Mid-priced condo units planned
A San Francisco-based developer has announced plans to bring a mid-priced high-rise to market -- something that few urban developers have attempted in the wake of the soaring construction costs and land prices.
SPE Construction Inc., which bought the 1723 Kalakaua Ave. site in 2005, plans to develop the parcel into a 16-story 120 unit condominium, said Kai McDurmin, vice president and projects director for Coldwell Banker Pacific Properties. Prices for the units, which will include studios as well as one and two bedrooms, will range from the high $200,000s to the low $500,000s, McDurmin said. Construction on the project is expected to start late summer with a target opening date of 2010, she said.
1732 Kalakaua is an anomaly -- both in the Hawaii marketplace, where most condominium developers in recent years have built luxury properties, and for SPE Construction, which has made its mark developing high-end product mostly in Northern California, McDurmin said.
"Most of the half a dozen or so new luxury inventory in Honolulu was built as we were going into an upward cycle, now it's more important to build something that is attractive to the local base," she said.
In order to keep project price points affordable, SPE Construction Inc. has made their units smaller and more efficient, McDurmin said. The company also eliminated central air conditioning from the design and replaced it with window units, she said.
Demand for the project has been vigorous since the sales office opened, McDurmin said. Sales for owner occupants will begin on March 23 at the sales office at 1525 Kalakaua Ave. The office is open daily from 11 a.m. to 6 p.m.