Second Ritz-Carlton Tower in Waikiki Approved

The City Department of Planning and Permitting has announced that they have approved the second Ritz-Carlton Residences Waikiki Beach luxury tower.  Developer Pacrep 2 LLC will be allowed to build a new 39-story, 350-foot tall mixed-use tower at 2139 Kuhio Avenue.  George Atta, the director for the DPP, stated, "In general the project will be of benefit to Waikiki, its businesses and nearby commercial establishments. Visitors will be welcomed at the project's ground level by an active landscaped open space featuring lush plant life, interactive uses, outdoor dining and gather space. The project will improve the streetscape along Kuhio Avenue, provide a pleasant pedestrian experience and promote social interaction."

Casey Federman, the authorized representative of Pacrep LLC's, stated, "Feedback from the community and DPP's guidance has resulted in a better plan overall for the Waikiki community. Our goal from the beginning was to create a landmark property and destination in Waikiki and also to lead the way in bringing new life and energy to an area of Kuhio Avenue that many feel needs revitalization."

Not everyone is happy with the decision.  Mark Harpenau, who lives at the Four Paddle condominium across from the Ritz-Carlton, stated, "It's too bad that the DPP wastes everybody's time because they obviously don't listen. There were strong negative comments from the Waikiki Neighborhood Board, and they ignored the Waikiki Special District guidelines. These are two massive ocean-facing buildings, and we're lucky we even got a 75-foot gap between them. It's not much. It's not really anything to be happy about. They've essentially given them carte blanche."

Source: Honolulu Star Advertiser, 7-19-2014, www.staradvertiser.com
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Update on Ritz-Carlton Residences Waikiki Beach - Tower 2

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
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Outrigger Reef on the Beach Plans Another 350-Foot Tower

Outrigger Enterprises Group has announced that they would like to build another 350-foot tower at their Outrigger Reef on the Beach hotel complex.  This tower would strictly be used as a hotel and will not be sold to individual owners as a condominium-hotel.  Tentative plans call for a 31 or 32 story tower with a total of 200 rooms plus an additional 15,000 sq ft of meeting space and a 7,200 sq ft ballroom.  President and CEO for Outrigger, David Carey, stated, "We already have housekeeping, front desk and the balance of resort services, so it's not that hard to expand hotel rooms. This is the only locally owned of the seven Wai­kiki beachfront hotels and one of the few fee-simple, on-the-beach properties. We want to keep it that way." 

There is some concern that this new Outrigger tower would block some of the ocean views that are currently being enjoyed by the Trump Tower and will be enjoyed by the Ritz-Carlton Towers (to be built).

Source: Honolulu Star Advertiser, 4-30-2014, www.staradvertiser.com
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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
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Height Increase Approved for the Second Tower of the Ritz-Carlton Waikiki

The Honolulu City Council gave a 9-0 approval for the height increase requested by developer PACREP2 LLC for the second tower of the Ritz-Carlton Waikiki project.  The property, located at 2139 Kuhio Avenue, is now allowed to be 350 feet tall, instead of the standard 300 feet that was allowed under the Waikiki Special Design District. PACREP2 will be forced to make some additional concessions including building the second tower no closer than 75 feet from the first tower.  The second tower will still need to obtain a Waikiki Special District use permit from the Department of Planning and Permitting before it is allowed to proceed.

Source: Honolulu Star Advertiser, 3-13-2014, www.staradvertiser.com
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Second Ritz-Carlton Waikiki Tower Granted Height Exemption

The Honolulu City Council Zoning Committee has approved the 350 feet height exemption for the second Ritz-Carlton Waikiki tower, but added stipulations that would increase the amount of space between the two building and add open space and other amenities.  Under the amendment, the minimum distance between the two towers would be 75 feet, an increase from 50 feet.  Furthermore, the developer would have to create additional open space and landscaping as well as traffic, pedestrian and sewer line improvements.  Developer PACREP2 LLC has stated that they would not object to the concessions that they would have to make to increase the building height to 350 feet.

Residents of Waikiki and the Wai­kiki Neighborhood Board are still extremely unhappy with this decision and feel that PACREP has been deceiving the general public and government officials through a practice called "segmentation".  Segmentation is when a developer purposely splitting up the project to gain approvals separately so decision makers don't see the whole scope of a project at once.  Opponents also noted that there have been recent large political contributions made by PACREP employees, family members and affiliated companies to Honolulu Councilman Ikaika Anderson, Councilman Stanley Chang and Mayor Kirk Caldwell. All three politicians have denied the contributions have had any effect on their decision-making process.

Source: Honolulu Star Advertiser, 3-10-2014, www.staradvertiser.com
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Update on the Second Ritz-Carlton Tower in Waikiki

Developer PACREP 2 LLC is requesting the rights to build a second hotel-condominium at 2139 Kuhio Avenue, next to the existing Ritz-Carlton project that is currently being built.  Under the current Waikiki Special Design District plans, the maximum height restriction for the building would be 300 feet.  However, PACREP is requesting a variance from the Honolulu City Council to increase the height to 350 feet.  The proposal is to build a 39-story story that would reach 350 feet in height and have a total of 280 units in it.  An architect employed by PACREP stated that by raising the height limit, the developer would be able to create a sleeker design that would help to minimize the visual impact on neighboring buildings.  In addition, having a slimmer building would provide additional space between the new tower and the first Ritz-Carlton tower.

Some community members are still very unhappy with even the concept of the second tower regardless of its possible height, and argue that any new structure would mean the loss of view planes and open spaces, as well as increased traffic and parking problems.  Opponents of the project are also demanding to find out how the developer is dealing with various Hawaiian cultural issues and are accusing the developer for making them believe that there was only going to be one tower when the project was originally proposed.  Casey Federman, a principal of PACREP, stated that the developer was first focused on building the first tower and then decided to build the second tower after the first was deemed to be successful.  Federman argues that the developer never misled the public in any stage of the project.

Source: Honolulu Star Advertiser, 2-28-2014, www.staradvertiser.com
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Waikiki Neighborhood Board Denies Approval for Second Ritz-Carlton Tower

In a 13 to 1 decision (with two abstentions), the Waikiki Neighborhood Board has voted to deny approval of the second Ritz-Carlton tower being proposed by developer PACREP LLC. Legally, the board's support is not actually needed for PACREP to proceed with their development, the community's decision may weigh heavily on the City Council which wold provide an exemption to allow the building to exceed existing height limitations.  The second tower would be built right next to the first tower on Kuhio Avenue and is scheduled to be 350 feet tall.  Residents are concerned that the two towers would create a continuous wall of buildings that violates Waikiki guidelines and would destroy an exhisting view channel.  Waikiki resident Mark Harpenau commented, "This is going too far. Enough is enough. Tower 1 should not be a precedent for building another wall."

Casey Federman, the Managing Director of PACREP, responded by stating, "As a result of discussions that we have had with (Waikiki community members) and the city, we've done what we can to make adjustments, specifically we've changed the project to a more mauka-makai design and we've increased the distance between the two buildings to about 75 feet.  We'll continue to work collaboratively with the city and our intent is to do the same with the community."  However, community members argue that these changes were not enough. Furthermore, there is criticism that PACREP did not disclose their plans to build a second tower while they were obtaining permitting to build the first tower.

Source: Honolulu Star Advertiser, 1-16-2014, www.staradvertiser.com
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Second Ritz-Carlton Tower Draws Concern By Waikiki Residents

Developer PACREP LLC has announced that they will be building a second tower next to their Ritz-Carlton Waikiki Beach Residences in Waikiki.  The first tower, located at 2121 Kuhio Avenue, is already in development, and will be a 38-story, 350 foot tall building with 309 units. The second tower, which may or may not be managed by Ritz-Carlton, will share the same eight story base as the first tower, and will be a 39-story, 350 foot tall building with 280 units.  At a neighborhood meeting, Casey Federman, the Chief Executive Officer of PACREP, stated, "We understand that a lot of you have concerns and questions. The idea tonight is to hear from you and try to answer questions as best we can. We went through this exercise in Phase I. It's good to see you again despite circumstances that might warrant some tough questions." 

The main arguments made by opponents of the second tower are that it would create too much density for that area of Waikiki, damage existing views, create additional traffic problems, and be too taxing on the current sewer and water infrastructure.  Residents in the Four Paddles Condominium will already lose about half of their ocean views due to the first Ritz-Carlton Tower and will probably lose the remainder with the completion of the second tower.  Mark Harpenau, a Four Paddles resident, stated to PACREP officials, "Too dense is what is going on here. You are maximizing your return on investment at the expense of the community."

To view PACREP's website, please go to: www.new­life­for­kuhio­.com

Source: Honolulu Star Advertiser, 1-10-2014, www.staradvertiser.com
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Second Luxury Condotel Tower to Be Built Next to Ritz-Carlton Waikiki

Developer PACREP LLC, has announced that they will be building a second luxury condominium-hotel (or condotel) tower next to their Ritz-Carlton Residences Waikiki Beach project on Kuhio Avenue.  The second tower will also be 39-stories tall and will have a total of 268 units.  At this time PACREP officials have not disclosed if the Ritz Carlton will manage this second tower too, but it was noted that both towers would share some recreational amenities.  Jason Grosfeld, a principal for PACREP, stated, "We think it's an area of the city that needs improvement, and we're really happy to be spearheading it. We love developing in Waikiki."

Source: Honolulu Star Advertiser, 12-10-2013, www.staradvertiser.com
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Ritz-Carlton Considers Building a Second Tower Next Door

PACREP LLC, the developer of the Ritz-Carlton Residences Waikiki Beach, is considering building a second tower next to the first one.  According to a disclosure statement that PACREP made to buyers in the first tower, the developer is exploring the feasibility of buying the land next door.  They may either merge the second tower with the Ritz Carlton or keep it as a separate condominium building.

The land in question is currently owned by Food Pantry Ltd, which is an affiliate of Foodland Super Market Ltd.  The lot is relatively small with only 38,000 sq ft of space.    The Food Pantry purchased the lot in 1997 for approximately $13 million and is currently using the space as a parking lot with approximately 67 stalls.  Previously. The Food Pantry was considering building a grocery store on the site.

Waikiki residents living in buildings on the opposite side of Kuhio Avenue across from the two lots are very unhappy about the possibility of a second tower being built due to the fact that it would severely impact their ocean views.  Mark Harpenau, a resident of the Four Paddle condominium, stated, “Holy smokes.  If they put another tower there it would really put up a wall, even if there’s a little space between the towers, it would be disastrous.”

Source: Honolulu Star Advertiser, 6-27-2013, www.staradvertiser.com
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Ritz-Carlton Waikiki Sells 85 Percent of Building During Sales Event

The Ritz-Carlton Residence Waikiki Beach tower sold a total of 263 units over the weekend during their sales event.  This represented approximately 85 percent of the 309 units offered in the new development.  The developer offered a range of units ranging from 400 sq ft studios starting at approximately $650,000 all the way to a 4,220 sq ft penthouse units priced around $15 million.  The property will be located on the corner of Kuhio Avenue and Kalaimoku Street, and all u it's would have an ocean view overlooking Fort DeRussy Park.

Jason Grosfeld, a principal of PACREP LLC, the developer, stated, "The success of this weekend's event further reinforces that, for our buyers, Ritz-Carlton is by far their top choice."  Construction is expected to start later this summer.  The building is expected to be completed in early 2016.

Source: Honolulu Star Advertiser, 6-26-2013, www.staradvertiser.com
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Ritz-Carlton Residences Waikiki Beach Holds Sales Event

The Ritz-Carlton Residences Waikiki Beach held its sales event over the weekend and found buyers for the vast majority of their units.  The project, to be built at 2121 Kuhio Avenue, will feature a total of 309 units ranging in size from 400 square foot studios to 3,000 plus square foot three-bedroom suites.  Prices started at $500,000 and reached just of $15 million for the penthouses.  The condominium-hotel property will also feature the state's first Dean & DeLuca, a gourmet market headquartered in New York City.  There will also be a Sushi Sho restaurant and a BLT Market restaurant.  

Jason Grosfeld, the principal for the developer PacRep LLC, stated, "This a unique opportunity.  Waikiki is one of the most popular vacation destinations in the world but there has been very little available here.  (The Ritz-Carlton) is by far the best brand for our customers from Asia.  It's the No. 1 luxury brand."

Source: Honolulu Star Advertiser, 6-23-2013, www.staradvertiser.com
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Waikiki Real Estate – Ritz-Carlton Residences Waikiki Beach to Have Dean & DeLuca Luxury Food Market

The Ritz-Carlton Residences Waikiki Beach, has announced that they will be adding a Dean & DeLuca market in the lobby of their condominium hotel. A well known luxury food market based out of New York City, Dean & DeLuca will sell a wide variety of goods including premium produce, exclusive spirits and wines, and high end kitchenware. Jason Grosfeld, a principal of development company PACREP LLC, stated “We think it’s the perfect brand to bring to Luxury Row and to bring to Ritz-Carlton. We couldn’t imagine a better gourmet food experience for our visitors and guests.”

The Ritz Carlton Residences will feature a total of 309 residences/hotel units and will cost a total of approximately $180 million. The property will be 38-stories tall and is expected to break ground later this year and be completed by 2016. In addition to Dean & DeLuca, the property will feature a sushi restaurant, another restaurant to be determined  a bar, two infinity-edge pools and a spa. All units would have ocean views overlooking Fort DeRusy Park.

Source: Honolulu Star Advertiser, 4-25-2013, www.staradvertiser.com
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Waikiki Real Estate – Ritz-Carlton Residences Waikiki Beach Approved With Minor Changes Required

The Honolulu Department of Planning and Permitting gave conditional approval for the Ritz-Carlton Residences Waikiki Beach with only a couple of minor changes required.  The developers were ordered to make changes to “soften the appearance of the tower and reduce its apparent mass” before they are allowed to proceed.  However, the 37-story tower will be allowed to be built with its long axis parallel to the mountains and ocean along Kuhio Avenue.  Developer PACREP will have up to two years to submit new plans for the exterior of the building.

Last month at the project drew strong community opposition at several public hearings that the Department of Planning and Permitting held.  Many residents were unhappy with the appearance of the building and more importantly felt that the orientation of the building violated the Waikiki Special District Design guidelines.  Those opposed to the Ritz-Carlton orientation stated that the building’s long axis should be perpendicular to the mountains and ocean to preserve mountain views and natural ventilation.  In response to these statements, the Department of Planning and Permitting stated, “Those who have commented about the project that a mauka-makai building tower orientation is virtually required by the (Waikiki Special District) are actually incorrect since it is only and explicitly just a guideline.”

Source: Honolulu Star Advertiser, 3-20-2013, www.staradvertiser.com
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Public Unhappy About the Ritz-Carlton Residences Waikiki Beach Plan

The city of Honolulu’s Department of Planning and Permitting hosted their first public hearing yesterday in regards to 2121 Kuhio Avenue, also known as the Ritz-Carlton Residences Waikiki Beach. The session was heavily attended and the public expressed their displeasure and frustration against the $180 million condominium-hotel project plan. Concerns were raised that the building appeared to be “tombstone like” and was visually an “ugly wall”, a “sore thumb” and a “monstrosity”. Most importantly, members of the community were furious that the tower was positioned with its long axis being parallel to the mountains and ocean. This orientation meant that that all 361 units of the Ritz-Carlton Residences would have expansive ocean views, but would violates the Waikiki Special District Design guidelines which call for a perpendicular orientation to preserve mountain views and natural ventilation.

According to the developer, PACREP, the units would be sold to investors at an average price of $654,000. To obtain this high average, the building must be parallel to the ocean to maximize views. The only party that spoke in favor of the proposed building’s orientation was Kika Bukoski, the executive director of the Hawaii Building and Construction Trades Council. Bukoski stated, “The guidelines are just that. They are guidelines. They are not mandates.”

The Department of Planning and Permitting will meet on March 19th to decide if the permit to start building would be granted. If so, construction is expected to begin in June 2013 and the building would take two years to complete.

Source: Honolulu Star Advertiser, 2-13-2013, www.staradvertiser.com
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Developer for Ritz-Carlton Waikiki Requesting Height Exemption

PACREP LLC, the developer for the new Ritz-Carlton condominium-hotel in Waikiki, is requesting a height exemption from the Honolulu City Council Zoning and Planning Committee. Currently, the height restriction is 300 feet for the Waikiki Special Design District. However, PACREP would like to build a 37-story building at 350 feet tall. The 3.5 acre property is located at 2121 Kuhio Avenue on the site of the Old Waikiki Market. PACREP is expected to spend $275 million to develop the property which will have a total of 351 units inside.

Source: Honolulu Star Advertiser, 1-24-2013, www.staradvertiser.com
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Ritz-Carlton to Manage Planned Waikiki Condotel

Developer Pacrep LLC has announced that they will be building a new $275 million condominium-hotel tower at 2121 Kuhio Avenue in the heart of Waikiki.  The 37-story project will have a total of 459 units and the sales office is expected to open in the beginning 2013.  Units will range in size from 400 sq ft to 3,000 sq ft.  Tentative, construction will begin late 2013 and the completion date expected in early 2016.

Pacrep LLC has added that Ritz-Carlton will be managing the property and has stated that the tentative name of the project is now The Ritz-Carlton Residences Waikiki Beach.  This will be the Ritz-Carlton’s first presence on the island of Oahu, and it’s second presence in the Hawaiian Islands.  The Ritz also operates a hotel in Kapalua, Maui.  A Pacrep principal, Jason Grosfeld, commented, ”The Residences will further secure Waikiki’s position as a world-class destination providing full- and part-time residents, as well as visitors, with all the legendary services and amenities they have come to expect of The Ritz-Carlton brand.”

Pacrep still needs to obtain several permits from the city and a variance from the City Council before construction can commence.  The biggest challenge is that the high limit for the property is 300 feet, and building plans call for a 350 foot tower.  Owners of the neighboring Four-Paddle condominium are also concerned with the direction that the Ritz-Carlton Waikiki tower faces, as it would completely destroy the Four Paddle’s ocean views.

Source: Honolulu Star Advertiser, 12-20-2012, www.staradvertiser.com
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New Condominium-Hotel Proposed for Waikiki

Pacrep LLC has announced that they would like to build a new high-rise condominium hotel in Waikiki.  The property, to be built on the corner of Kuhio Avenue and Kalaimoku Street, is tentatively being referred to as 2121 Kuhio Tower.  The plans call for building a 34 story tower with a total of 459 condominium-hotel (condotel) units with an estimated project cost of $275 million.  An environmental assessment has been drafted for the state’s and city’s review.

According to Pacrep, they hope to generate $300 million in sales for their 459 units, which would mean that the average price per unit would be approximately $653,594.  Pacrep stated that this project would create 475 jobs and would take two years to complete.  The Waikiki Neighborhood Board has not voted on whether or not they are supporting the plans for 2121 Kuhio Tower.  Several condominiums, including Four Paddle and La Casa may have their views significantly effected by the new building. 

Source: Honolulu Star Advertiser, 7-24-2012, www.staradvertiser.com

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Vacant Lot on Kuhio Avenue in Waikiki Sold for $15.5 Million

A vacant lot located a 2121 Kuhio Avenue in Waikiki was recently purchased by Pacrep LLC for $15.5 million.  A total of 1.3 acres in size, the lot is located next to a retail complex which houses Chanel, Gucci and Tiffany and Company.  At this time the company has not announced what they plan to do with the land.  The lot has remained vacant since the late 1990′s.  The previous owner, K3 Owners LLC, had proposed building a 220-unit residential condominium, time-share, or a condominium-hotel property.  However, that plan fell apart due to financial and real estate market troubles in the mid 2000′s.

Source: Honolulu Star Advertiser, 2-20-2012, www.staradvertiser.com

Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor

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