Developers will build 'low-rise' units in Waikiki

[urbanguy]

Developers will build 'low-rise' units in Waikiki

Source: Pacific Business News

Construction of a low-rise, moderately priced residential project in Waikiki is expected to start next year.

Kaioo LLC, co-developer of The Windsor condo tower with Oaktree Capital LLC, plans to build a 116-unit apartment complex -- called Waikiki Palms -- on the lots ringing The Windsor on U-shaped Kaioo Drive near Discovery Bay.

Surrounded by high rises, apartments at the Waikiki Palms won't have much of a view and this is expected to hold prices down and appeal to local buyers.

This is for people who want to buy a property in Waikiki but the pricing is more modest than the new product being built across the street, said Larry Hansen, member of Kaioo LLC, referring to the Watermark high-rise condo tower.

Waikiki, previously thought of exclusively as a tourist destination, is fast becoming a hot enclave for new condos, time-shares and condo-hotels. Developers have found that both local and Mainland buyers like the amenities Waikiki has to offer and its proximity to downtown Honolulu.

The trend started with the conversion of the 600-room Ohana Hobron Hotel in 2001 to the 181-unit Windsor tower with apartment prices in the $400,000-to-$800,000 range.

That prompted Kaioo LLC to acquire the lots adjoining the hotel -- totaling 1.66 acres -- for an apartment complex. Kaioo wouldn't disclose the cost of the land, but Oaktree reportedly asked for $9.5 million for the 12 lots.

The company sought approval from the Waikiki Neighborhood Board earlier this month and is filing for county and building permits. If all goes according to plan, Kaioo LLC expects to break ground in late 2006.

Hansen, the project's principal, said this project will be different from the others in and around Waikiki.

It's not a high rise and that certainly makes it different from what others are doing, Hansen said. "The reason we are not a high rise is because of the site itself and we don't have the views to compete with some of the high rises going up."

The complex will have two levels of parking and four levels of apartments -- 84 two-bedroom units (1,050 square feet each) and 32 one-bedroom units (690 square feet).

We expect a higher mix of local buyers, those who want to be close to downtown, Hansen said. "We expect some interest from investor buyers."

Kaioo LLC hasn't decided on the unit price yet and is doing the math on the total cost of the project.

Not including this project and others like under 12 stories here's a brief run down of what i know of so far of buildings over 12 stories...

Under Construction:

1-Hokua Tower: 40 stories @ 418 ft. (2005)

2-Ko'olani: 47 stories (2006)

3-Moana Pacific East Tower: 46 stories @ 400 ft. (2006)

4-Lanikea at Waikiki: 30 stories @ 300 ft. (2005)

5-215 North King Street: 23 stories

6-Moana Pacific West Tower: 46 stories @ 400 ft. (2006)

7-Ko'Olina Beach Club 2: 12 stories

*more to come!

Approved:

1-Waikikian Tower: 38 stories (2005)

2-Nine O Nine Kapi'olani: 35 stories @ 332 ft. (2007)

3-Ewa Tower Ward Village: 17 stories

4-Kulana Hale Apartments II: 15 stories

5-Keola Lai: 42 stories @ 387 ft. (2008)

6-Watermark Waikiki: 37 stories @ 350 ft. (2007)

7-Capitol Place: 39 stories @ 400 ft? (2007)

Proposed:

1-World Trade Center Hawaii: 31 stories @ 400 ft.

2-Puaena: 28 stories

3-Outrigger Beach Walk Tower: 350 ft.

4-2121 Kuhio Avenue: 28 stories @ 300 ft.

5-Kapi'olani Akahi C.C. Retirement Community: 26 stories @ 294 ft. (2005)

6-800 Nu'uanu Condominiums: 21 stories @ 220 ft. (2006)

7-Royal Kahili Tower: 16 stories @ 208 ft. (2006)

8-The Pinnacle Honolulu: 35 stories @ 350 ft - 400 ft?

9-Iwilei Elderly Housing: 13 stories

10-Donald Trumps Luxury Condo

11-Possible Old Honolulu Advertiser site Tower

12-3D Investments Condo Tower: 22 stories

13-A&B Kaka'ako Waterfront Residential Project Towers I: 20 stories

14-A&B Kaka'ako Waterfront Residential Project Towers II: 20 stories

15-A&B Kaka'ako Waterfront Residential Project Towers III: 20 stories

16-Centex Destination Properties - luxury beachfront mid-rise condominium at Ko Olina Resort & Marina - 247-units

*More to come!!

Dead:

1-25 stories Kaka'ako Project - the land owner sold the property, not sure what's going to happened to it now?

2-Pacific Quay Office Tower - The Pacific Quay project looks like it will turn into waterfront lofts instead of two towers.

3-Pacific Quay Hotel Tower