Waikiki condo-hotel project could begin construction in 2016

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Artist rendering of the condominium-hotel project to be built at King's Village in Waikiki

Artist rendering of the condominium-hotel project to be built at King’s Village in Waikiki

The Honolulu developers of a 32-story, 246-unit condo-hotel project in Waikiki that would replace King’s Village, Prince Edward apartments and Hale Waikiki plan to start construction in 2016, according to public documents. Construction is expected to conclude in 2018.

The MacNaughton Group, Kobayashi Group and BlackSand Capital are the developers of the 133 Kaiulani condo-hotel development, which will include 168 studios, 73 one-bedroom units, 1 two-bedroom unit and 2 three-bedroom units in a 350-foot tower, according to the project’s final environmental assessment.

About 85 percent of its units are anticipated to operated in a hotel rental program.
The project’s ground floor will include retail space, a lobby and support spaces.

The reception area, lobby lounge, bar lounge, full-service restaurant and multiple event spaces and executive offices will be located on an amenity deck above the parking floors.

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.

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.

The development team paid about $41 million to acquire the King’s Village shopping complex in 2012.

Duane Shimogawa
Reporter
Pacific Business News

Developers reveal new details about Waikiki condo-hotel project replacing King’s Village

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Artist rendering of the condominium-hotel project to be built at King's Village in Waikiki

Artist rendering of the condominium-hotel project to be built at King’s Village in Waikiki

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

Rendering revealed for Waikiki King’s Village redevelopment

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Artist rendering of the condominium-hotel project to be built at King's Village in Waikiki, Courtesy Kusao & Kurahashi

Artist rendering of the condominium-hotel project to be built at King’s Village in Waikiki, Courtesy Kusao & Kurahashi

A partnership between Honolulu-based BlackSand Capital, Kobayashi Group and The MacNaughton Group. have released a rendering of the proposed redevelopment of the King’s Village behind the Hyatt Regency Waikiki Beach Resort into a mixed-use condominium-hotel project in Waikiki.

Keith Kurahashi of Kusao & Kurahashi Inc. presented an update and informational briefing to the Waikiki Neighborhood Board on Tuesday. Kurahashi said the project has adhered to Waikiki Special District Rules, and the 350-foot, 33-story condominium tower’s unit count has dropped from 256 units to 248 units.

Kurahashi first presented the plans before the board in April 2014. The King’s Village, Prince Edward apartments and Hale Waikiki will be demolished for the project. The Honolulu Star-Advertiser reports neighbors at Tuesday’s meeting said they would oppose the plan.

The partnership paid $41.25 million to acquire the King’s Village shopping complex from Oregon-based Elda Investments LLC in 2012.

Jason Ubay Reporter – Pacific Business News

Honolulu City Council will consider rezoning for D.R. Horton’s West Oahu Hoopili development

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D.R. Horton – Schuler Division’s rezoning request for its 11,750-home Hoopili master-planned community in West Oahu is expected to go before the Honolulu City Council on Feb. 18, a council member’s senior adviser confirmed to PBN.

D.R. Horton will ask to have the land rezoned from agricultural to urban. The state Land Use Commission already has approved the zoning change.

Ikaika Anderson, chair of the Council’s Zoning and Planning Committee, is expected to ask Council Chairman Ernie Martin to include the Hoopili project on the Feb. 18 agenda, said Gail Myers, senior adviser to Anderson.

“We anticipate that he will,” she said in an email to PBN. “Providing that the bill passes first reading, it will be referred to the Committee on Zoning and Planning. The Council agenda posts on Feb. 12, at which time we will be certain that Bill 3 appears on that agenda.”

D.R. Horton hopes to begin construction in 2016.

This week, PBN first reported that Honolulu firms The MacNaughton Group, Kobayashi Group and BlackSand Capital are under contract to buy 33 acres of land near Hoopili, which could become a retail center. The companies are well-known developers of retail and residential projects in Hawaii.

Duane Shimogawa Reporter – Pacific Business News

California family buys Starbucks-anchored Kapolei Parkway Shops for $13.8M

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The Kapolei Parkway Shops, which includes Starbucks, Jamba Juice and Taco Del Mar in a 21,167-square-foot building, has been sold to a California family that has significant real estate holdings in the Western United States, including Hawaii, for $13.8 million, according to public records.

The seller, Honolulu-based KBSM LLC, an affiliate of The MacNaughton Group, through one of its partners, told PBN that periodically it elects to sell some of its development properties based on a number of factors.

“Nothing out of the ordinary drove our decision to sell this property,” said Jeff Arce, partner for the Honolulu-based firm. “The proceeds from this sale will be reinvested by its investors into the future investment opportunities.”

Mark Bratton, vice president and division manager of Investment Properties for Colliers International Hawaii, represented the seller in the transaction.

Jon-Eric Greene, senior vice president also of Colliers, who represented the unnamed buyer, said that they were looking for western properties to invest in.

“They’re a family from California that has other holdings in Hawaii,” he told PBN. “They have Big Island properties that they own.”

Greene noted that no changes are expected at the Kapolei Parkway Shops, which is located at 338 Kamokila Blvd. directly in front of The Home Depot and across the street from the Hawaii state Judiciary complex.

The total assessed value of the property is about $7.2 million, according to tax records.

“Generally, things in Hawaii are healthy at the moment,” Greene said referring to the investment market.

Duane Shimogawa Reporter – Pacific Business News