Feb 28, 2014, 10:33am HST UPDATED: Feb 28, 2014, 11:16am HST
Duane Shimogawa Reporter – Pacific Business News
The ONE Ala Moana ultra-luxury condominium tower being built atop the Nordstrom parking garage at Ala Moana Center is expected to be completed by the end of this year with units selling for an average of $1.6 million, according to the Howard Hughes Corp., one of the development partners.
The Texas-based developer, part of HHMK Development, which also includes The MacNaughton and Kobayashi Group, provided additional details in its annual report this week.
The developers expect to invest a total of $265.1 million in the project, including construction, sales and financing costs. As of Dec. 31, they had spent $109.4 million, the Howard Hughes Corp. (NYSE: HHC) said.
The project is being financed by a $132 million construction loan, along with two $20 million mezzanine loans from List Island Properties and A&B Properties, a subsidiary of Alexander & Baldwin Inc. (NYSE: ALEX).
In December 2012, all of ONE Ala Moana’s condo units sold within the first two days on the market for an average price of $1.6 million. As of last July, the developers had collected $66.2 million in buyer deposits, representing 20 percent of contracted sales prices.
Among the amenities in the 23-story, 206-unit building are a wine-tasting room, a chef’s kitchen where residents can bring in their personal chefs, and a private salon where personal shoppers from Ala Moana Center stores can bring items to residents.