Posts

Marcus Mariota buys gorgeous Hawaii home

Image
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

Image
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 Co

Another bar and restaurant opening in Kakaako

Image
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 Kea

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

Image
A husband-and-wife team from Japan has paid $22 million for a condominium unit at the $1 billion Park Lane Ala Moana, setting a new record for the price paid for a condo unit in Hawaii, according to the sales deed obtained by Shimogawa Scoops Thursday. Akihito and Chihiro Awaji, who hail from Sapporo City in Hokkaido, Japan, recently snatched up unit 3800 in Park Lane, which is located at Ala Moana Center in Honolulu, the state’s largest shopping center. The deal closed on September 29 with the Awaji’s paying a whopping $275,000 in conveyance tax. The 5,668-square-foot unit that has 1,188-square-feet of lanai space was listed for $22 million, and includes four bedrooms and 4.5 bathrooms. It also comes with four parking stalls and a hefty $7,410 monthly common area maintenance fee. Park Lane, which was developed by Kobayashi Group, The MacNaughton Group, General Growth Properties and BlackSand Capital, opened to its first residents this Spring. The row seven eight-sto

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

Image
Hawaii, the state in the U.S. that’s most-dependent on its tourism industry, could break the 10 million visitor mark, which would be a record mark for the Aloha State, according to the head of the state’s economic development agency. The state nearly hit the 9 million mark last year, and is on track to surpass 9 million visitors in 2017. Luis Salaveria, director of the state Department of Economic Development and Tourism, speaking recently to a small group comprising some of the most influential real estate industry leaders in Hawaii, talked about the strong momentum that the state’s tourism industry is enjoying in a wide-ranging, causal question-and-answer session in Honolulu. He said that the state could get to the 10 million visitor arrival mark, although there are challenges that stand in the way, including infrastructure issues that need to be addressed. Salaveria noted that a growing trend called “glamping,” a cross between camping and glamour, could be an opportun

Netherlands fast-food restaurant chain expanding to Hawaii

Image
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

Image
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

Image
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

Image
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 par

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

Image
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 e

Outrigger Hotels' new owner buys another Hawaii resort

Image
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

Image
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-

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

Image
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.