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

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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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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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Ward Village News: Howard Hughes Corp.'s Hawaii projects take top honors at PCBC

Photo: Jack Tyrrell and Company, Inc.

Photo: Jack Tyrrell and Company, Inc.

The Howard Hughes Corporation took home four top awards and three awards of merit at the PCBC 2018, formerly known as Pacific Coast Builder Conference, for its Ward Village development in Kakaako, Honolulu. Top awards are in bold, below. For over 59 years, PCBC has been dedicated to advancing the art, science and business of housing. PCBC is the largest homebuilding tradeshow representing the west coast region. Read more from the Pacific Business News below, here: 

The Howard Hughes Corp.’s Ward Village project in Honolulu recently took home four top awards, including masterplan community of the year, and three awards of merit at the largest homebuilding trade show on the West Coast, while two other Hawaii projects, Keauhou Place and Keauhou Lane, were recognized with awards of merit in two categories.

Ward Village received one of two grand awards for the masterplan community of the year from the Golden Nugget Awards at the annual PCBC conference, formerly known as the Pacific Coast Builders Conference, in San Francisco last week. Esencia in Rancho Mission Viejo, California, also received the grand award for masterplan community of the year.

Ward Village was also honored with a grand award for best indoor/outdoor lifestyle for a community – urban, while the The Howard Hughes Corps.’s (NYSE: HHC) first completed tower, Waiea, received the grand award for best multi-family housing community with 100 units per acre or more, and its fifth planned tower, Aalii, was honored with the grand award for best innovative housing design.

Receiving awards of merit were the developer’s South Shore Market at Ward Village for best commercial project - 20,000 square feet and over, the Ke Kilohana mixed-used tower for best on-the-boards multifamily community and the grand penthouse in Waiea for best indoor/outdoor lifestyle for a home.

“We are honored to be recognized among our industry peers and grateful for our passionate team at Ward Village, which is creating one of the most sought after communities in the country — with almost 96 percent of total units closed or under contract to date,” Simon Treacy, president of The Howard Hughes Corp.’s Hawaii operations, said in a statement. “As we continue to build on the legacy of Victoria Ward who envisioned this land to be a gathering place for everyone, we realize that we have this unique privilege to create a thoughtful neighborhood — one that is not only grounded in its past, but also has an eye to the future and is a place for all.”

Meanwhile, the Keauhou Place condominium project, which was developed by Stanford Carr Development and completed last fall, received an award of merit for best affordable housing community of 100 units or more, while Keauhou Lane, an affordable rental project next door developed by Gerding Edlen, received an award of merit for best multi-family community of the year.

This year’s Golden Nugget awards recognized more Hawaii projects than the past several years. Ward Village won the grand award for best on-the-boards mixed-use project at the 2017 conference, while Forest City Hawaii’s Kapolei Lofts won best affordable housing community with less than 30 units per acre in 2016.

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Howard Hughes hires BlackRock exec to oversee Hawaii development

Simon2Cropped.jpg (1).jpg

HONOLULU--(BUSINESS WIRE)--The Howard Hughes Corporation® (NYSE: HHC) announced today that Simon Treacy has joined the company as President, Hawai’i. In this position, Mr. Treacy will be leading the development, sales and operations of Ward Village®, the acclaimed 60-acre master planned community recently named “Best Planned Community in the US” by Architectural Digest. Since beginning sales in 2014, Ward Village has sold more than 1,300 homes. At full build-out, the community will consist of more than 4,500 residences and approximately one million square feet of retail space.

Mr. Treacy has 20 years of global real estate experience across Asia, Europe and the US. He has lived in Australia, Singapore, Thailand, Hong Kong, Japan, and China, and spent the past four years in New York as BlackRock Real Estate’s Managing Director, Global Chief Investment Officer and Head of US Equity. Prior to BlackRock, Mr. Treacy was a Founding Shareholder and Global CEO of MGPA, which was acquired by BlackRock in 2013, and had $14 billion of funds under management in Asia and Europe. Mr. Treacy is also a global governing trustee in ULI and a leader in urban planning and land use.

“With his long and successful track record in real estate and urban planning, Simon is a tremendous addition to our senior team and well positioned to steer Ward Village as it continues to come to life as one of the leading urban master plans in the world,” said David R. Weinreb, Chief Executive Officer of The Howard Hughes Corporation. “I am particularly pleased to have found a dynamic executive like Simon, who already calls Honolulu home, and who brings a variety of skill sets and experiences that can complement our existing deep bench of talent at Ward Village.”

“My family and I made the decision to move from the mainland to this beautiful and special place last year for personal reasons; I am excited that the opportunity presented itself to join this dynamic company which is transforming Oahu’s urban core,” said Simon Treacy. “I am looking forward to listening, learning, and finding the right ways to be of service in the community as I share my experiences and lead the continued development of Ward Village.”

Mr. Treacy is taking the helm at Ward Village as the community celebrates several recent milestones, including the successful delivery of Anaha®—the second mixed-use residential building in the community. Ward Village has also reached a near sellout of the first collection of homes from its four towers either delivered or under construction—Waiea®AnahaAe`o®, and Ke Kilohana—whose contracted sales have collectively exceeded 93 percent of available homes. Most recently, the launch of sales at ‘A‘ali‘iexpanded the selection of residences at Ward Village with the introduction of innovative smart-living homes. The strong market demand for new housing in Honolulu and the desire for an urban, walkable lifestyle have made Ward Village a sought-after destination for home buyers. The momentum is expected to continue to build throughout the coming years; openings slated for 2018 include the state’s largest Whole Foods Market, as well as the first O’ahu location of the acclaimed restaurant Merriman’s.

As the largest LEED-ND Platinum certified master plan development in the country and the only one in Hawaiʻi, Ward Village is at the forefront of sustainable community development, featuring public amenities at a scale not offered by any other urban development in the state.

About Ward Village®

Being developed by The Howard Hughes Corporation®, Ward Village is a 60-acre coastal master-planned community in the heart of Honolulu located between downtown and Waikīkī in the Kaka'ako district. Ward Village is at the forefront of sustainable community development, integrating significant architecture, local culture, and public space. New tree-lined sidewalks and bike lanes provide access to an over 100-acre public beach park and the Kewalo Harbor. Since beginning sales in 2014, Ward Village has sold more than 1,300 homes. At full build-out, the community will consist of more than 4,500 residences and approximately one million square feet of retail space.

Ward Village includes four mixed-use residential towers—Waiea®, Anaha®, Ae`o®, and Ke Kilohana—that are transforming the popular shopping and dining district into a vibrant neighborhood that offers ocean views and a thoughtfully curated mix of retail experiences set among walkable open spaces. The most recently approved building, ‘A‘ali‘i, will continue to expand the selection of new homes at Ward Village and sit at the top of the Central Plaza, which will serve as a key public gathering and activation space for the community. Art and culture play an integral role at Ward Village, which was the home of the inaugural Honolulu Biennial in 2017. Public art is highlighted throughout the neighborhood, including large-scale wall murals, sculptures and locally-inspired exhibits.

Ward Village is Hawai‘i’s only LEED-ND Platinum-Certified project and is the largest neighborhood development in the country to receive such a prestigious certification. For more information, visit www.wardvillage.com.

About The Howard Hughes Corporation®

The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S. Its award-winning assets include the country’s preeminent portfolio of master planned communities, as well operating properties and development opportunities including: The Seaport District NYC in New York; Columbia, Maryland; The Woodlands®, The Woodlands Hills, and Bridgeland® in the Greater Houston, Texas area; Summerlin®, Las Vegas; and Ward Village® in Honolulu, Hawaiʻi. The Howard Hughes Corporation’s portfolio is strategically positioned to meet and accelerate development based on market demand, resulting in one of the strongest real estate platforms in the country. Dedicated to innovative placemaking, the company is recognized for its ongoing commitment to design excellence and to the cultural life of its communities. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC. For additional information visit www.howardhughes.com.

Safe Harbor Statement

Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize,” “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in The Howard Hughes Corporation’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. The Howard Hughes Corporation cautions you not to place undue reliance on the forward-looking statements contained in this release. The Howard Hughes Corporation does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.

Contacts

The Howard Hughes Corporation
Cristina Carlson, 646-822-6910
VP, Corporate Communications and Public Relations
cristina.carlson@howardhughes.com
or

For HHC Investor Relations
David O’Reilly, 214-741-7744
Chief Financial Officer
david.o'reilly@howardhughes.com

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Ward Village Update: Aalii $500K-plus micro condo units to hit Kakaako market

Photo: Cindy Ellen Russell, Honolulu Star Advertiser

Howard Hughes Corporation was gearing up for the public sales of its Aalii Development!  In addition to 741 premium units, "smarter living" units will be incorporated into the project. The units will be a new concept for Honolulu: no furniture needed- just move in! Included in these "smarter living" studios are a fold out bed and fold out desk and chair, at an extra cost. Aalii will promote a smaller living space, but a shared common area, encouraging interaction with the community around you. And with tons of new dining, shopping and outdoor experiences surrounding Ward Village, that will be easy to come by! Read more from  Andrew Gomes at the Honolulu Star Advertiser, below.

Photo: Cindy Ellen Russell, Honolulu Star Advertiser

Kakaako developer Howard Hughes Corp. will soon begin selling homes in its next condominium tower at Ward Village and wants to sell can openers, wine glasses, furniture, pillows and bath towels with them.

The company gave a media preview of a by-appointment-only sales gallery that opens today for the tower called ‘A‘ali‘i.

Residences in the 42-story building will be dramatically different from the first six towers approved for Ward Village, in that the size of many of the 741 “premium” condos will be exceptionally small. About 200 studios range from 277 square feet to 373 square feet, with the smallest of those starting between $500,000 and $600,000.

Hughes Corp. is touting this newest tower as being efficiently designed for “smarter living.”

An example of this includes cabinets that serve as miniature closet spaces in studios where a wall bed can be pulled down over a small couch. In studio kitchens, refrigerators are just 24 inches wide and are concealed by paneling. Another feature is floor-to-ceiling cabinetry extending up to 9 feet.

The developer also is offering to sell furnishings and household goods in a package — about 60 items from cookware to linens — for “turn key” living.

“You can basically live in your new home from day one,” said Todd Apo, vice president of community development in Hawaii for Texas-­based Hughes Corp.

The turn-key package, which for studios includes the interior wall containing the bed along with closet space and a fold-out desk, is available at an extra cost that was not available Wednesday.

Apo said part of what Hughes Corp. is trying to convey to prospective buyers is that the concept of smarter living includes residents making good use of common areas in the tower, such as a penthouse-level fitness center and communal dining rooms at ‘A‘ali‘i, as well as nearby shops, restaurants and a Whole Foods grocery in a neighboring tower slated to open near the end of this year.

“Clearly it’s a different concept and idea than what we may be living today,” he said. “Your home is no longer just about your four walls. It’s about the community around you. It’s about the amenities in the building.”

Hughes Corp. has a master plan to remake 60 acres of largely retail and industrial buildings into an urban neighborhood with 16 residential towers and 1 million square feet of retail space.

The first tower was Waiea, which opened in 2016 with units which sold for $3.6 million on average. A second tower called Anaha with average unit prices at $1.2 million opened last year.

Two other towers are under construction. One is Ae‘o where prices in 2015 averaged $1 million and ranged from $405,016 for the smallest studio with 409 square feet to $2 million for a three-bedroom unit with 1,331 square feet of living space. The other is Ke Kilohana, which is mostly reserved for moderate-income residents and is of a more modest design. Ke Kilohana prices ranged from $323,475 for one-bedroom units with 461 square feet of living space to $560,774 for three-bedroom units.

Two towers called Gateway are ultra-luxury projects, of which one has had units available for sale for about two years and recently had units priced between $1.5 million and $23 million.

At ‘A‘ali‘i, one-bedroom units as small as 430 square feet start in the $700,000s and two-bedroom units with about 830 square feet of living space start at about $1 million.

Commencing construction on ‘A‘ali‘i is dependent on the response from buyers but is expected to begin this year. Half the units in the tower are reserved for Hawaii residents who will own and occupy the residences. These units are expected to go on sale soon after a public notice.

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Ward Village Update: Howard Hughes challenges HCDA over conditions for 42-story Kakaako tower

Pacific Business News has reported on several updates regarding Howard Hughes Corporation's Aalii project that will be revisited at the Hawaii Community Development Authority (HCDA) general meeting on Wednesday, February 1, 2017, namely the developer's opposition to three conditions set by the HCDA. Read more below:

The Howard Hughes Corp. is challenging the state agency regulating development in the Honolulu neighborhood of Kakaako regarding conditions the agency set for the approval of its newest mixed-use high-rise residential project within its 60-acre Ward Village master-planned community, public documents show.

Earlier this month, the Hawaii Community Development Authority officially approved the Texas developer’s plan to develop a 42-story, 751-unit Aalii project in Kakaako. With that approval, came several conditions that the HCDA said the developer must meet, including the development of the central plaza and reserved housing requirements.

Earlier this month, the Hawaii Community Development Authority officially approved the Texas developer’s plan to develop a 42-story, 751-unit Aalii project in Kakaako. With that approval, came several conditions that the HCDA said the developer must meet, including the development of the central plaza and reserved housing requirements

Last week, attorneys with Honolulu’s Watanabe Ing LLP, which represents Howard Hughes, filed paperwork with the HCDA regarding the developer’s exceptions to three of the conditions.

One condition noted that before regulators let people move into the project — or two years from the approval of the development permit, whichever happens first — the developer must complete the construction of the 150,000-square-feet of central plaza nearby, which includes public plazas and pedestrian walkways.

Howard Hughes said that it is impossible to accomplish this condition because the design, planning and permitting process for the central plaza will take about two years to complete, only after which construction may begin; a realistic timeframe would be about four years to complete construction of the plaza. The developer also said that this condition violates the development agreement, which allows it flexibility in project phasing.

Howard Hughes also takes issue with two more conditions set by the HCDA regarding reserved housing requirements. In one condition, the HCDA said prior to the approval of the foundation permit by its staff, the developer has to provide proof that it will provide at least 150 reserved housing units as part of the project.

The other condition noted that the developer’s request to increase the project’s platform height to 75 feet was approved provided that there are 50 more reserved housing units provided in the project, totaling 150 units of this type. Howard Hughes said these conditions are “unlawful and invalid” because preventing it from using existing credits to fulfill its reserved housing requirements is a breach of the development agreement.

The HCDA plans to take up this issue at its regular meeting on Wednesday where it is expected to decide whether to have a hearing or not regarding this issue.

The HCDA voted 5-4 on Jan. 5 to approve the Aalii project, which will be located on the route of the Honolulu rail transit project along Halekauwila Street.

Howard Hughes also received the HCDA’s approval for a variance to raise the tower’s podium height from 45 feet to 75 feet, which will add more parking and accommodate retail spaces below.

Aalii will join Howard Hughes' Aeo project next door, which includes the state’s flagship Whole Foods Market, and the Waiea, Anaha, Ke Kilohana and Gateway Towers that would replace the Ward Warehouse retail complex.

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