers to entry in Waikiki, it's hard for investors to get a big enough return on investment to warrant building full-service hotels.  In this case, we've got a very nice project done by people that have roots here.  They're a good example of the local stewardship that in some respects we've lost a little bit of in Hawaii."

Source: Honolulu Star Advertiser, 4-10-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Waikiki's King's Village Shopping Center May Become Luxury Condominium Hotel

The King's Village Shopping Center was purchased last year by a local development partnership between BlackSand Capital LLC, Kobayashi Group and The MacNaughton Group. Located on the corner of Kailani Avenue and Koa Avenue, the retail complex is currently a low rise building that features approximately 35 shops and restaurants.  However, according to the city zoning, the property does allow for buildings up to 240 feet tall.  As a result, the development partnership is proposing to tear down the existing King's Village Shopping Center and build a new luxury condominium hotel in its place.

While the development group has not released any additional information about the type of building that would be created, they did state that they are working with the Oahu Island Burial Council to do an archaeological survey of the land.  This would be the first step to finding out if there are any Hawaiian burials in the area and an important factor in planning the footprint of any new development.

Source: Honolulu Star Advertiser, 12-12-2013, 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