New luxury condo tower will include $9 million penthouses
Pacific Business News
Date: Thursday, November 1, 2012, 2:54pm HST
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23-story ultra-luxury condominium tower to be built atop a parking garage adjacent to Nordstrom’s Ala Moana Center store will have penthouse units priced at more than $9 million.
The project, called ONE Ala Moana, is being developed by HHMK Development LLC, whose members include landowner The Howard Hughes Corp. (NYSE: HHC), The MacNaughton Group and the Kobayashi Group. It will have 206 one-, two- and three-bedroom units that will range in size from 760 square feet to 4,100 square feet. Prices for the units will start at $500,000 for lower-floor, one-bedroom units with mountain views and go up to more than $9 million for penthouse suites. The average price for a unit will be about $1.6 million, the developer said.
“We are seeing extensive interest among potential purchasers and anticipate rapid sales because of the unique location, high-quality design and finishes and the fact that buyers could be living in their new homes within the next 24 months,” said Bert Kobayashi Sr., founder and and senior adviser at Kobayashi Group. “The early interest is from individual buyers and the high-end Realtor community, both in and outside Hawaii, who know our reputation and dedication to exceptional quality and stand-out developments.”
The project is being partially financed by $40 million in mezzanine debt, with $20 million provided by Alexander & Baldwin Inc.’s (NYSE: ALEX) real estate subsidiary, A&B Properties Inc., and $20 million from List Island Properties LLC, a Japan-based subsidiary of LIST Co. Ltd., a Sotheby’s International Realty. The building is being designed by Hawaii architectural firm Benjamin Woo Architects and Solomon Cordwell Buenze, which is based in San Francisco and Chicago. Honolulu-based Philpotts Interiors is the interior designer on the project. Heyer & Associates LLC is the exclusive broker for the project.
Source:
Pacific Business News
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