The Benn Pacific Blog

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Thursday, May 17, 2012

New condos are a coming…

The coming condo boom?

The promise of an improved economy is driving plans for six — maybe seven — new residential towers

By Andrew Gomes

Late last year there was one. Now there are two. Soon there may be three or more developers unveiling high-rise condominium plans for Honolulu’s urban core. UP AND COMING As many as seven residential towers on six sites have been unveiled or are in the works within Honolulu’s urban core, which was ground zero for high-rise condo development during the last market boom in the early 2000s.

IN THE PACK:  Location: 605 Kapiolani Blvd. >> Status: Developer Franco Mola has an option to buy the property and is exploring plans for two condo towers on the site of the former Honolulu Advertiser, but has not filed an application with the state authority governing high-rise development in the area.

EARLY STARTER:  Location: 1189 Waimanu St. >> Status: Alexander & Baldwin Inc. launched sales efforts in December. The 340-unit tower called Waihonua could break ground later this year on the undeveloped site between existing Hawaiki and Koolani towers.

COMING SOON:  Location: 1555 Kapiolani Blvd. >> Status: Local developers MacNaughton Group and Kobayashi Group are working with a Texas company that owns the rights to build a 210-unit condo tower on top of the Nordstrom parking garage at Ala Moana Center. Sales efforts are slated to begin before the holiday season.

CLOSE SECOND:  Location: 850 Kapiolani Blvd. >> Status: San Diego development firm OliverMcMillan and local landowner Joe Nicolai submitted a permit application recently for a 400-unit tower called Symphony on this undeveloped site Ewa of Blaisdell Center. Construction could begin by the end of the year.

JUST PURCHASED:  Location: 2121 Kuhio Ave. >> Status: A California development firm recently bought this parcel. The site is on the Diamond Head-makai corner of Kuhio Avenue and Kalaimoku Street.

LINED UP:  Location: 604 Ala Moana Blvd. >> Status: Alexander & Baldwin Inc. has an option to buy this site formerly occupied by CompUSA. The company envisions building a tower here after it finishes another one on Waimanu Street slated to break ground by the end of this year.

Posted by Trevor Benn on May 17, 2012 at 07:53 AM
Real Estate News • (31) CommentsPermalink
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