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Honolulu’s construction crane count continues to rise, Rider Levett Bucknall report says

February 4, 2015 By Mark G. Howard Leave a Comment

Construction cranes are signs of economic prosperity in Honolulu.

Construction cranes are signs of economic prosperity in Honolulu.

The number of construction cranes increasing in Honolulu can be attributed to the much publicized uptick in residential activity in the Kakaako neighborhood.

Tower crane counts dotting Honolulu’s skyline increased to 16 at the most recent count in November from 13 in August, according to the inaugural edition of Rider Levett Bucknall’s North American Crane Index.

Residential projects account for 53 percent of the tower cranes in Honolulu, with large commercial projects representing 33 percent of the total cranes, the report said.

Health care and hospitality projects make up a smaller percentage of the total crane amount.

While a couple of tower cranes have come down in the last six months as residential high-rise projects are completed, several more developments have begun and the pipeline of projects is likely to result in additional cranes during the next 18 months, Rider Levett Bucknall said.

The international firm known for providing property and construction consultancy advice at all stages of the construction cycle projects that the residential project growth will continue to increase both in the number and percentage of residential tower cranes based on recent ground breakings and piling activities in Honolulu.

The RLB Crane Index, which is published biannually, tracks the number of fixed cranes in major cities across North America.

Local RLB offices count the fixed tower cranes using three techniques, including a physical count, surveying its staff and contacting crane suppliers.

The crane index began in Australia in 2012 and now includes New Zealand, Southern Africa, the Middle East and North America.

The January 2015 North America report said that residential projects in Boston, Chicago, Denver, Honolulu, Los Angeles, New York and Seattle are responsible for the majority of cranes dominating the city skylines.

Of these locations, the majority of residential projects going up are mostly condominium and apartment developments.

With new construction developments emerging, along with an increase of redevelopment, renovation and expansion projects, Rider Levett Bucknall anticipates that tower cranes across North America will continue to increase throughout 2015.

Duane Shimogawa Reporter – Pacific Business News

Filed Under: Blog, Featured Blog, New Condo Construction Tagged With: new condo construction, New Condos

Honolulu condominium project revived after seven years on the shelf

May 30, 2014 By idx guys Leave a Comment

photo3-600xx390-585-70-0Honolulu condominium project revived after seven years on the shelf

Duane Shimogawa Reporter – Pacific Business News

Plans for a nearly 140-unit mid-rise residential condominium called Skyline Honolulu, to be built on the slopes of Punchbowl crater on Prospect Street in Honolulu, have been revived after about seven years on the shelf by the developer, an affiliate of Honolulu-based Form Partners LLC confirmed to Pacific Business News.

Form Partners is the same developer for several Hawaii projects including The Vanguard Lofts in Honolulu and Robertson Properties’ $767 million planned mixed-use project on the former Kamehameha Drive-in Theater in Aiea, which was just approved this week by Honolulu Mayor Kirk Caldwell.

Bill Deuchar, a partner of U.S. Pacific Development LLC, an affiliated company of Form Partners, for which he is also an advisor, told PBN that a much improved economy today is the main reason why the project has been revisited.

Additionally, he pointed out that Skyline Honolulu has been scaled back to offer a lower price point, although no price points have been set yet.

“[The project] may wind up being a rental apartment building or we may put it up as a for-sale project,” Deuchar said. “The way I see the market, I see so much high-end stuff. I’d rather be fighting it out in the lower-end rather than the higher-end. Our project is more community-oriented.”

He did not specify a cost to develop the project, although he noted that if it sells all of the units, it could fetch about $60 million.

The five-story project, which will include studio, one- and two-bedroom apartments, is anticipated to start construction in the first quarter of 2015 with a completion scheduled for 14 to 16 months after that.

Honolulu-based Richard Matsunaga & Associates Architects Inc. and U.S. Pacific Development were chosen to design and build the project, Deuchar said.

He estimated that it should create up to 200 construction jobs, but that some entitlements are still needed to get the project going.

Prospect Properties LLC, an affiliate of Form Partners, bought and consolidated 1.6-acres of land on the slopes of Punchbowl in 2007.

But since then, the project has not made any major moves towards development.

The consolidated purchase included five different owners/sellers of nine separate parcels made up of 12 single- and multi-family structures with nearly 20 tenants.

U.S. Pacific Development handled the acquisition, financing and the design of what was then a 95-plus unit, four-story mid-rise building made up of one-, two- and three-bedroom residences with a pool, recreation room, rooftop decks, a community rooftop deck, recreational areas and underground parking.

The company, at that time, estimated that the total project sales were expected to exceed $80 million.

U.S. Pacific Development said that it has secured agreements with the Punchbowl Special Design District, addressing community concerns and attaining all required impact studies necessary to get the special design district permit for the area.

Filed Under: Featured Blog, New Condo Construction Tagged With: Form Partners LLC, new condo construction, New Condos, new construction

Hawaii agency to decide on second condo tower at 801 South St.

December 6, 2013 By idx guys Leave a Comment

Dec 3, 2013, 6:54am HST

Duane Shimogawa Reporter – Pacific Business News

The Hawaii Community Development Authority expects to make a decision on Wednesday regarding a Honolulu developer’s plan to build a second residential tower in Kakaako with an accompanying 10-story parking garage on the site of the former Honolulu Advertiser building, the state said Monday.

The state agency that’s overseeing the redevelopment of Kakaako is holding a second public hearing on the permit application by Downtown Capital LLC, which is headed up by Hawaii developer Marshall Hung, on Wednesday at its office at 461 Cooke St., starting at 9 a.m.

The workforce housing condominium, which would include some 400 units, is part of the 801 South St. project, which includes a first phase of 635 units that have sold out.

Together, the two towers are expected to have a total of about just over 1,000 units.

The 801 South St. project is expected to cost $400 million to develop and will create 350 construction jobs.

The second building application will include a partial demolition of the back portion of the existing Honolulu Advertiser building, which was once used as a soundstage for the CBS crime drama “Hawaii Five-0.”

Filed Under: Featured Blog, KAKAAKO, Kakaako, New Condo Construction, New Condos for sale Tagged With: Kakaako, New Condos, new construction

Stanford Carr’s Kakaako condo project would add 600 residential units, commercial space

July 23, 2013 By idx guys Leave a Comment

Jul 23, 2013, 7:01am HST
Duane Shimogawa  |  Reporter- Pacific Business News

Stanford Carr Development is planning to build a mixed-use high-rise residential project in Kakaako that would include 600 residential units, including townhomes, live-work units, rental apartments and ground floor commercial space.

It will be located in an empty parking lot along South Street, adjacent to Carr’s Halekauwila rental development and bounded by Halekauwila and Pohukaina streets as well as South and Keawe streets.

This map shows the location of Stanford Carr Development's planned 600-unit mixed-use project in Kakaako.

This map shows the location of Stanford Carr Development’s planned 600-unit mixed-use project in Kakaako.

The project involves landowner Kamehameha Schools and the Hawaii Community Development Authority, the state agency charged with overseeing development in areas such as Kakaako.

A Honolulu Authority for Rapid Transportation rail transit station is located right near this planned development but Carr declined comment on the prospects of it being a part of the new residential project.

“We’re trying to integrate everything,” Carr told PBN. “We challenged ourselves to go before agencies and say, ‘let’s collaborate.’”

PBN first reported this planned development, which will most likely include a neighborhood grocery store as one of its ground-floor commercial components.

Carr told PBN that the project is expected to include a total of 600 units, with 400 units for sale and 200 rental units.

Gov. Neil Abercrombie, Paul Kay, director of real estate development for Kamehameha Schools, and Carr are expected to make an official announcement regarding the project on Friday.

The development is part of Kamehameha Schools’ “Our Kakaako” master plan, which includes 29 acres on nine city blocks, seven residential towers that include 2,750 units and 300,000 square feet of commercial space.

Search properties for sale at KakaakoProperties.com

 

Filed Under: Hawaii Community Development Authority, Kakaako, Kamehameha Schools, New Condos for sale Tagged With: Hawaii Community Development Authority, Honolulu high rise, Kakaako, Kamehameha Schools, new condo construction, New Condos

Ritz-Carlton Waikiki project 85 percent sold

June 30, 2013 By idx guys Leave a Comment

Stephanie Silverstein  |  Reporter- Pacific Business News

More than 85 percent of the 309 luxury condominium units at The Ritz-Carlton Residences, Waikiki Beach are sold, following a private, invitation-only weekend sale event, developer Pacrep LLC announced Tuesday.

More than 85 percent of the 309 luxury condominium units at The Ritz-Carlton Residences, Waikiki Beach, seen here in this rendering, are sold, following a private, invitation-only weekend sale event.

More than 85 percent of the 309 luxury condominium units at The Ritz-Carlton Residences, Waikiki Beach, seen here in this rendering, are sold, following a private, invitation-only weekend sale event.

The Ritz-Carlton Residences, Waikiki Beach is a 38-story hotel condominium project at 2121 Kuhio Ave., under development by Pacrep LLC with an expected completion date in early 2016.

The sale event was held simultaneously on Saturday in Waikiki, Tokyo and Shanghai, and broadcast through a live webcast, making it possible for potential buyers across the world to participate. More than 8,500 people participated in the webcast.

“We are very pleased with the positive response we have received in such a short time period,” Jason Grosfeld, Pacrep LLC representative said in a statement. “The success of this weekend’s event further reinforces that, for our buyers, Ritz-Carlton is by far their top choice.”

The units range from studios to three bedrooms and penthouses. Amenities include resort pools, a spa and a fitness center.

The remaining units available for purchase through the Pacrep’s sales team range in price from $750,000 to $15 million.

The sales event kicked off with an announcement that sushi restaurant Sushi Sho will open its first location outside of Japan at The Ritz-Carlton Residences project, and that ESquared Hospitality will open BLT Market, a farm-to-table restaurant on the lobby level of the building.

New York-based gourmet market Dean & DeLuca also plans to open its first store in Hawaii in The Ritz-Carlton Residences.

“The addition of The Residences along with our exciting food and beverage partners will further secure Waikiki’s position as a world-class destination and establish this as the premier neighborhood within Waikiki,” Grosfeld said.

Filed Under: Featured Blog, Luxury Condos for sale, Luxury real estate, luxury real estate Oahu, New Condos for sale, Waikiki Tagged With: new condo construction, New Condos, Ritz-Carlton Residences

California developer Franco Mola plans to build workforce housing in Kakaako

April 3, 2013 By idx guys Leave a Comment

Duane Shimogawa  |  Reporter- Pacific Business News
Apr 2, 2013, 1:54pm HST

A California-based real estate developer is planning to demolish several existing single-story industrial buildings and develop a 20-story, 217-unit workforce housing condominium project with ground-floor retail space in the Kakaako neighborhood in Honolulu.

The property, at 803 Waimanu St., encompasses a little more than 21,000 square feet.

It was once on the market for $4.8 million, according to the commercial real estate property website LoopNet.

The planned project also includes parking for 245 vehicles.

According to the plans, there will be no amenities and the ground floor may include a convenience store such as a 7-Eleven.

“It seems like these types of projects are catching on,” Hawaii Community Development Authority Director of Planning and Development Deekpak Neupane told PBN. “I think as far as affordable housing goes, it’s a good project.”

It will include studio, one-bedroom and two-bedroom units. Neupane says that a two-bedroom unit would go for about $350,000.

Construction is slated to begin in the first quarter of next year and be done in 24 months.

The HCDA has scheduled a public hearing at which the developer, Franco Mola’s MJF Development Corp., will present its plans on May 1 with decision-making scheduled for June 5.

MJF Development could not be reached for comment.

Mola is no stranger to the Hawaii market, as he once had plans to redevelop the former Honolulu Advertiser property on Kapiolani Boulevard into a two-tower commercial and residential complex, which is now a project headed up by Hawaii developer Marshall Hung.

Kakaako Properties For Sale

Filed Under: Ala Moana - Kakaako, Condos for sale Oahu, Kakaako, Pacific Business News Tagged With: condos for sale, Kakaako, new condo construction, New Condos

Weekend lottery to decide who will buy condos at former Honolulu Advertiser site

March 24, 2013 By idx guys Leave a Comment

Weekend lottery to decide who will buy condos at former Honolulu Advertiser site

Duane Shimogawa | Reporter- Pacific Business News  |  Mar 22, 2013, 3:36pm HST

The developer of a $200 million high-rise affordable condominium tower planned for the site of the former Honolulu Advertiser building will conduct a lottery on Saturday to decide who will snatch up the units, which are priced between $250,000 and $550,000.

This rendering shows Downtown Capital LLC's 801 South St. project, which will be built on the site of the former Honolulu Advertiser building in Honolulu. Courtesy Downtown Capital LLC

This rendering shows Downtown Capital LLC’s 801 South St. project, which will be built on the site of the former Honolulu Advertiser building in Honolulu.
Courtesy Downtown Capital LLC

More than 4,000 people have visited the sales office at the corner of Queen and Keawe streets in pursuit of a unit in the 46-story tower at 801 South St., which will feature a mix of studio and one-and-two bedroom units.

http://realestate.hawaiiamericana.com/i/6351/KAKAAKO_NEIGHBORHOOD

The lottery will be conducted at the sales office starting at 10 a.m. Those who turned in eligibility packets are welcome to attend, but they don’t have to be present if their number is chosen.

The results will be posted online at www.801southst.com.

“We are very pleased but frankly not surprised at the robust interest in the units,” Project Developer Marshall Hung of Downtown Capital LLC said in a statement. “This project addresses the critical shortage of housing that Hawaii’s residents can afford in Honolulu’s urban core.”

All of the 635 units are priced as workforce housing units. Bank of Hawaii (NYSE: BOH) will be the lead lender for the construction financing.

The developer expects to sell out quickly, paving the way for a second tower made up of 400 workforce housing units.

The Hawaii Community Development Authority approved the project last December. Construction is expected to begin this summer.

The project team includes Hawaiian Dredging Construction Co., Kazu Yato AIA & Associates Inc. and Marcus & Associates.

http://realestate.hawaiiamericana.com/i/6351/KAKAAKO_NEIGHBORHOOD

Filed Under: Featured Blog, Kakaako, New Condos for sale, Oahu condos for sale, Pacific Business News Tagged With: Kakaako, new condo construction, New Condos, Oahu affordable housing

Developer must revise design of proposed Ritz-Carlton Waikiki project

March 20, 2013 By idx guys Leave a Comment

Developer must revise design of proposed Ritz-Carlton Waikiki project
Staff Pacific Business News  |   Mar 20, 2013, 7:16am HST

This rendering shows Pacrep LLC's proposed 2121 Kuhio project, which will be branded The Ritz-Carlton Residences Waikiki Beach. The Honolulu Department of Planning and Permitting gave conditional approval on Tuesday to the project but told the developer it must make significant design changes.

This rendering shows Pacrep LLC’s proposed 2121 Kuhio project, which will be branded The Ritz-Carlton Residences Waikiki Beach. The Honolulu Department of Planning and Permitting gave conditional approval on Tuesday to the project but told the developer it must make significant design changes.

California developer Pacrep LLC has been told to make significant design revisions to a proposed $275 million 350-foot hotel condominium in Waikiki that will be branded as The Ritz-Carlton Residences Waikiki Beach before proceeding with construction.

The Honolulu Star-Advertiser reports the Honolulu Department of Planning and Permitting gave conditional approval on Tuesday to the project, but said the developer must make changes to the 37-story tower known as 2121 Kuhio to reduce its “apparent mass” which has drawn protests from the community for its wall-like appearance. The newspaper reports the developer was ordered to consider adding such architectural features as graduated, stepped forms, and told to reduce the height of the entry along Kuhio Avenue and increase the commercial space on the ground floor.

The Honolulu City Council gave its approval to the project, which would exceed current height limits by 50 feet, in January.

Pacrep has already revised its plans for the project once before to reduce the width of the building. In December, the developer filed an environmental assessment with the state that proposed changing the original 34-story tower to a 350-foot, 37-story tower, which reduced the width by 48 feet.

Waikiki_$1,000,000_plus
Waikiki Condos for sale_$150,000_$200,000
Waikiki Condos for sale_$200,000_$250,000
Waikiki_Condos for sale $250,000_$300,000
Waikiki_Condos for sale $300,000_$350,000
Waikiki_Condos for sale $350,000_$450,000
Waikiki_Condos for sale $450,000_$600,000
Waikiki_Condos for sale $600,000_$,1000,000
Waikiki_Condos for sale Zip Code 96815_and 96816


Filed Under: Featured Blog, Pacific Business News, Waikiki Tagged With: New Condos, new construction, Waikiki, Waikiki condos

Exciting News from The Cove Waikiki

May 30, 2012 By idx guys Leave a Comment

We are thrilled to announce the release of the Developers Public Report on Saturday June 9th.  On that day, buyers currently under contract will have the opportunity to choose their finish packages and purchase an extra parking stall. This is an exciting milestone in the project. If you’re considering purchasing a unit, this may be the optimal time to do so, as extra parking stalls will sold to 2 bedroom purchasers in order of their purchase.

One of the many exciting features at the Cove Waikiki is that you can choose your finish package at no extra cost. Usually options cost more or are not available at all. However, at the Cove, our fabulous designers at Philpotts and Associates have put together three tasteful packages that include the kitchen and bathroom cabinets, granite counter tops, tile flooring in the kitchen and bathroom, and carpeting.  All the choices are coordinated to help you customize your look, from light and casual, to sleek and contemporary.

You Choose
The Cove Waikiki features 117 residential condominium residences. Sizes range from 561 sf one bedroom residences to 925 sf two bedroom residences. With residences priced from $370,000 the Cove Waikiki offers one of the best value options for new condominium living in Waikiki. With its community pool, BBQs and ample parking, the Cove Waikiki will be a perfect place to live and play. Visit The Cove website to register for project updates and news.

Sales Progress
Sales have been sizzling in the last few weeks.  Building A is our most popular but buildings B & C are catching up! Recent sales have included buyers moving from the mainland, a local buyer moving from an older condominium, and one of our favorite local real estate professionals.  More to come soon….

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Filed Under: Featured Blog, New Condos for sale, New Homes Tagged With: New Condos, The Cove Waikiki

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