A Japan-based firm is moving ahead with plans to build a six-story apartment building in Waikiki across from the Ala Wai Canal on a site formerly proposed for a condominium tower called Royal Kahili.

SBI Hawaii Property One Inc. recently applied for a permit to develop the 44-unit rental complex called Ala Wai Garden Plaza at the corner of Ala Wai Boulevard and Namahana Street.

The project, according to SBI's application, would rise 71 feet and include a private park for residents and guests of units on four floors over two levels of parking.

A public hearing on the project is set for 10:30 a.m. Feb. 12 before the city Department of Planning and Permitting in Room 205 at Honolulu Hale, 530 S. King St.

To proceed with the project, the developer needs a Waikiki Special District Permit. The property already is zoned for apartment use and has a 300-foot height limit.

SBI also plans to make a presentation to the Waikiki Neighborhood Board on Tuesday at around 8:15 p.m. in the Waikiki Community Center, at 310 Paoakalani Ave.

The SBI site was once slated for the 208-foot Royal Kahili condo by Nichiei USA Inc., which at one time owned the property and the neighboring Royal Garden Hotel.

Nichiei in 2004 announced plans for the slim 16-floor tower with just 26 units, but abandoned the venture and sold the property a year later to Pacific Century Development and Realty Inc., headed by East Coast developer Salvatore J. Cangiano, for $1.7 million.

Cangiano explored developing the site, but instead sold the property a year ago to SBI for $4.5 million.

The property is 23,750 square feet and formerly was home to 38 apartment units in two three-story structures and two single-family dwellings plus a pool once used by Nichiei for Royal Garden guests.

Nichiei, which had sold many units in the hotel as condos to individual buyers over the last few years, sold the bulk of its remaining interest — about 140 units — for $31 million to Royal Hotel & Spa LLC in 2006, according to property records.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.