New condo planned for Ala Moana
Despite the real estate downturn, Kapiolani attracts developers
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Another high-rise condominium is being proposed on Kapiolani Boulevard, where a number of residential projects have sprouted in recent years.
General Growth Properties Inc., owner of Ala Moana Center, has retained Seattle-based architectural firm Callison LLC and Honolulu-based Anbe Aruga and Ishizu Architects Inc. as part of its plans, which call for a residential high-rise above a parking garage now under construction adjacent to the new Nordstrom Inc.
General Growth has applied for an $80 million building permit on the project. Spokespersons for the Chicago, Ill.-based retail developer could not be reached for comment.
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General Growth Properties Inc., owner of Ala Moana Center, is considering building a mixed-use high-rise condominium above a parking garage now under construction next to the new Nordstrom Inc. department store on Kapiolani Boulevard.
The Chicago, Ill.-based retail developer has retained Seattle-based architectural firm Callison LLC, according to project manager Judd Eddy, adding that General Growth hasn't made a final decision on the project.
General Growth has filed an application for an $80 million building permit, describing the project at 1555 Kapiolani Blvd. as a new residential condominium over an existing parking structure. The application was filed in January, with its most recent plan review completed last month, according to city records.
Sharon Thom, project manager for General Growth, referred calls to Jan Yokota, vice president of development, who couldn't be reached for comment yesterday.
Robert Tindall, chairman of Callison's board of directors, is listed on the permit application as well as Dayne Shinbo of Honolulu-based Anbe Aruga and Ishizu Architects Inc., who didn't return calls for comment.
Despite a slowing real estate market, developer interest remains along the Kapiolani corridor.
The General Growth project would follow the completion this year of Moana Pacific and 909 Kapiolani projects. Another nearby condominium, Moana Vista, is under construction.
In June, affiliates of Seoul-based developer SamKoo Development Co. Ltd. bought two nearby sites, at 1391 Kapiolani and 1631 Kapiolani, with plans for a luxury condominium on at least one of them.
Local real estate analyst Ricky Cassiday said General Growth has the means to see its project through if they decide to go ahead.
"They've got deep pockets so they can pretty much go out on a limb when others fear to tread," Cassiday said.
Allen Leong, director of operations for KC Rainbow Development LLC, developer of Moana Pacific and the 492-unit Moana Vista on Kapiolani Boulevard, said the site is great for a condominium because of the ocean and mountain views.
"There's a certain type of buyer that wants to be that close to all that commercial activity," Leong said. "I can see younger people enjoying it. The part that's missing in my opinion in that location is the entertainment component. Ward has entertainment along with dining and shopping. Maybe they're going to address it somehow."