New housing projects at Ko Olina under way

By Andrew Gomes
Advertiser Staff Writer

Armstrong Builders and Alexander & Baldwin Inc. started construction on the first phase of a $47 million townhouse subdivision at Ko Olina Resort & Marina this week, making it the third major active construction project at the West O'ahu resort.

The project will create an estimated 375 construction jobs, and boost the value of ongoing work at Ko Olina to about $300 million.

Also under construction is the first phase of a Marriott Vacation Club International time-share complex — which includes 125 units, retail shops, a health club, restaurant, bar and water feature — and the fourth phase of a 270-unit townhouse project by Canadian homebuilder Brookfield Homes.

The joint venture by Armstrong Builders and A&B, Kai Lani at Ko Olina, will consist of 116 homes built in mostly two phases.

The 44-unit first phase will begin in six to eight weeks, after completion of model units, and be complete in about a year. Full buildout of Kai Lani is expected to take 2 1/2 years.

Jim Keller, executive vice president of Armstrong Builders, said about 30 of the 44 units are already reserved at prices between $365,000 and about $550,000 for the two- and three-bedroom units.

About half the prospective buyers are local residents, and half are from the Mainland, Keller said.

Bob Armstrong, company president, said the response has been overwhelming since the sales office opened in mid-December.

"There's not a tremendous amount of people coming through here, but those who are want to buy," he said.

Armstrong said his company, which finished building the marina at Ko Olina about two years ago, had looked at the 11-acre residential site at the entrance to the resort for a long time, but waited for other activity by Marriott and Brookfield before moving ahead.

"We didn't want to be by ourselves," he said.

Reach Andrew Gomes at agomes@honoluluadvertiser.com or 525-8065.