OliverMcMillan, the developer of the recently completed Symphony Honolulu, has decided not to join the development team working on the mixed-use Aloha Kai project on the corner of Atkinson and Ala Moana, right across the street from Ala Moana Hotel where our Jack Tyrrell and Company, Inc. offices are located. However, its developer, MB Property Acquisitions LLC will still be moving forward with the project, which houses the YMCA on its ground floor.
Read more from Pacific Business News, below:
San Diego-based developer OliverMcMillan, which developed a couple of Honolulu mixed-use high-rise projects, won’t be developing another one at the site of the YMCA of Honolulu Central Branch across from Ala Moana Center, the developer of the project confirmed to Pacific Business News.
California-based MB Property Acquisitions LLC has partnered with the Japanese firm Tama Home on the long-planned 37-story, 117-unit Aloha Kai development on Atkinson Drive.
“The project is still happening,” he said. “We’re in discussions with the YMCA in regards to the project. Our intention is to develop the condo tower and most likely the YMCA.”
Blumenthal said negotiations have been slow, and that the project may include more affordable units and market-rate units that would adapt to today’s pricing.
Construction on the project could start by early next year.
The project will include a new three-story, 30,000-square-foot YMCA Central Branch with no residential units, a swimming pool and a sophisticated aqua facility that will cater to seniors. It will also have five levels of parking with units being built atop those levels.
Aloha Kai encountered a delay after the developer asked for a zoning change to increase its height limit to 350 feet from 150 feet.
The project will encompass about 150,000 square feet of net saleable square footage with four units per floor and a boutique-like, private feel, according to Blumenthal.
Pricing is still being determined, although he said it is probably going to be around $1,400 per square foot, meaning that a one-bedroom unit of roughly 600 square feet unit would be priced around $840,000.
Aloha Kai also will have a rooftop pool, and all units will include lanais that overlook the ocean. There will be no commercial units in the project.
The condo portion of the project is expected to be completed in about two years.
PBN reached out to OliverMcMillan for comment.