Units in Ritz-Carlton Waikiki project priced from ‘$500,000s to over $15M’
Janis L. Magin, Managing Editor of Digital Content- Pacific Business News | Mar 20, 2013, 4:45pm HST
Some units in a proposed 37-story Waikiki condominium hotel tower that will be branded under The Ritz-Carlton Residences flag will go on the market this spring for more than $15 million, one of the highest asking prices ever for a new condominium unit in Hawaii.
The website for The Ritz-Carlton Residences, Waikiki Beach, says prices for the units, which range from a 401-square-foot studio on one of the lower floors to a 1,790-square-foot three-bedroom, three-bath unit on one of the top floors to a top-floor penthouse, start “from the $500,000s to over $15 million.”
In comparison, the penthouse units at the ultra-luxury One Ala Moana condo being developed atop the parking garage next to the Nordstrom department store behind Ala Moana Center by a partnership that includes the Howard Hughes Corp. (NYSE: HHC) are being marketed for around $9 million.
That building has drawn interest from some Mainland billionaires, including Mark Zuckerberg, founder and CEO of Facebook Inc. (Nasdaq: FB).
The sales office for the Ritz-Carlton project will open in mid-April in the Luxury Row retail complex on Kalakaua Avenue adjacent to the project’s site, which is also home to luxury retailers Tiffany & Co., Chanel, Gucci, Yves Saint Laurent, Coach, Tod’s, Bottega Veneta and Hugo Boss.
California-based Pacrep LLC, which is developing the Ritz-Carlton project that’s also known as 2121 Kuhio, expects to start construction on the building later this year, with a completion targeted for late 2015 or early 2016, Jason Grosfeld, principal of Pacrep LLC, told PBN.
Pacrep recently secured approval for a Waikiki Special District permit, although the Honolulu Department of Planning and Permitting attached conditions to the approval, including design revisions.
The developer’s current design already incorporates many of the revisions requested by the city, including an articulation to the building’s facade, Grosfeld said. Grosfeld is also a principal in Irongate, which developed the Trump International Hotel & Tower Waikiki Beach Walk and the Watermark Waikiki.
“We’ve already been addressing and satisfying some of these comments,” he said.
Grosfeld said Pacrep will apply for building permits once the design is completed.
Grosfeld is confident there will be strong demand for the units.
“We’ve had thousands of people contact us to get more information about the project,” he said. “We have hundreds of people who want to buy right now.”