Waikiki condo project to be first since '93
By James Gonser
Advertiser Urban Honolulu Writer
A&B Properties Inc. has released its draft environmental assessment for a $40 million, 25-story high-rise that would be the first major residential project in Waikiki in nearly 10 years.
The project, to be built on a vacant 71,000-square-foot parcel, will take up most of the block bounded by Kuhio Avenue, 'Olohana Street, Ala Wai Boulevard and Kalaimoku Street. Two condominium buildings share the same block — the 18-story Twin Towers at the Ala Wai end and the 24-story La Casa at Kuhio and Kalaimoku.
Construction on the 100-unit fee-simple project could begin in August, once the necessary permits are in hand, the company said.
Project manager Rick Stack said the units will be priced at about $450,000 to $500,000, with construction projected to be completed in December 2004. A&B purchased the parcel in November from DAI Investments Inc. for $3.6 million.
"The market is good in Waikiki," Stack said. "Inventory is down, interest rates are low. It is a very favorable environment for us if things don't change in the next year. We expect a mix of local and off-island buyers and Waikiki residents that might be looking to move to a newer building."
Realtor Pat Buckman, who has sold real estate in Waikiki for 40 years, said few condo units in that price range are available and the new ones should sell quickly.
To comment on A&B Properties' draft environmental assessment for its Waikiki condominium proposal, write to: A&B Properties Inc. Include copies for the city Department of Planning and Permitting and the state Office of Environmental Quality Control. The deadline is Nov. 7.
"They are really needed," Buckman said. "These will be decent-sized and the market is hot. If they make them spacious, people will buy them."
To comment
822 Bishop St.
Honolulu, HI 96813
(Attn: Richard Stack).
According to the environmental draft, each floor will have just four units. Stack said the units will all be two-bedroom with 1,000-plus square feet of floor space and 100-square-foot lanai.
The last residential project built in Waikiki was the Waikiki Landmark, a leasehold building erected in 1993.
The base of the 300-foot-tall A&B building will consist of five levels of parking — 231 stalls. An additional 13 stalls will be set at ground level for guests. Amenities will include a swimming pool and a landscaped picnic area.
There are plans to put up a separate two-story, 10,000-square-foot commercial building at Kuhio Avenue after the residential building is completed.
Robert Finley, chairman of the Waikiki Neighborhood Board, said the board voted to support the project last month with the caveat that the developer return to discuss what type of pile driving or drilling work will be done for the foundation.
"The Twin Towers folks are very concerned that the construction will damage their building," Finley said. "I understand they have had a meeting and are working together."
Finley said the project is unusual because no variances are needed: The proposal already complies with the Waikiki Special District guidelines for setbacks and open space; parking; height; and size.
"The board likes to see projects like this," Finley said. "It is not projected to be out of sight as far as cost to the people who will buy them and it meets all the special district requirements."
A&B was unable to buy two single-family lots on Kalaimoku Street whose owners refused to sell.
The project is being built around them, giving an "E" shape to the condominium building.
The neighborhood board has asked the city to try to buy the properties for open green space but Finley said that is not likely, given the city's tight budget.
Stack said the company expects to begin marketing early next year and has selected Coldwell Banker Pacific Properties as the exclusive sales representative.
"That is when we can accept contracts on the property," Stack said.
Reach James Gonser at jgonser@honoluluadvertiser.com or 535-2431.
