A public filing is revealing more details about the redevelopment of the King’s Village shopping center in Waikiki into a 33-story condo-hotel.
Developers are The MacNaughton Group, Kobayashi Group and BlackSand Capital.
The 248-unit, mixed-use 133 Kaiulani project, which will be located behind the Hyatt Regency Waikiki Beach Resort, will result in the demolition of the King’s Village, Prince Edward apartments and Hale Waikiki, according to a draft environmental assessment.
It will consist of one- two- and three-bedroom units along with ground floor retail space.
There also will be a lobby lounge, bar lounge, restaurant, event spaces, executive offices, a main pool deck, and a fitness center and spa, according to the environmental assessment.
The project’s economic impact will include about $8 million in annual taxes, almost 200 net permanent jobs gained despite the loss of 200 jobs from the demolition of the current buildings, and up to 300 construction jobs, the assessment said.
Construction is expected to begin in 2016 and be completed in 2018.
The developers also plan to set aside $500,000 for beach replenishment or other programs to maintain and expand the beach area, as well as another $500,000 toward construction of ADA improvements for access and a bathroom at the Waikiki Community Center.
Earlier this month, a member of the development team released a rendering of the project, which once called for 256 units.
The development team paid about $41 million to acquire the King’s Village shopping complex in 2012.
Duane Shimogawa Reporter – Pacific Business News