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Showing posts from 2017

Marcus Mariota pays nearly double the value for new Hawaii home

Marcus Mariota, the Hawaii-born Tennessee Titans quarterback, paid nearly double the assessed value of his new Hawaii home.
In May, the St. Louis School star purchased a more than 3,000-square-foot home near Kailua Beach in Windward Oahu with four bedrooms and four bathrooms for $2.45 million. The total assessed value for the property is $1.7 million. The purchase came out to $767 per square foot.
The home, which was built in 2017 and purchased by Mariota in May, was only on the market for 90 days. It has a total floor area of 4,194 square feet and sits on a 10,000-square-foot lot. Amenities of the home include a pool, maid and guest quarters and a workshop.
Mariota, one of the most popular athletes in Hawaii, was a star quarterback for the University of Oregon Ducks football team. Numerous local companies have latched onto his star power by having him become their spokesman, including First Hawaiian Bank and Island Insurance.




First-of-its-kind housing project in Hawaii cut down by 2 stories

A housing project that is expected to be the first of its kind in Hawaii has been downsized by a couple of floors, according to recently released public documents for the development. Located in the Honolulu neighborhood of Kakaako, New York-based BronxPro Group’s Nohona Hale project includes 111 affordable rental micro-units in a now 14-story tower set upon a two-level podium that will encompass the lobby, living room, community spaces and management offices. The project, which will include units that measure about 300 square feet, was once supposed to be 16 stories. It will be aimed at low-income households earning 60 percent below the area median income and 10 percent of the project’s units will be set aside for families earning 30 percent AMI or less. Nohona Hale will be built on a 10,450-square-foot vacant lot on Cooke Street, and includes EAH Housing as part of the development team, according to the project’s final environmental assessment prepared by Wilson Okamoto Corp. The p…

Another bar and restaurant opening in Kakaako

Another bar and restaurant is opening in the growing Honolulu neighborhood of Kakaako. This new establishment will be headed by veteran Hawaii restaurateurs Pat Kashani and Keith Kawaharada. Public records show that both restaurateurs filed new businesses and trade names called “Tropics Ale House Kakaako,” with the address being 747 Queen St. that is at the corner of Queen and Cooke streets. Kashani is known for his Tropics Tap House and Tropics Ale House restaurants, while Kawaharada is the operator of Mr. Oji-san on Kapahulu Avenue near Waikiki. He also heads the former establishment at 747 Queen St., Hush Bar & Grill.
Tropics Ale House Kakaako joins a crowded field of bars and restaurants in the area, including Aloha Beer Co. and Waikiki Brewing on Queen Street, as well as Village Bottle Shop & Tasting Room, Moku, Doraku, Chai’s, as well as two new restaurants at Alexander & Baldwin’s The Collection and REAL a Gastropub that’s opening at Gerding Edlen’s Keauhou Lane.

Exclusive: Here's who paid the highest price for a condominium unit in Hawaii

Hawaii could break tourism record by topping 10 million visitor mark, DBEDT chief says

Netherlands fast-food restaurant chain expanding to Hawaii

A fast-food restaurant chain based in the Netherlands is expanding to Hawaii with a new location at the Royal Hawaiian Center in Waikiki. Wok to Walk, which features wok stir-fried Asian cuisine, filed a $300,000 building permit with Honolulu regulators on Thursday for a new restaurant at the Royal Hawaiian Center. Honolulu architect Takao Ugai of Focus Labo LLC is listed as the architect for the project. Founded in 2004, Wok to Walk, whose food is served in oyster pails, has locations all over the world, including in such cities as London, Berlin, Madrid, New York City and Lisbon. The Amsterdam-based restaurant joins other restaurants at the Royal Hawaiian Center such as The Cheesecake Factory, Doraku Sushi, Ezogiku and Noi Thai Cuisine.

Long-delayed North Shore Oahu wind farm gains traction

The California company planning to build a big wind energy farm on Oahu's North Shore filed building permits on Wednesday, signaling that the long-delayed project is finally moving forward.
Na Pua Makani Power Partners, headed by California's Champlin, filed a $3.1 million permit with Honolulu regulators to build four wind turbines and a meteorological evaluation tower. Hawaii Engineering Group is a consultant on the project.
Another permit filed Wednesday was for the development of a maintenance and operation building. The 25-megawatt wind farm, which is being built in Kahuku, joins two other wind projects on the North Shore.

California firm buys Hawaii shopping center

A California real estate investment firm has purchased a shopping center on the Big Island of Hawaii for about $13.6 million.
The nearly three-acre Coconut Grove Marketplace in Kailua-Kona, which includes nearly 30,000-square-feet of building space, is home to such tenants as Outback Steakhouse, Bongo Ben's Island Café and Humpy's Ale House.
The seller of the shopping center on Alii Nui Drive was Texas-based Lone Star Funds. The shopping center has a total assessed value of about $6.9 million, public records show. The sale comes out to a purchase of $104 per square foot.


Dunkin' Donuts opening at a Hawaii university campus

Dunkin' Donuts is opening a new shop inside at food court facility at the University of Hawaii Manoa campus in Honolulu.
The East Coast donut and coffee giant filed a $50,000 building permit with Honolulu regulators on Thursday for its new shop at the Paradise Palms Cafe at UH Manoa. Aloha Petroleum is the exclusive franchisee for Dunkin' Donuts in Hawaii, which recently re-entered the Hawaii market with a location near the Honolulu International Airport. Several other donut shops are planned for the Islands. Paradise Palms is managed by UHM Food Services, and is located on the upper campus next to Hamilton Library and Kennedy Theater. It currently includes more than five food vendors, an air-conditioned dining room and an outdoor seating area.  Founded in Massachusetts in 1950, the company has grown to become one of the largest of its kind in the world with over 12,000 locations in more than 35 countries. Dunkin' reported revenues of $829 million in 2016. Its parent, Dunk…

Castle & Cooke's 3,500-home Koa Ridge project to start construction soon

Castle & Cooke plans to start construction on its 3,500-home Koa Ridge project in Central Oahu by the end of the year.
The 576-acre project in Waipio near the Costco Wholesale store is expected to deliver its first homes and commercial spaces in 2019.  Last month, a consultant for the developer gave a brief update to the Pearl City Neighborhood Board, noting that road improvements are expected to be done prior to the issuance of a certificate of occupancy for any development within the long-planned project. Koa Ridge is expected to include a mix of housing types as well as retail and restaurant spaces, among other things. Towards the west in the Ewa plain, another major housing project — D.R. Horton Hawaii's 11,750-home Hoopili project has recently started construction. Despite these projects, and the condominium towers being built in Honolulu, the island of Oahu continues to be plagued by the lack of housing inventory, which has driven prices higher than they have ever been.

Outrigger Hotels' new owner buys another Hawaii resort

The Denver company that recently purchased Hawaii-based Outrigger Hotels and Resorts' portfolio of 37 properties has acquired another Hawaii hotel — the 311-room Courtyard Kaua'i at Coconut Beach on the eastside of the Garden Isle.
The sale of the hotel, which was traded for $61.6 million, or $198,070 per room, closed last month. The 169,787-square-foot hotel occupies nearly 11 acres of land along Waipouli Beach, and has a total assessed value of $37.7 million.
The seller — Kauai Coconut Beach LLC — purchased the hotel for $38 million in 2010.
KSL Capital, which focuses on investing in travel and leisure businesses, has raised more than $7.5 billion in private equity and credit funds since 2005. Its investment portfolio includes such businesses as hotels and resorts, clubs, fitness, family entertainment, skiing and resort real estate.

Developer looking to build affordable housing project in Downtown Honolulu

A California-based developer that has three residential projects in the works on Oahu, including two in Honolulu, may be looking to develop another such project in Downtown Honolulu.
Franco Mola's Coastal Rim Properties, which is the developer behind the planned 803 Waimanu Street and 929 Pumehana Street projects in Honolulu, as well as another project in Kapolei, filed a sewer connection application Tuesday to check sewer capacity on a Downtown Honolulu surface parking lot that went on the market earlier this year.
The 12,842-square-foot lot at the corner of Alakea and Beretania streets, owned by Chicago's Next Realty, is currently being used as a nearly 40-stall parking lot.
The possible development scenarios for the parcel include building a residential, hotel, office, retail or parking garage.
Coastal Rim's permit includes a job description for "MCXCII Tower" for applicant "Alakea Affordable Housing," a company formed by Coastal Rim.
The BMX-4-zone…

Stanford Carr, Hunt get green light for UH West Oahu 500-acre university village project

The University of Hawaii has given the green light on a joint venture involving Hawaii's Stanford Carr Development and Texas-based Hunt Cos. to develop 500 acres at the University of Hawaii West Oahu campus in Kapolei into an integrated campus and university village.
Last month, the university executed an exclusive negotiation agreement with Carr and Hunt for a term of 12 months. The project includes mixed-use components including retail, restaurants and housing, among others. The university said a presentation on plan options is scheduled for next month.

120-acre UH West Oahu agricultural project in the works

More than 100 acres of land at University of Hawaii West Oahu's campus could be turned into a major agricultural venture.
The University of Hawaii seeks to partner with a commercial agricultural company that can integrate agriculture education and workforce develop into its Sustainable Community Food Systems program.
The plan would involve 120 acres of Class "A" ag-zoned lands on UH West Oahu's Mauka property in Kapolei.
The university plans to issue an invitation to submit a proposal by the end of the year, according to recently filed public documents.

University of Hawaii may develop new student housing facility at old NOAA site

The University of Hawaii is looking to find a developer to build a new student housing facility that would replace the old National Oceanic  and Atmospheric Administration building on its Manoa campus in Honolulu.
In public documents released earlier this month, the university's leadership revealed details of the project that would be built on the little more than two-acre parcel of land at 2560 Dole St., which is zoned for residential use. The property is assessed at $4.8 million, according to tax records. The land alone is valued at $46.87 per square foot.
UH said it is in exploratory discussions with potential developers to determine the interest in developing a graduate/married student or facility housing facility. The project also could involve a child-care facility. The university holds the title of the property in fee.
A few years ago, NOAA moved its Dole Street operation to Ford Island as part of a bigger consolidation plan involving its other locations across the island.

Atlanta firm buys 500 acres of Hawaii land

An Atlanta-based investment advisor has purchased 500 acres of agricultural land on the Big Island of Hawaii for $3.5 million.
Domain Capital Advisors, which has more than $4 billion assets under management, paid $7,000 per acre on its purchase of the hundreds of acres at the Kealakekua Heritage Ranch on the Kona Coast of the Big Island. The seller was Tom Pace. The land on Greenwell Mountain Road has a market value of about $2 million, public records show. The land has one improvement, a single-story, 1,412-square-foot home that was built in 1972. There have been several big land purchases by notable Mainland investors in the last several years including Oracle Corp.'s former CEO Larry Ellison's $300 million purchase of 98 percent of the island of Lanai in 2012 and Facebook CEO Mark Zuckerberg's more than $100 million purchase of hundreds of oceanfront acres on the island of Kauai. Molokai Ranch, which consists of about 35 percent of the island, is currently listed for $2…

Catnip Hotel opening locations near Downtown Honolulu and on Maui

A company plans to open two new places for cats to stay while their owners are away, one in
Honolulu and another on Maui, public records show. Catnip Hotels LLC was recently formed as a new business in Hawaii. The company is headed by Analie and Craig Weghorst, who also own Off Leash K-9 Training Hawaii LLC. Weghorst also recently formed Catnip Honolulu Hawaii LLC and Catnip Hotel Maui Hawaii LLC. The Honolulu location is scheduled to open soon just outside of the downtown area at the intersection of Queen Emma Street and Iolani Avenue. The catboarding company’s slogan reads: “A place for your cats to stay, while you’re away.” Catnip Hotels joins other such boarding companies on Oahu including The Cat’s Meow Inn, Island Pet Movers, Furever Friends Play and Stay, The Cat Clinic and Cozy Cat Lodge.