Jack Tyrrell specializes in Kakaako, Honolulu, Hawaii luxury condo projects.

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CONGRATULATIONS TO HOWARD HUGHES CORP.'S KOULA

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Koula, The Howard Hughes Corp.’s sixth Honolulu mixed-use tower designed by architect Jeanne Gang of Studio Gang, is expected to launch sales by the end of this year.

The name, Koula, chosen by Hilo designer Sig Zane, and shape of the 41-story tower, planned for a site between the Ward Entertainment Center and the newly named 1.5-acre Victoria Ward Park, refers to the red sugar cane once grown in the Kakaako area where the 60-acre master-planned Ward Village is located.

Gang told Architectural Digest that the tower’s design is meant to be “this kind of changing vertical koula” noting that the cane stalks move and twist “so the vertical columns respond in that way.”

Koula will have 565 studio, one-, two- and three-bedroom units ranging in size from 300 to 1,500 square feet, as well as 58,300 square feet of restaurant and retail space along with 11,000 square feet of ground-level open space.

The residential lobby will be located one level up from the ground floor, to make way for more commercial space, as well as a public porte cochere for drop-offs.

Amenities will include a lap pool, spa, fitness center, outdoor dining pavilions, sunset bar, children’s play area and dog park.

The interiors, being designed by Yabu Pushelberg, will have natural materials, colors and textures

The developer is planning to start construction next year.

Meanwhile, Howard Hughes is finishing up work at Aeo, the Whole Foods Market-anchored tower that will have 466 units when it opens next month, and expects to complete Ke Kiohana, which will have 375 units and a Long’s Drugs store, next year. The developer recently broke ground on Aalii, the 751-unit tower that will be located behind Koula.

Article courtesy of Pacific Business News


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Relocation of Kakaako farmers market to bring new life to demolished Ward Warehouse space

 Photo: Kakaako Farmer’s Market Facebook page

Photo: Kakaako Farmer’s Market Facebook page

Kakaako Farmer’s Market has found a new home! As of November 17, the market will be moved from its current location adjacent to Ross’ to a more spacious venue - the former Ward Warehouse space, on Ala Moana Boulevard and Ward. Visit the market at its new location every Saturday, 8 a.m. to 12 p.m. and support local!

Read more on Pacific Business News, here:

The Kakaako Farmers Market has found a new, and hopefully long-term, home in part of the recently demolished Ward Warehouse space.

Ward Warehouse was previously supposed to be the new home to Howard Hughes’ mixed-use Gateway Towers, but that plan was put on hold. The space is now expected to be a central plaza called Victoria Ward Park.

This will be the fourth location for the Kakaako iteration of FarmLovers Market, which has three other markets on Oahu in Waimea Valley, Pearlridge and Kailua. FarmLovers first opened in Haleiwa in 2009 and is owned by Pamela Boyar, who bought out her business partner, Annie Suite, earlier this year when she moved to the Mainland.

The first Kakaako location was at Ala Moana Center before it moved to Ward Village. It currently operates next to Ross at the Ward Gateway Center.

“We did really well at Ward Warehouse and it was a challenge when we moved to our current space because of the lack of parking,” Boyar said. “We are now going to be right on Ala Moana and Ward, which is a great space because it is very visible, and is located right next to a parking lot with 360 spaces that empties right into the market.”

Boyar signed a one-year lease with the Texas-based landlord, and hopes to extend the lease for at least another four years. It is unclear how the development of the 1.5-acre parcel will affect the longevity of the market.

The market, located at 1050 Ala Moana, will open Saturday Nov. 17 from 8 a.m. to 12 p.m. Next year, Boyar hopes to also open on Wednesday evenings, with plans for ways to engage the local community, like live music and beer tastings in addition to the 50 local vendors.

“The idea is to make this the community food hub in Kakaako for residents, visitors and farmers. We want to open it up for this new movement of sustainable farmers that is happening right now,” Boyar said, adding that she is very particular as to which vendors she lets in. “They must be true local growers, and if they are making food or value-added products it must be healthy without artificial colors or flavors.”  

The vendors are comprised of about 40 percent farmers, 30 percent made-to-order meals, 20 percent value-added products and 10 percent artisan island retailers, selling things like jewelry and cutting boards. A new vendor is Hooah Farms, which will sell fish and vegetables as well as prepared meals at the market.  

Boyar estimates it costs about $10,000 to relocate to the new space, including labor costs, advertising, modifying the facilities, and purchasing new products like large banners she plans to display on Ala Moana Boulevard. She has launched an online Go Fund Me campaign for the first time, and has raised about $1,600 of her $4,800 goal.

“There was a recent survey done in California that said for every dollar spent in a farmers market, $3 is spent in outlying areas,” Boyar said. “When people shop at farmers markets, everything is put right back into the local community. It’s great for economic development.” 

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Ward Village tower developer can post first ‘sold out’ sign

 Photo: Howard Hughes Corporation

Photo: Howard Hughes Corporation

Ae‘o is officially Howard Hughes Corporation’s first sold-out tower! The developer confirmed that as of late September, contracts for all 464 units had been signed. Waiea and Anaha are also very close to being sold-out, with 167 of 174 units of Waiea sold and 314 of 317 units of Anaha as of September 30. These impressive statistics show that the demand for a diversity of units in Ward Village is consistently strong. Ward Village offers a unique mix of urban living on an island due to its close proximity to the ocean and shops and dining. It seems that this type of mixed-use development is what Honolulu’s residents are craving, and the sales at Ward Village prove this.

For more information on Ae`o units for sale, visit my website.

Read more from the Honolulu Star-Advertiser, below:

The developer of Ward Village in Kakaako took the tiniest of steps recently to reach a major milestone: declaring its first “sold out” condominium tower.

Texas-based Howard Hughes Corp. noted the last sales contract being signed for its nearly finished Ae‘o high-rise in a quarterly financial report Tuesday.

Hughes Corp. said it had signed contracts for all 465 units in the tower as of Sept. 30. The project contains a recently opened Whole Foods and is on schedule to finish residential area construction by the end of the year so buyers can complete their purchases and move in.

Up through June 30, there had been 464 Ae‘o sales. The one additional sale during the July-September period made Ae‘o the first tower at Ward Village to sell out.

However, three other towers — Anaha, Waiea and Ke Kilohana — are very close.

At Anaha, 314 of 317 units had been sold as of Sept. 30, Hughes Corp. reported. And at Waiea, 167 of 174 units had been sold as of the same date, the company said.

Waiea was finished about two years ago and Anaha opened a year ago.

At Ke Kilohana, which is under construction and projected to open next year, Hughes Corp. reported having signed sales contracts for 395 of 423 units through Sept. 30. The company also said it made 18 more sales in October to make the tower 98 percent sold.

Hughes Corp. started construction on a fifth tower, ‘A‘ali‘i, last month after offering units for sale in January. In Tuesday’s report, the company said it had sold 77 percent of the ‘A‘ali‘i units, or 579 of 771, through the end of October. That was up from 67 percent, or 500 units, through July.

The company described continued Ward Village condo sales as a “robust” response from buyers wanting to live in the growing neighborhood of residential towers, retail stores and restaurants mauka of Kewalo Harbor.

“In Honolulu, the extraordinary pace of sales in Ward Village continued in the third quarter,” Hughes Corp. CEO David Weinreb said in a statement.

The developer plans to follow ‘A‘ali‘i with a sixth tower called Ko‘ula, for which it received state approval in August. Sales have yet to start.

Since the company began Waiea, it said it has sold 1,905 residential units in five towers with units available for sale, or 89 percent of all units.

Most Ward Village condos are million-dollar residences, though Hughes Corp. is required by a state agency regulating development in Kakaako to make 20 percent of residential units affordable and available to residents earning moderate incomes.

At the high end, the average original price at Waiea was $3.6 million. At the low end, the average price at Ke Kilohana was $510,776.

Hughes Corp. has a state-approved master plan to develop up to around 4,500 residential units planned in 16 towers, along with 1 million square feet of retail businesses.

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Neighborhood News: Howard Hughes Corp. plans community outreach on Ward Village walkway

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Ward Village’s developer is seeking public input on the design of elevated walkways that would connect a central plaza, named Victoria Ward Park, in the neighborhood to a planned rail station, Ala Moana Beach Park and future condominium towers. Howard Hughes Corporation expects to start community outreach next month.

Read more from Pacific Business News, below:

The Howard Hughes Corp. is naming its central plaza at Ward Village after Victoria Ward and plans to start community outreach next month on a plan to build an elevated walkway that would stretch from the development to the ocean.

Howard Hughes (NYSE: HHC) is naming the park Victoria Ward Park to acknowledge the history and culture of the 60-acre master-planned community, which was once part of an estate belonging to Victoria and Curtis Ward, Simon Treacy, president of The Howard Hughes Corp.’s Hawaii operations, told Pacific Business News.

Treacy first revealed his plan for the elevated walkway in an interview with PBN in May, during which he said plans for the previously announced Gateway Towers, planned for the site of the former Ward Warehouse, would be placed on hold.

Treacy envisions the walkway to emulate the High Line in New York, a half-mile-long elevated park that would meander from a future transit station along Halekauwila Street, through Ward Village and over Ala Moana Boulevard, ending at Kewalo Basin, which the developer manages.

Treacy said Howard Hughes was still “listening and learning and understanding everyone’s perspective” on the proposed plans.

“The feedback we’re getting from the public and private sector is very strong,” he said.

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Honolulu city and business leaders gather for ‘A‘ali‘i groundbreaking

The Honolulu Star-Advertiser today reported on the groundbreaking of Howard Hughes’ fifth Ward Village tower, ‘A‘ali‘i. The tower will be the first of its kind in Honolulu by pioneering the “smart living” movement, where some studios come with “smart” furniture already built in to maximize use of space. Located at 987 Queen Street, the development is in close proximity to Whole Foods, Ala Moana Beach Park, and more. Amenities will include a penthouse level lanai for all residents to enjoy, fitness and yoga studio, pool, cabanas, and event spaces, among others. Howard Hughes estimates needing 2.5 years for construction. As of October 2018, 500 of 751 units are in contract.

Read more from the Honolulu Star-Advertiser, below:

Construction is set to start on a condominium tower in Kakaako that will begin to fill in the middle of the Ward Village community planned largely on old retail and warehouse property.

Developer Howard Hughes Corp. held a groundbreaking ceremony Monday for the tower, called ‘A‘ali‘i.

The tower will be the fifth to rise out of what Hughes Corp. envisions will be 16 towers and 1 million square feet of retail space on 60 acres in the area formerly known as Ward Centers.

Todd Apo, senior vice president of community development for the company, said starting ‘A‘ali‘i is extra exciting because it will be the first tower adjacent to a 3-acre public plaza in the middle of the developing community where two towers are open and two are nearing completion.

“This is really going to be that place where everyone comes together and grows the community stronger,” he said to a gathering that included members of the development team and condo buyers.

A preliminary version of half the central plaza already has grass firmly planted along with two clusters of coconut palms and a line of hala trees. A January opening of the plaza is expected, and planned upgrades call for water features, shade pavilions, walking paths and other additions as adjacent towers are built and open.

Hughes Corp. expects it will take 2-1/2 years to finish ‘A‘ali‘i.

George Zhang, a Kakaako resident who rents in the Royal Capital Plaza tower, said he chose ‘A‘ali‘i to be his first owned home because of the neighborhood being created. He said he likes the tower’s proximity to the park space, modern design, simple living spaces and communal amenity spaces on the penthouse level.

Richard Schofield, another buyer, has lived in the Ko‘olani tower just outside one developed edge of Ward Village for about two years and hasn’t decided whether he will rent that out or rent out his ‘A‘ali‘i unit when it’s done.

“I just think it’s going to be a great area,” he said.

Junji Miki lives farther away in Kakaako in a tower called The Collection and plans to turn either his Collection condo or new ‘A‘ali‘i unit into an investment rental property.

Local real estate agent Maria Kawananakoa said she isn’t sure what she will do with the ‘A‘ali‘i unit she bought as an investment property, but was glad to be at Monday’s ceremony where Hughes Corp. took group photos of buyers fronting the grassy plaza area.

Hughes Corp. has been selling ‘A‘ali‘i units since the beginning of this year, and reported signing sales contracts for 500 of 751 units as of July.

Living spaces in the tower are as small as 277-square-foot studios with prices starting in the $500,000s. One-bedroom units as small as 430 square feet start in the $700,000s, and two-bedroom units with about 830 square feet start at about $1 million.

Hughes Corp. has described ‘A‘ali‘i as being designed to make more efficient use out of smaller spaces for “smarter living.” Features include 24-inch-wide refrigerators in studios, wall beds that pull down over small couches and floor-to-ceiling cabinetry extending up to 9 feet. The developer also offers units with furnishings and household goods — about 60 different items from cookware to linens — for “turnkey” living that makes moving into or renting out a unit easier.

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Petwalk Paina 2018

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Join us this Saturday, October 13th, 2018 at 5pm at Kolowalu Park for the annual PetWalk Paina. This year the PetWalk will be around the Ward Village and all pets are invited to come in costume! A post-walk block party will be thrown at Kolowalu Park, adjacent to South Shore Market. Stop by the Jack Tyrrell & Company and Rainee Barkhorn Charitable Foundation-sponsored "Couple's Massage" tent. You and your pet can rest after the walk around Ward Village and receive luxurious massage treatments!

Event Timeline

  • 4:00 p.m.: Registration begins

  • 4:45 p.m.: Opening Program

  • 5:00 p.m.: Walk begins

  • 5:10 p.m.: Live entertainment begins

  • 7:00 p.m.: Pet Costume Contest

Jack Tyrrell & Company is a proud sponsor of PetWalk for the past four years.

Click here for past PetWalk photos

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Median condo price jumps 50% in Ala Moana-Kakaako neighborhood

 Photo: Jack Tyrrell & Company

Photo: Jack Tyrrell & Company

The median price for a condo in the Ala Moana-Kakaako neighborhood increased by 50% percent in August 2018 according to statistics published by the Honolulu Board of Realtors. Median condo price rose to $665,000 in August 2018 as compared to $443,500 in August 2017. This increase in median condo price is likely due to the re-sale of new high-end condominiums, including Waiea, Anaha, and Park Lane Ala Moana.

Read the report from Pacific Business News, below:

The Ala Moana-Kakaako market — where units from several high-end buildings such as Waiea, Anaha and Park Lane Ala Moana have gone on the resale market in the past couple of years — saw sales fall last month as the median price for August jumped by 50 percent, according to statistics from the Honolulu Board of Realtors.

Condo sales in Ala Moana-Kakaako dropped by 32 percent in August to 41 units, from 60 units sold in August 2017. But the median price in that neighborhood rose to $665,000, a 33 percent increase from $443,500 in August 2017.

Year-to-date sales of condos in the Ala Moana-Kakaako area were down by 4 percent through the end of August, but the median price of $610,000 represented a 23 percent increase from $495,000 during the first eight months of 2017.

Markets where sales increased saw mixed gains in prices.

Condo sales in Kaneohe rose by 30 percent last month to 26 units sold, from 20 units sold in August 2017, and the median price rose just 3 percent to $548,000, from $534,500 in August of last year.

In the Pearl City-Aiea market, sales increased by 20 percent in August to 36 units sold, up from 30 during the same month last year, while the median price decreased by 2 percent to $389,500, from $396,000 in August 2017.

The Downtown-Nuuanu area saw sales increase by 11 percent to 40 units sold in August, from 36 sold last year, but the median price was flat at $500,000, just $500 more than the median price during last year's comparable period.

The Makiki-Moiliili neighborhood saw a 39 percent drop in sales to 40 units sold, from 66 sold in August 2017, while the median price of $380,750 was a 1 percent gain from $377,500 last year.

In Waikiki, Oahu’s largest condo market, sales in August increased by 9 percent to 118 units, from 109 units last year, but the median price declined by 3 percent to $399,500, from $412,000 in August 2017.

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Real Estate News: Oahu Single-Family Homes Sales Price Sets New Record in August

 Photo: Property of Jack Tyrrell and Company, Inc.

Photo: Property of Jack Tyrrell and Company, Inc.

The Honolulu Board of REALTORS released August 2018 sales statistics for the island of Oahu. Read more on the findings, below:

The median price for single-family homes on Oahu reached an all-time high in August, according to resales figures released today by the Honolulu Board of REALTORS®. The analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, offer the following statistics:

Source: Honolulu Board of REALTORS

In August, the median price for single-family homes increased by 3.0 percent to reach a new record of $810,000, which was previously set in June 2017 at $795,000. The median price for condominiums rose by 1.9 percent to $427,000. Sales for single-family homes dipped by 2.2 percent and condominium sales also decreased by 9.4 percent from the same month last year. According to the Days on Market indicator, the median days for single-family homes was 15 and 18 days for condominiums.

“While the median price for single-family homes has been pushed to a new high, homebuyers are also finding properties at or below the $600,000 price range,” said Darryl Macha, president of the Honolulu Board of REALTORS®. “Though overall inventory is tight, we are seeing pockets of the island where inventory is increasing, including the Ewa Plain and to some extent, Central Oahu. With the decline in pending sales for both single-family homes and condominiums, buyers may be experiencing a bit of ‘fatigue’ in a market where multiple offers have been common and are taking a pause in their home search. It’s something that other markets are also seeing.”

The information contained in this report is provided to the National Association of REALTORS® and the Hawaii State Department of Economic Development, Business and Tourism for its official reports. This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow.

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HCDA board approves Howard Hughes' next project, Koula

 Photo: Howard Hughes Corporation artist rendering

Photo: Howard Hughes Corporation artist rendering

The Hawaii Community Development Authority (HCDA) has approved Howard Hughes Corporation's plan for its next condo, Koula. All development within the Kakaako area must first get the approval of HCDA. Howard Hughes sought and was awarded approval to increase the podium height from 45-foot (allowed) to 75 feet.

The 41-story building is planned for a site next to the Ward Entertainment Center on Auahi Street, where a group of warehouse buildings were recently demolished. The condo will feature 570 studio, one-, two- and three-bedroom units ranging from 300 square feet to 1,500 square feet. Howard Hughes is looking to start sales in early 2019.

Read more from Pacific Business News, below:

The Howard Hughes Corp. plans to start sales by early 2019 for its sixth Honolulu mixed-used tower after receiving approval from the Hawaii Community Development Corp. for the 570-unit Koula at Ward Village.

The board gave its unanimous approval for the project Thursday, with conditions, including a requirement that the developer deliver at least 64 moderately priced units either in Koula, or elsewhere.

The approval also allows The Howard Hughes Corp. (NYSE: HHC) to build a 75-foot podium for the building, which will accommodate parking and retail that will face the developer’s central plaza, currently under construction on the site of the former warehouses that were demolished earlier this year.

Construction on the 41-story tower, which will have studios, one-, two- and three-bedroom units ranging in size from 300 square feet to 1,500 square feet, could start in late 2019, the company said.

"We want to say mahalo to the HCDA board and staff for the effort they undertook to consider our application and approve Koula," Todd Apo, senior vice president of community development at The Howard Hughes Corp, said. "Koula is exciting because of its connection to the Central Plaza. It will activate and enhance the plaza to serve as a dynamic, public gathering place for the local community."

Koula is being designed by the architecture firm Studio Gang, which has offices in Chicago, New York and San Francisco, with interiors by Yabu Pushelberg, which has offices in New York and Toronto.

Hilo designer Sig Zane chose the name for the building, Koula, which is the Hawaiian word for red sugar cane.

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Two thirds of Aalii at Ward Village is sold, says Howard Hughes Corporation

 Photo: Howard Hughes Corporation

Photo: Howard Hughes Corporation

The Honolulu Star Advertiser has reported that Howard Hughes' next project, Aalii, is approximately two thirds sold. The project features 751 units over 41 floors, and will be the first of its kind to offer studio units designed for "smarter living". Howard Hughes is aiming to start construction by the end of 2018, according to the report.

Read more from The Honolulu Star-Advertiser, below:

The next condominium tower expected to rise out of the ground at Ward Village in Kakaako is two-thirds sold. Howard Hughes Corp., developer of Ward Village, disclosed in a financial report released Monday that buyers have signed sales contracts for 500 of the 751 units in its planned ‘A‘ali‘i tower since selling began in January.

The company previously had not publicly disclosed sales for the tower, which represents a new product at Ward Village. Many units at ‘A‘ali‘i feature small living spaces, with studios as small as 277 square feet priced around $500,000.

By comparison, the first three Ward Village towers — Waiea, Anaha and Ae‘o — featured bigger living spaces and average prices ranging from about $1 million to $3.6 million. A fourth tower, Ke Kilohana, is more moderately priced because of a state requirement to produce affordable housing. Of the four towers, Waiea and Anaha are finished, and the other two are in upper stages of construction. All four are nearly sold out.

David Weinreb, CEO of Texas-based Hughes Corp., called the pace of sales at ‘A‘ali‘i “incredible” in a statement. “These results validate the strong demand for innovative residential product in Honolulu,” he said.

Hughes Corp. has described ‘A‘ali‘i as being efficiently designed for “smarter living” — meaning making better use of a smaller home. Features in the planned tower include floor-to-ceiling cabinetry extending up to 9 feet, and a wall bed that pulls down to cover a small couch. Refrigerators in studio kitchens are just 24 inches wide. To make moving in easier, Hughes Corp. offers to sell furnishings and household goods as a package — about 60 items from cookware to linens — for “turn key” living.

The developer wants to start construction on ‘A‘ali‘i this year, and hopes to get an approval later this week to build another, similar tower.

A state agency regulating development in Kakaako, the Hawaii Community Development Authority, is considering a development permit for a 570-unit tower called Ko‘ula that Hughes Corp. previously said would be similar to ‘A‘ali‘i.

During the three months endedJune 30, Hughes Corp. reported taking in $20.1 million in revenue from condos sold and delivered to buyers at Ward Village. That revenue reflected about five units at Waiea and Anaha. A year earlier the company claimed $148 million in revenue from Ward Village condo sales, but that was under a different accounting method that allowed Hughes Corp. to claim revenue on pending sales in towers still under construction. That accounting practice was prohibited at the end of last year.

Total revenue in the second quarter was $181 million, down from $309 million a year earlier, for Hughes Corp., which has a variety of real estate endeavors in about 15 states that include operating retail centers, redeveloping a waterfront in New York City and selling land in master-planned communities.

Hughes Corp. earnings in the second quarter swung to a $5.9 million loss from a $3.1 million profit a year earlier largely because of the accounting practice change, the company said.

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