Reported by Star-Bulletin staff & wire
Developer plans Kona retail center
The MacNaughton Group, the developer of the Waikele Center, has announced plans to build a retail center on recently acquired land in Kailua-Kona on the Big Island.The company plans to build an 8,000-square-foot center, called Henry Street Shops, on a 34,660-square-foot lot, which it bought in May for an undisclosed amount.
Tenants at the center, which will open next April, will include a drive-through Starbucks, Jamba Juice, Vitamin World and Nextel.
Space at the retail center is still available. For more information contact the MacNaughton Group at (808)545-7722.
Condos sell out ahead of offering
Demand for units in the Palms at Waikiki condominium was so strong last weekend that all 248 studios being offered to the public sold out before sales officially began.Public viewings and sales of the condos were to begin Sunday, but contracts had already been signed for all units through pre-sales extended to selected brokers, said Joyce Timpson, spokeswoman for the property's California-based owner, LaRoc Partners.
As a result, hopeful buyers who lined up on Sunday were put on wait lists. But Timpson said many of those on the list had already been allowed to move up as some pre-sales have fallen through.
She expects up to 30 percent of the pre-sales could be voided.
Prices for the studio units ranged from $116,000 to $225,000. Units in the converted hotel at 1850 Ala Moana are fully furnished and include housekeeping and concierge service.
LaRoc Partners bought the hotel in 2001 and closed it in 2003 for extensive renovations. It eventually decided it could earn more by selling units than by operating it as a hotel.
Candidates to talk real estate
Honolulu mayoral candidates Mufi Hannemann and Duke Bainum will share their views on Hawaii's real estate industry in an Aug. 18 forum sponsored by the Honolulu Board of Realtors.A panel of board members will lead the discussion, with questions solicited from Realtors at the members-only event.
The event is scheduled for 2-4 p.m. in the Koolau Ballroom of the Koolau Golf Club. For more information, call the Hawaii Association of Realtors at 733-7060, ext. 108.
