October 15, 2013 - Duane shimogawa - reporter- Pacific Business News
If the developer of the planned 309-unit ritz-Carlton residences, waikiki Beach, condominium-hotel project goes through with a planned second condo-hotel nearby, it may include about 200 units in a 20- to 24-story building, according to a source close to the situation.
However, Jason Grosfeld, managing member of developer Pacrep LLC, said the process is not far along yet so there are no specific number of units or floors that are known at this time.
“Pacrep LLC believes in waikiki and its future,” he said in an email statement to PBN. “Our vision is to revitalize and bring new life to Kuhio Avenue. we are evaluating designs and alternatives for develop- ing a second tower on the adjacent property and hope to share more about these plans in the com- ing weeks. we want to make sure that we have the appropriate conversations with the City & County of Honolulu and community first.”
Its first project, which broke ground in August, is nearly 90 percent sold with construction now well underway.
A source told PBN that the project has gained massive interest from Japanese investors, who have bought “many” units at the ritz-Carlton residences, waikiki Beach.
the new proposed tower could be built on a nearby vacant parcel on Kuhio Avenue, which is owned by a subsidiary of Foodland super Market Ltd.
Grosfeld previously pointed out to PBN that Pacrep is confident in Hawaii’s real estate market and that it would like to develop other projects in Hawaii, although he declined to offer details.