[Urbanguy]

Another luxo-condo tower to rise downtown

A California developer plans to build a 35-story luxury condominium complex at the corner of Beretania and Bishop streets, the second new high-rise planned for downtown in 2005.

To be called The Pinnacle Honolulu, the sleek, narrow building will offer 50 residential units, only two per floor, ranging in price between $650,000 and $1.2 million.

The Pinnacle LLC, a subsidiary of Caribou Industries Inc. of Santa Ana, Calif., plans to build on the sliver of land across the street from Block J, the site of another proposed high-rise.

Both will be approximately the same height, 350 feet, but the Pinnacle project should be the first to break ground, with an expected start date in March.

The Pinnacle joins a number of other high-rise condo projects under way in Honolulu, including PMK Development's proposed project across the street, The Hokua and Koolani, both already rising from the ground in Kakaako, and the Moana Pacific, under construction on Kapiolani Boulevard.

Michael Harrah, CEO and president of Caribou Industries Inc., bought the 13,637-square-foot site in June for $4 million and said he knew its location at 1199 Bishop St. was attractive.

"What really intrigued me about this is the gateway," Harrah said. "You'll have 24 hours of magic from the city lights looking toward the ocean, and you'll get the sunrise and the sunset."

The site, now operating as a Park & Lock lot, is a short walk from the State Capitol, Iolani Palace, Chinatown and Aloha Tower Marketplace.

U.S. Pacific Construction of Honolulu is the general contractor. David Stringer of Stringer Architects and Hank Reese are project architects.

Units will offer three bedrooms and measure from 1,500 to 2,700 square feet, with exclusive elevator entrances. Specifications include 10-foot-high ceilings, floor-to-ceiling windows and two parking stalls per unit.