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urbanguy

Bam! Another Tower is gonna rise!

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'Now is the right time to build'

There was no mad dash of prospective home buyers lining up to place early dibs on the latest high-rise condominium project in Kaka'ako recently, but units have been going fast at 909 Kapiolani.

bz04map.gif

Developers of the planned condo at the corner of Ward Avenue and Kapi'olani Boulevard quietly erected signs and a near-finished sales office recently on the site, which is still ringed by a chain-link fence.

Prudential Locations, however, has taken reservations and $2,000 deposits for nearly all of roughly 113 units that will be sold as a first phase of the 225-unit tower.

The response was not unexpected given the recent rushes of sales at other Kaka'ako high-rise condos, such as Hokua, Ko'olani and Moana Pacific, which generated overwhelming interest among buyers, some of whom camped for days to reserve a unit.

The 909 Kapiolani project is the more affordable of the four condos, with prices averaging a little under $500,000 and starting as low as $260,000 for one-bedroom, one bath units.

An agent with Prudential did not respond to requests for more sales information yesterday or Wednesday.

But project manager Hong Lee with developer Posec Hawaii Inc. said he was pleased that the long-delayed project is moving ahead just as Hawai'i real estate sales boom.

"Right now the market is quite strong, and the supply is short," he said. "Now is the right time to build this condominium."

The Posec project was initially envisioned nearly 10 years ago, as the South Korean subsidiary of Pohang Iron and Steel Co., now known as POSCO Engineering & Construction, bought the 1.3-acre property in 1995 for $12.5 million.

A downturn in real estate at the time shelved the plan, then designed as a luxury property called Emerald Tower. An alternative plan to move forward with a senior-living high-rise ended in 1998 because of trouble in the South Korean economy and a disputed impact fee calculated by the state.

Construction of 909 Kapiolani is anticipated to cost about $50 million, and begin toward the end of this year, Lee said.

The 32-story tower is designed with five decks of parking, a recreation deck and space for a street-level convenience store and a coffee shop-type of restaurant.

01_build_img.jpg

Views

West downtown.jpg

North mountain.jpg

Eastdiamond.jpg *towards my hood btw see them cranes those are two others going up!

Southto_be_presented.jpg

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^It's an ugly box but its good to see things are really picking up here! BTW whats up with the "green" look these days? This will be like the 3rd building that will have that greenish look here in Honolulu the 2 others are currently underconstruction. :P

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i think you mean what is with green buildings EVERYWHERE. Atleast also here in Anchorage, both our 5 story buildings under construction are going to have a green tint (don't forget the ASRC and National Park Service have green fever too)

but wow 5 storys of parking eh? atleast they didn't forget the shops. I guess its only in Hawaii in which "Views" come with Renderings on articles :P

you should post this at SSP for HI representation btw ;)

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^Oh yeah man our newspapers are always quick to post maps or renderings of projects here i think its cool as heck haha and makes it easy for me to make posts like these! :P

I know the 5 story parking thing is stupid but it seems to be a common thing here especially with the newer buildings that are not in the CBD, in the CBD its mainly underground parking but so far all these new projects will have some sort of retail or shops etc at street level so thats all good!

Go Honolulu build and they will come! :D What i like most of all about these projects and even hotels being converted to residences is that it will keep more people in the city.

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Oh btw the "view" thing actually came from the buildings website, they already have a website out for the project its like the big thing now a days cause so do the others that are underconstruction or proposed.

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Nice building - about the "green" look, I think it looks rather crisp with that modified box design - sorta reminds me of that (something) Garden Tower in Tokyo which looks like multiple green towers stacked together.

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^Ooh thats a pretty nice building

wolfdawg54, i think so too. I would also like to see more blues and other colors that could reflect the natural setting around here. Glass buildings look nice here, i think anything that takes a way from the ugly 60s-80s style buildings is a good thing and a move in the right direction! :P

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