The former home of the Wave Waikiki nightclub has become the site for a luxury high-rise condominium, under a $300 million plan by a Chicago developer.

Fifield Cos., a real-estate development giant, yesterday announced plans to build a 35-story luxury tower with 305 units on the 2.3-acre site at the 'ewa edge of Waikiki.

The project would be the fourth high-rise condo planned or under construction in Honolulu's urban tourist resort, and the first in Hawai'i for Fifield.

Other Waikiki towers in the pipeline are The Watermark Waikiki, which is under construction along the Ala Wai Canal about two blocks makai of the Fifield site, a condo or time-share planned at 2121 Kuhio Ave. and a Trump International condo and hotel at Saratoga and Kalia roads.

"Fifield is excited to be a part of the renaissance of Waikiki," said Fifield partner Tim O'Brien. "We work in so many different markets, and I don't know if we've seen any with a renaissance like what's going on in Waikiki. It's really something."

The developer said it could start selling the project's two-bedroom units this fall. Prices have yet to be established, but would likely fall mostly in the $800,000 to $1 million range, O'Brien said.

Construction is expected to start by mid-2007 and take about two years to complete.

Dubbed Allure Waikiki, the Fifield tower plan is fairly similar to one proposed by San Diego-based architect and developer Paul Thoryk, who contracted to buy the Wave Waikiki site last year and unveiled plans for a $225 million luxury condo rising 35 stories.

Thoryk wasn't able to complete the purchase, but he did gain support for his plan from the Waikiki Neighborhood Board.

Neighborhood board members at the time said they had concerns about the project's effect on traffic that regularly backs up in the area because of the bus and rush-hour vehicle flow into Waikiki.

But there was support for improving the property, which includes a parking lot and a vacant building that has attracted crime, graffiti and noise.

Fifield's project, like Thoryk's, includes restaurant and retail space as well as private and public open spaces.

Architects Hawaii Ltd. is designing the tower to reflect classic Hawaiian architecture.

Fifield needs to complete an environmental assessment for the project, and has been working on its design and planning with the city Department of Planning and Permitting and local stakeholders.

The company bought the property from Los Angeles-based Oaktree Capital Management LLC yesterday for $21 million, according to public records.

Wave Waikiki closed late last month after 26 years in business.

Fifield has developed more than $4 billion of residential, office and hotel projects since 1977. The company has several projects under planning or construction, including a twin-tower luxury condo tower in Las Vegas called Allure Las Vegas, two high-end luxury rental towers in Chicago and four projects in California.

Allure Waikiki is part of a geographic diversification strategy for Fifield, which hopes to expand its work here.

"Waikiki is almost legendary," O'Brien said. "To see the rebirth and renewal there is pretty exciting, and we're excited to be a part of that. We look forward to offering more luxury products and becoming a permanent part of the community."

Reach Andrew Gomes at agomes@honoluluadvertiser.com.