Condo development at 404 Piikoi gets green light
Developers of the newest high-rise condominium in Kakaako have received the green light to proceed with plans for a luxury, crescent-shaped tower.
K2 Investors LLC, an affiliate of Los Angeles-based Wood-ridge Capital, on Wednesday received approval from the Hawaii Community Development Authority to build the tower as well as a separate, five-story, mixed-use project that will be priced more affordably.
The 38-story luxury high-rise - the final phase of 404 Piikoi - will offer fee simple market-rate units along with five levels of parking and a recreation deck.
The mix is expected to include 188 one-bedroom units, 110 two-bedrooms, 45 three-bedrooms and four penthouses.
The 1226 Waimanu project will offer four floors of residential units plus commercial storefront space with parking and loading on the first floor.
The complex will offer 64 one- and two-bedroom units priced at $308,000 to $389,000.
In addition, K2 Investors will offer the authority $2 million for the construction of two urban parks along the Queen Street extension in exchange for about 57,000 square feet of additional floor area for its project.
Construction is expected to start on the luxury tower this year, with completion of both projects slated for the end of 2011.