The Howard Hughes Corp. is preparing to start construction in the coming months on its second luxury Honolulu condominium tower called Anaha that is planned for the former Pier 1 Imports location in Kakaako, the senior vice president for the Texas-based firm’s Hawaii operations told PBN.
The Howard Hughes Corp. (NYSE: HHC) said in its first quarter earnings report in March that it had pre-sold 54 percent of the project, which includes 311 units.
“Over the last few months, sales have continued to progress,” Howard Hughes Corp.’s Senior Vice President for Hawaii David Striph told PBN via email.
Last month, the developer broke ground on its Waiea luxury condo tower on a former surface parking lot fronting Ala Moana Boulevard, diagonally across from the Anaha site.
Both towers are part of the developer’s first phase of its Ward Village master plan.
The Howard Hughes Corp. plans to add more than 900 residential units in the first phase of its Ward master plan, which includes these two mixed-use high-rises.
Howard Hughes Corp. Secures $600 Million Loan to Build Honolulu High-Rises
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The Howard Hughes Corporation has secured a $600 million non-recourse construction loan from Blackstone Real Estate Debt Strategies for the development of Waiea and Anaha, the first two condominium towers at Ward Village. The financing was arranged by Randy Fleisher with the Dallas Capital Markets group of JLL.
Ward Village is a 60-acre urban master planned community located in the heart of Honolulu between the city’s downtown and Waikiki. Plans call for over 4,000 high-rise residences and more than one million square feet of retail space surrounded by outdoor public gathering places and pedestrian friendly streets. The neighborhood will be anchored by a four-acre public park that will serve as a multipurpose gathering space in Honolulu where residents and visitors will convene, socialize and enjoy community events.
Howard Hughes Corp. says Honolulu luxury towers three-quarters sold
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The Howard Hughes Corp. said Monday that 88 percent and 78 percent of the units in its two luxury condominiums in Kakaako — 171-unit Waiea and 311-unit Anaha — werre under contract as of Feb. 1, according to the Dallas-based developer's 2014 annual report.
Located on a former surface parking lot fronting Ala Moana Boulevard, diagonally across from Anaha's site, Waiea is expected to be completed by the end of 2016.
Anaha, which is located on the former Pier 1 Imports site, is anticipated to be completed in 2017, The Howard Hughes Corp. (NYSE: HHC) said.
As of Feb. 1, it has received $155.8 million in buyer deposits for Waiea and Anaha, which represent $854.4 million of contracted gross sales revenue.
Both towers are expected to cost about $804 million to develop.
The developer recently closed on $1.3 billion of property financings and refinancings, including a $600 million construction financing for Waiea and Anaha.
The Howard Hughes Corp. (NYSE: HHC) has sold about 91 percent and 92 percent of the 491 total units at its Waiea and Anaha mixed-use condominiums in Honolulu, respectively, the Texas developer said Monday in its second-quarter earnings report.
Howard Hughes sold 158 of the 174 units at its Waiea project and 292 of the 317 units at its Anaha condo.
HONOLULU--(BUSINESS WIRE)--The Howard Hughes Corporation® (NYSE: HHC) announced today the topping out of Anaha®, the second residential condominium tower to be completed within Ward Village®, its 60-acre urban master planned community in the heart of Honolulu. With Anaha’s opening in the summer of 2017.
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