About Honolulu's Kakaako

Kakaako Master Plan Moves Forward

Kakaako is a great neighborhood located just west of the Waikiki area and Ala Moana Park and Shopping Center. One of the most valuable areas in this urban neighborhood is the Kewalo Basin, whcih is prime waterfront land.

The effort to create a community-based master plan for 31.5 acres of mostly vacant state property next to Kewalo Basin in Kaka'ako will take another important step tomorrow, introducing a design consultant to the planning process.

Representatives of design firm MVE will be at a meeting tomorrow with a community advisory council and the Hawai'i Community Development Authority.

The public is encouraged to attend the meeting scheduled for 10 a.m. at HCDA's offices at 677 Ala Moana.

The agency earlier this year approved spending $600,000 to create a master plan for the land three years after the cancellation of an ambitious yet controversial plan from Alexander & Baldwin Inc. to redevelop much of the Kaka'ako peninsula with a mix of high-rise condominiums, retail and public attractions.

MVE is an experienced design firm based in California with a Honolulu office. The firm has been involved in a variety of Hawai'i projects, including an affordable housing community on the Big Island and the planned affordable high-rise tower Halekauwila Place in Kaka'ako. The firm also was involved in design work for a Kaka'ako Peninsula plan by local developer Stanford Carr that was third runner-up to the A&B plan selected by HCDA.

Ron Iwami, chairman of the 50-member Kaka'ako Makai Community Planning Advisory Council, said the group needs more residents to help shape the new master plan for the site that now prohibits housing.

The council has produced a set of guiding principles that include expanding the area's shoreline parks, preserving open view planes, providing a shoreline promenade and including cultural facilities such as museums and a community center.

Some restaurants, cafes and small shops are also part of the group's vision to complement public facilities.

Actual conceptual design features will be a product of work between the HCDA, the public and the design consultant.

Planning meetings with the council are held on the first Tuesday of each month. A series of planning workshops are also slated for Jan. 29 to 31. A final master plan is anticipated to be finished in June 2010.

More information can be found at http://www.hcdaweb.org.

Unfinished Moana Vista Condo Highrise in Honolulu, Hawaii to Become Pacifica

I had previously written two blog articles about the Moana Vista Condo building, located in the Kakaako neighborhood of Honolulu, Hawaii, "SOLD!!! Would You Like to Purchase an Unfinished Honolulu Condo Tower? " and "SOLD AGAIN!!! Would You Like to Purchase an Unfinished Honolulu Condo Tower?"

A San Diego-based developer has closed on a deal to take over the stalled Moana Vista high-rise condominium project and plans to resume work early next year.

The project will be renamed Pacifica, developer OliverMcMillan said in a news release.

A number of readers have shown interest in learning more about pricing and availability for the new Pacifica. From what we have learned so far, the developer plans to give the half-completed 492-unit residential tower on Kapiolani Boulevard new exterior elevations, upgraded interior design and resort-level amenities, development director Dan Nishikawa has stated.

"OliverMcMillan intends to improve the common area amenities and some upper-unit floor plans," Nishikawa said. "When completed, Pacifica is going to be a special place, a high-quality home, and will enhance the surrounding communities."

The developer plans to begin a new sales and marketing program for the building and as soon as that information becomes available, we will be sure and share it with our clients and post it here as well.

It was less than a week ago that I posted about a development on the west side not going through. Well, the state just approved Kamehameha Schools 29 acre development proposal in Kakaako. Unlike the displacement of farmlands in the Ewa Beach scenario, this is a "re-development" of an area that has traditionally been "industrial" in the corridor between Waikiki and Downtown Honolulu. Kakaako is already the home to several luxury condos such as Hokua, Nauru & Hawaiki Towers, Koolani, Keola Lai and other newer projects like Moana Pacific, 909 Kapiolani, The Vanguard Lofts and Moana Vista (being built). It also boasts the two largest shopping complexes in the state of Hawaii with Ala Moana Shopping Center and Victoria Ward Centers, both owned by General Growth. There's also great outdoor activites available at Ala Moana Beach Park & boating activities at Kewalo Basin. In addition to Kamehameha School's approval to add up to 2,750 more residences in high rises, townhomes & lofts, they plan to add a 25,000 sq. foot plaza on Auahi St. and a 400,000 sq. foot Asia Pacific Research Center for biotech companies. General Growth also got approval earlier this year for a master plan that proposed up to 4,000 more residences.

What does this all mean? More traffic? More congestion? I think, ultimately it will be great place as it is already. Kakaako is vibrant and has a lot to offer. The skyline and traffic will be changing. Maybe not overnight, due to the economy. When you're looking to buy in the area, be sure to work with a good Realtor that's up to date on things. There are several buildings such as 909 Kapiolani & Imperial Plaza that come to mind where this could effect their views for resale values... Other than that, Kakaako ultimately won't simply be a transition from Downtown to Waikiki. It will seamlessly blend in.

Moana's sales office is closed and the salespeople have been instructed to turn in their keys. After much hope with the planned purchase of the property by OliverMcMillan has fallen through. The project is scheduled to be auctioned on September 25, 2009.

For buyers who signed up with Moana Vista, their funds are held in escrow. We expect them to receive full refunds of their deposits.

Keep an eye on the newspapers and TV news for more information about Moana Vista in the coming days.

Aloha, Mike

Hewaii's economy is slowing and people are looking for causes. Unemployment in our state is at 7% at a 30-year high. TV news stations frequently remind us that construction employment is a significant factor in the rate of job losses.

Moana Vista construction was halted in December 2008. The developer is seeking additional financing to complete the project. Options include finding a partner with financing to complete the building and selling off other real estate investment.

Fred and Annie Chan, owners of KC Development, have the Kaiser Estate in Portlock on the market for $80 million. The price seems quite high, considering the property is in need of major repairs. On the other hand, the estate covers more than five acres of land on a prime spot in east Oahu. If the a sale of the Kaiser Estate fetches anywhere near $80 million, it should at least be a shot in the arm for KC Development to get things rolling again.

Earlier this week the project's contractor, Hawaiian Dredging filed a lawsuit stating that $30 million is owed on the project. It appears to be a public statement to other possible creditors of Moana Vista.

Moana Vista's sales office remains open and prospective buyers are driven to the affordable pricing. It's hard to make long term plans when a buyer doesn't know how long it will be until the move-in date. Another concern is interest rates. They are very favorable right now but they can't be locked in at this point in time. When construction resumes and an accurate date is determined for completion it will be time to discuss locking in a rate - and where will they be then?

Buyers can be comforted in knowing that their deposits are held in escrow. The money cannot be spent until the final report for Moana Vista is issued and the buyers have had 30 days to review and approve the report. Buyers can cancel and get their money back, less a small escrow fee.

Question: Historically, which way do prices go in Hawaii? Answer: Up.

Ten years ago, lots of us were hemming and hawing about the direction of the market and what to do. Then prices took off. I believe those times will come again. This might be the time to plant the seeds for your next residence.

Please visit our Moana Vista webpage, which includes a price list.

Aloha, Mike Bates