The Collection in Kakaako Breaks Ground

Developer Alexander & Baldwin has announced that The Collection is the latest condominium tower to break ground in Kakaako.  Located on Ala Moana Blvd at the site once occupied by a CompUSA store, The Collection already has sold 75 percent of its 397 condominium tower units and all of their 50 low-rise units.  The building is part of the Kamehameha School's master plan called Our Kakaako, which will completely redevelop a 9 block area along Ala Moana Boulevard between South Street and Ward Avenue. Alexander & Baldwin expects to finish The Collection in late 2016.

Source: Honolulu Star Advertiser, 10-16-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Sales for The Lofts @ The Collection Begin Today

The Collection project in Kakaako has announced that sales will begin today for The Lofts @ The Collection.  The majority of the 27 units that are being offered are studios with approximately 475 sq ft in space and are priced between $349,000 to $375,000 Fee Simple.  There will be also three two bedroom units with approximately 800 sq ft priced between $540,999 and $580,000 Fee Simple. Prospected buyers started lining up at 1:00 AM on Friday for when the sales office opens at 9:00 AM on Saturday.

Sales in the Tower began in August 2013 and so far 65 percent of the 397 tower units have been sold.  The Collection will also have a third phase and will sell 16 town house units at some point. Construction for the entire project is expected to begin by the end of the year and will finish about two years later.

Source: Honolulu Star Advertiser, 8-23-2014, www.staradvertiser.com
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Update on The Collection Project in Kakaako

Developer Alexander & Baldwin has announced that they plan to start construction of The Collection project in Kakaako by the end of this year.  Currently, more than 60 percent of the units in the 43-story tower have been sold.  The project will also be releasing 54 units in a four-story building and 16 three-story townhouse units to the public soon.  As soon as 60 percent of the combined 467 units (tower and low-rise buildings) have been sold, construction will commence.

Source: Honolulu Star Advertiser, 4-18-2014, www.staradvertiser.com
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Permits for The Collection Project in Kakaako Still Valid per HCDA

In August 3013, the Honolulu Community Development Authority granted local developer Alexander & Baldwin the right to build a 43-story condominium tower project in Kakaako called The Collection at 600 Ala Moana.  In September 2013, members of the condominium owners association of One Waterfront Towers, a neighboring building, and nonprofit organization Kakaako United filed an appeal with the HCDA to make the permit invalid.  On Wednesday, the HCDA has decided that they will not consider the appeal at all and that the permits are still valid, due to the fact agency rules and state law won't allow the agency to entertain an appeal of a development permit after public hearings and a board decision.

The petitioners stated that they may now appeal the case to Circuit Court.

Source: Honolulu Star Advertiser, 3-22-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Update on Kamehameha School's Plan for Kakaako

Kamehameha Schools has announced that they will be working with local developer Castle & Cooke Homes Hawaii Inc. to build a new mid-rise building on the block on the east side of One Waterfront Towers. Under the proposed plan, Castle & Cooke will develop a total of 183 condominium and apartment rentals along with some commercial space on that parcel. The current tenants, which include Alu Like, Ka Ulu-koa, J's BBQ and Hawaiian Beauty Products Ltd. have already received notices that they may have to relocate soon for this development.

The master plan of Kamehameha Schools calls for the complete redevelopment of nine blocks within Kakaako.  When completed, there will be a total of 2,750 new housing units and 300,000 sq ft of new commercial space.  The Collection, a 470 unit condominium tower complex, has already been approved for development, as has a retail complex called SALT.  Kamehameha Schools is also seeking permission to build a 209-unit mid-rise apartment building next to a 40-story condominium and mid-rise tower building called Keauhou Lane.  This project is currently being considered by the Hawaii Community Development Authority.

Source: Honolulu Star Advertiser, 2-25-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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The Collection Project Being Challenged By Neighboring Building Residents

The Hawaii Community Development Authority, a state agency responsible for the redevelopment of the Kakaako Neighborhood, has given developer Alexander & Baldwin approval to build The Collection high-rise condominium on the site of the former CompUSA store on Ala Moana Blvd.  However, residents and owners in the neighboring One Waterfront Towers have filed a lawsuit against The Collection and HCDA and are stating that the land is reserved primarily for commercial use and a new tower should not be allowed. Alexander & Baldwin's senior vice president, Rick Stack, commented the One Waterfront residents are misinterpreting HCDA rules or are citing rules that do not apply.  Stack stated, "We believe our project and the minor variances approved by the HCDA board comply completely with the applicable HCDA rules and regulations."  The HDCA spokesperson stated that they will not make any comments on the lawsuit until their legal council has had an opportunity to review it.

Source: Honolulu Star Advertiser, 9-10-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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The Collection at 600 Ala Moana Sales Office Opens

Developer Alexander & Baldwin has announced that the sales office for The Collection at 600 Ala Moana, their latest condominium tower in Kakaako, has opened.  Units range in price from about $380,000 for a 1B/1BA to over $1 million for a 3B/2BA unit.  The entire complex will eventually have 467 residential units, split into a high rise tower with 397 units and 70 units in a town house and low rise section of the property.  At this point, only units in the main high rise tower are available.  The developer stated that there are currently 199 units being released for owner-occupant buyers.

The Collection will be built on the site of the former CompUSA store, which is bordered by South Street, Auahi Street, Keawe Street and Ala Moana Boulevard.  Actual construction is expected to begin in the middle of 2014 and should be completed by December 2016.

Source: Honolulu Star Advertiser, 8-17-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
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Approval Given for The Collection and SALT

The Hawaii Community Development Authority has given their approval for two new projects in Kakaako: The Collection and SALT.  The Collection is being developed by Alexander & Baldwin and will feature a total of 467 condominium units.  A total of 397 units will be located in a 43-story tower, while 54 will be built in a four-story low rise.  There will also be 16 three-story townhouses in the complex.  The Collection is located on the corner of Ala Moana Blvd and South Street, where the old CompUSA store was once located.  The Collection is expected to be completed in December 2016.

The SALT project will convert several old buildings into a hip and trendy retail complex.  Located just one block Diamond Head of The Collection, SALT will be bordered by Ala Moana Blvd, Coral Street, Keawe Street and Auahi Street.  The project will have between 35 and 50 retail and restaurant tenants and a 267-stall parking garage.  Kamehameha Schools has the legal right to develop a high-rise condominium above the SALT site, but has stated that they have no immediate plans to do so.

Kamehameha Schools has stated that they hope to build three additional luxury condominium towers on Ala Moana Blvd, on the three blocks Diamond Head of the SALT retail project. There are also plans to build a moderate-priced tower with 600 units on the mountain side of Waterfront towers at 555 South Street. However, detailed plans for these four new towers have not been submitted to the Hawaii Community Development Authority as of yet.

Source: Honolulu Star Advertiser, 8-8-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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Kamehameha Schools Plans Seven Condominium Towers in Kakaako

Kamehameha Schools has unveiled their plan to create a total of 2,750 units in seven high-rise condominium towers in Kakaako as well as 300,000 sq ft of commercial space.  Out of those seven towers, three of them would be built as luxury buildings fronting Ala Moana Boulevard.  The other four buildings would be a mixture of rentals and fee-simple units for middle-income families.  Kamehameha School's director of real estate development, Paul Kay, stated, "What we did specify in our overall master plan is that we would develop a diverse mix of products and that we were going to touch every income group.  To do a true master-plan community, you really do have to provide a broad variety and mix of housing types. The point is to have them across the entire district. Certain blocks just lend themselves much better to moderate and workforce housing, and some of them just naturally lend themselves to a higher end."

Below are the projects that have been announced by Kamehameha Schools.

SALT Retail Complex - Kamehameha Schools has already announced the building of a retail complex called SALT, which would be created by renovating old buildings in the neighborhood.

The Collection - Land has also been sold to developer Alexander & Baldwin, who proposes to build a high-rise tower and a low rise building with a total of 470 units called The Collection.  Alexander & Baldwin are still awaiting approval from the Hawaii Community Development Authority before proceeding with the project.

555 South Street - Developer Stanford Carr has announced that he will be developing a 40-story building at 555 South Street.  The tower will have a total of 600 units and Carr hopes to get approval and start building by the end of 2014.  The property will be mixed use and will feature the high-rise condominium, low-rise townhouses, live-work units, rental apartments and rental spaces.  555 South Street will cost about $300 million to develop.

Keauhou Place - Developer Stanford Carr plans to build another tower called Keauhou Place, which would have 450 units.  The building would be a mixed-use project with both rental units and fee simple units reserved for middle income units.  Plans call for rental units priced between $1,050 to $1,300 per month and units for sale starting in the high $300,000 range.  In order to qualify to rent one of the units, a tenant would have to earn less than 100 percent of the median income of Honolulu.  In order to buy a unit, the buyer would have to earn a maximum for 140 percent of the median income of Honolulu.

Halekauwila Place - Carr will also be building another tower called Halekauwila Place, which would be an affordable rental apartment tower next to Mother Waldron Park.  All units in the building will be rentals and none will be for sale.

Source: Honolulu Star Advertiser, 7-27-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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The Collection Draws Opposition from Neighboring One Waterfront Tower

The Collection is a new luxury high rise condominium tower in Kakaako that will be marketed and developed by Alexander and Baldwin.  Located on the corner of Ala Moana Boulevard and South Street, the tentative plans for The Collection calls for 397 units in a 400 foot tower, an additional 54 units in a four-story building, and 16 townhouse units in a three-story building.  Fronting the main streets of the 3.3 acre lot would be several retail shops and restaurants.  It is anticipated that one-bedroom units will start at about $375,000, the two-bedrooms in the high 500,000s and three bedrooms will start at about $750,000.

However, owners of the the adjacent One Waterfront Towers condominium are telling the Hawaii Community Development Authority that the project should not be approved.  President of the AOAO for One Waterfront Towers, George Beavin, stated, "I don't believe this size of a building belongs where it is (planned).  We already have a high tower."  C. Bell, another owner in One Waterfront Towers, added, "Don't block us in from our sunsets.  Don't take away from us what we paid for."

It should be noted that the plans for the 400 foot tower exceed the state guidelines for the minimum separation distance between buildings.  Under the Hawaii Community Development Authority rules, the slim side of towers must be at least 200 feet apart.  The Collection will be 249 feet away from One Waterfront.  The Hawaii Community Development Authority will make a decision regarding permits for The Collection on July 17.

Source: Honolulu Star Advertiser, 6-20-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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Economists Believe that Demand Will Be There for All the New Condominiums

A total of 5,000 new condominium units and 1,000 rental units have been planned to be developed in Oahu’s urban core over the next decade. While some people are questioning if there will be enough demand for these new buildings, many local economists and real estate experts believe that the increased supply won’t even be noticed. Paul Brewbaker, the chief economist of TZ Economics, commented, “It’s not a question of will there be enough buyers. The problem is, will there be enough condos?”

Below is a list of the planned buildings:

Waihonua, located on Queen Street, is being developed by Alexander & Baldwin Inc. Currently 321 of their 341 units have been sold. The building is scheduled to be completed in March 2015.

One Ala Moana, is located above the Nordstrom parking garage at the Ala Moana Center. The 210 units have been sold out. The MacNaughton Group and the Kobayashi Group are the local developers in partnership with the Howard Hughes Corp.

801 South Street was marketed as moderately priced building. All 635 units have been sold through a lottery drawing. At that time 300 lottery entrants did not secure a unit. Marshall Hung is the developer of this building.

Symphony Honolulu is located on the North West corner of Ward Avenue and Kapiolani Boulevard. Sales are expected to begin this summer.

404 Ward Avenue is the address of a new moderately priced condominium tower that the Howard Hughes Corporation will be building. Prices have not been specified as of yet. Sales are expected to begin this year. The building will have approximately 400 units.

1108 Auahi Street is the address of a new mid-luxury condominium tower that the Howard Hughes Corporation will be building. Prices have not been specified as of yet. Sales are expected to begin this year. The building will have approximately 300 units.

1140 Ala Moana is the address of a new luxury condominium tower that the Howard Hughes Corporation will be building. Prices have not been specified as of yet. Sales are expected to begin this year. The building will have approximately 200 units.

The Collection is a project being done by Alexander & Baldwin. Located at the site of the former CompUSA store on the corner of South Street and Ala Moana Blvd, the project will include 466 units including several townhouses. Sales are expect to begin later this summer.

803 Waimanu is a project being developed by Franco Mola and will be located on Waimanu Street near Cooke Street. The project will feature 217 units. Sales are expect to begin later this summer.

Aloha Kai is a planned project on Atkinson Drive on the property that is currently being occupied by the Central YMCA property. The developer is still seeking a city zoning change. The building would have 128 units.

Halekauwila Place is a rental project with 204 units being developed by Standord Carr.

690 Pohukaina is also a rental project with 804 units. The project is being planned by Ohio-based Forest City Enterprises Inc.

Source: Honolulu Star Advertiser, 6-3-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Kakaako Real Estate – Additional Information on The Collection at 600 Ala Moana

Local developer Alexander & Baldwin has announced that they will be building a new 43-story condominium in Kakaako on the site of the now closed CompUSA store. The project, which would include townhouses, several restaurants and retail shops, will be called “The Collection at 600 Ala Moana.” Alexander & Baldwin officials estimate that the project would cost about $200 million to develop. There will be approximately 400 units in the main tower with one bedroom units start at approximately $400,000 and three bedroom units selling for “well above” $700,000. There will also be a four-story condominium that would have an additional 50 units, and yet another building with 16 three-story townhouses. President of Alexander & Baldwin, Chris Benjamin, stated, “Today for us is a very important step in the advancement of this neighborhood in Kakaako. We are very excited about embarking on this latest project.”

The sales center is expected to open in the summer of 2013.

Source: Honolulu Star Advertiser, 4-10-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Kakaako Real Estate – Alexander & Baldwin Announces The Collection Condominium

Developer Alexander & Balwin Inc. has announced that they will would like to build a new high rise condominium project on the site of the old CompUSA store in Kakaako. The project, which is tentatively being called “The Collection”, will feature a condominium tower with 466 units as well as two smaller buildings which would hold some retail shops and restaurants. The project still needs to receive approval from the Hawaii Community Development Authority, but if everything proceeds as planned, units will go up for sale this summer. Alexander & Baldwin has announced that units would be priced starting at $400,000 for one bedrooms, with two bedrooms going for well above $700,000.

Source: Honolulu Star Advertiser, 4-9-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Alexander and Baldwin to Build Another Condominium Tower in Kakaako

Alexander and Baldwin Inc. has announced that they will be building a new condominium tower in Kakaako at the site of the former CompUSA store at the corner of South Street and Ala Moana Boulevard. The company plans to start marketing units for sale later this year. President and Chief Operating Officer for Alexander and Baldwin, Chris Benjamin, stated, “There is no doubt that demand for urban Hono­lulu (housing) is very strong.”

Source: Honolulu Star Advertiser, 2-20-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Seven New Residential Towers Planned in Honolulu

A recovering real estate market on the island of Oahu has created a new push by developers to plan the construction of a total of seven high rise residential condominiums for Honolulu.  The first building to be built will be a 340-unit tower in Kakaako named Waihonua.  Alexander & Baldwin is the developer for Waihonua and has already started to accept nonbinding reservations.  Chris Benjamin, who is in charge of Alexander & Baldwin’s real estate division, stated, “We’re encouraged by the positive response we’re seeing.”  Construction for Waihonua is expected to start by the end of 2012.

The Symphony project was also recently announced by developer OliverMcMillan in partnership with local landowner Joe Nicolai.  They are hoping to build a 400-unit residential tower across the street from the Neal Blaisdell Center on the corner of Ward and Kapiolani.  The partnership is still waiting for state approval, but has stated that once that is given, sales would begin as early as the summer of 2012.

The MacNoughton Group will be co-developing a tower to be built over the Nordstrom parking garage at the Ala Moana Center.  The time table to build this 210-unit residential tower has not been announced, but a company spokesperson has stated that they would like to begin sales before Thanksgiving.

There are a total of four other towers that are being considered.  Two buildings may be built on the location formerly used by the Honolulu Advertiser in Kakaako.  California developer Jason Grosfeld has purchased a lot in Waikiki which is still zoned for high-rise condominium development.  Finally, Alexander & Baldwin also has stated that they would be interested in building a tower on the corner of South Street and Ala Moana Boulevard in Kakaako which was once occupied by CompUSA.  Alexander & Baldwin did clairfy that they would prefer to finish the sales in their Waihonua building prior to making plans to build another high-rise building.

Source: Honolulu Star Advertiser, 2-26-2012, www.staradvertiser.com

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

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The Collection Announced By Alexander & Baldwin

Alexander & Baldwin Inc. has announced that they are planning to build another high rise condominium tower in Kakaako.  The property will be located at 604 Ala Moana Blvd, Honolulu, HI 96813, on the site where the now closed CompUSA megastore is located.  The land is currently owned by Kamehameha Schools schools, but an Alexander & Baldwin subsidiary has purchased an option to buy the land for an undisclosed price.  As of this writing, no time table has been set as to when construction or predevelopment sales would occur.

Paul Kay, Kamehameha School’s Director of Commercial Development, stated, “Kamehameha has long envisioned a 21st-century neighborhood that brings excitement and comfortable living in an urban setting.  For our master plan vision to be realized, we need a proven community developer, and A&B Properties is the perfect choice.”  An executive Vice President for Alexander & Baldwin, Mike Wright, added, “We’re very pleased to be working with Kamehameha Schools and being part of their vision for Kakaako.”

Source: Honolulu Star Advertiser, 2-4-2012, www.staradvertiser.com

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

Global Executive Realty, LLC

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