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

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ala moana hotel

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Condo developer no longer pursuing long-delayed project

Courtesy of MB Acquisitions

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.

OliverMcMillan was in negotiations to join the team to build the project. But Michael Blumenthal, president of MB Property, told PBN on Thursday that OliverMcMillan has “stepped to the side.”

“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.

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Outrigger sells Ala Moana Hotel to Australian company

Photo property of Jack Tyrrell & Company

Photo property of Jack Tyrrell & Company

Australia's largest hotel and resort operator, Mantra Group Ltd., has bought Outrigger Enterprises Group's interest in the Ala Moana Hotel, where Jack Tyrrell & Company's offices are located and where we have multiple listings.  Read more about the purchase in the article by Duane Shimogawa below: 

Mantra Group Ltd., the largest hotel and resort operator in Australia, is buying Outrigger Enterprises Group’s interest in the Ala Moana Hotel in Honolulu for $52.5 million, a spokeswoman for Outrigger confirmed to PBN Wednesday.

Outrigger has been marketing its interest in the hotel-condominium, which consists of 1,086 rooms and the hotel's commercial spaces, since early this year.

Mantra Group Ltd., the largest hotel and resort operator in Australia, is buying Outrigger Enterprises Group’s interest in the Ala Moana Hotel hotel-condominium in Honolulu for $52.5 million.

On Tuesday, it entered into a purchase and sales agreement with MG Hotels North Pacific LLC, an affiliate of Mantra Group, which specializes in operating properties similar to the Ala Moana Hotel.

Nancy Daniels, spokeswoman for Outrigger, told PBN that the company was still in the due diligence period, and was unable to provide specific details of the agreement.

“If the due diligence period is successfully completed, we expect the deal to close by late July [or] early August, and that Mantra is committed to retaining our Ala Moana Hotel employees,” she said.

The pending acquisition includes Outrigger's hotel-condo units and six restaurants and bars, as well as nine meeting facilities, the commercial common areas and all the parking stalls at the hotel, which is located at 410 Atkinson Drive, next to Ala Moana Center.

The Ala Moana Hotel, which opened in 1970, has a total of 1,100 rooms, and is one of the largest hotels in Hawaii and sixth-largest on Oahu, according to PBN research. Some of the hotel's units are owned by individual investors.

Outrigger's decision to sell stems from a change in strategy for the company during the past two years to reband itself as the premier beachfront resort company.

“Outrigger has focused increasingly on refining our core Outrigger brand strategy and on aligning our assets and activities with that strategy,” Daniels said. “During that same period, the continued strength of the current real estate and hospitality market has resulted in various unsolicited efforts to acquire our interests in Ala Moana Hotel. Outrigger believes that under the current market situation this is the right time to proceed with a sale in order to strengthen Outrigger overall and over the long-term.”

 

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