Pacific Business News -- The Hawaii developers planning to build seven ultra-luxury condominium towers with some 200 units on what is now a parking area of Ala Moana Center, said the project is expected to create more than 300 construction jobs.
The eight-story buildings, which will be 100 feet tall and include everything from 850-square-foot one-bedroom units up to 6,000-square-foot five-bedroom penthouses, could cost in the tens of millions of dollars range for a unit, according to sources. A spokeswoman for the project told PBN that prices have not been set yet.
The buildings are slated to have 2.5 floors of commercial parking. The developers, The MacNaughton Group and Kobayashi Group, along with Honolulu-based investment firm BlackSand Capital and mall owner General Growth Properties Inc. (NYSE: GGP), declined to give out a price range.
“The project is still in design, however we are setting a new global standard for luxury residential living in Hawaii, and we will target clientele seeking this type of extraordinary home,” a spokeswoman for the project told PBN.
Thus far, the developers have chosen Honolulu’s Ben Woo Architects as architect of record, Chicago-based Solomon Cordwell Buenz to also handle design, Honolulu-based Philpotts Interiors and San Francisco-based Orlando Diaz-Azcuy Design Associates to do the interior designs and Calfornia-based Vita Planning & Landscape Architecture to handle the landscape designs. No general contractor has been chosen yet.
“We will be working with all the appropriate agencies to determine and fulfill all the requirements during the entitlement process,” the spokeswoman said. “No [environmental impact statement] is required.”
Construction on the project, which will be built adjacent to the Bloomingdale’s store under construction at Ala Moana Center, is scheduled to start in mid-2014, with a completion date in 2016.
PBN first reported on the ultra-luxury project on Friday with the developers making the official announcement on Sunday.