Korean developer plans 234-unit condo behind Hawaii’s Ala Moana Center
The South Korean developer that purchased a 1.4-acre lot behind Ala Moana Center in Honolulu in 2007 told the Hawaii Community Development Authority that it plans to build a 234-unit condominium tower on the site that would integrate with the city’s planned rail station.
The Honolulu Star-Advertiser reports a consultant for SamKoo Development Co. Ltd. told the HCDA this week that the developer is offering the city a narrow piece of its property along Kona Street for the rail line and wold like to incorporate commercial and public space on the tower site at 1391 Kapiolani Blvd. to blend with the rail station, which will be the terminus of the 20-mile line that starts in Kapolei.
T he newspaper reports that within the next few months, SamKoo plans to submit a permit application under interim transit-oriented development rules pending before the Honolulu City Council.
The South Korean investors paid $26 million — or $417 per square foot, a record at that time— for the former Motor Supply Ltd. lot in 2007, but never built a planned luxury condo tower.
Staff Pacific Business News