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

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Honolulu Festival 2016 Fireworks

Witnessed another wonderful Honolulu Festival Fireworks Show this past Sunday, March 13, 2016! The world-famous Nagaoka Fireworks show closed the 22nd Annual Honolulu Festival, which was full of activities across Honolulu spanning the entire weekend. Though this was the 22nd year of the Festival, this was only the fifth year of the Fireworks display from Nagaoka- Honolulu's Sister City. 

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Market News: Why Hawaii can expect an infusion of capital from the Asia-Pacific market

Photo courtesy of Pacific Business News

In September 2015, JTC was pleased to attend the Asia-Pacific Real Estate Congress in Honolulu hosted by the International Real Estate Federation (FIABCI). One of the main focuses of the day was why Hawaii is strategically poised to expect an infusion of capital from the Asia-Pacific markets. Pacific Business News' Duane Shimogawa wrote an excellent overview of the talk, given by Steve Williams of Real Capital Analytics, below:

Hawaii is expecting an infusion of global capital from the Asia-Pacific market, and there are several reasons why this phenomenon will happen, according to Steve Williams, executive managing director of Real Capital Analytics.

Williams, who was the keynote speaker at last week’s Asia-Pacific Real Estate Congress in Honolulu, reasoned that in China, an increasingly prosperous middle-class has gradually built a reserve of 30-year savings.

He also noted that the recovery of the North American economy and the strengthening of its currency in the United States and Canada, has helped increase the interest in investments in these areas, including Hawaii.

“Asian investors see the U.S. as a strong and stable market to invest in,” Williams said, noting that in Hawaii, there’s been a nearly 30 percent increase in more cross-border capital being deployed this year compared to last year.

Additionally, he pointed out that transparency is key to markets experiencing that hope to experience an infusion of capital investments.

“The markets with the most transparency, the most data available, are the most attractive to investors,” Williams said.

In the first half of 2015, there were $400 billion in deals done in U.S., including $67 billion in capital coming via the Asia-Pacific region and $201 billion from the Americas, according to Real Capital Analytics data, which tabulated deals over $5 million in this category.

The conference, which was held in Waikiki from Sept. 10-12, examined the key issues for the real estate profession, including the need to focus on real estate development around active transportation hubs.

Duane Shimogawa covers energy, commercial real estate and development for Pacific Business News.

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Neighborhood news: Shirokiya to debut Japan Village Walk area in Ala Moana Center's new Ewa Wing in Hawaii

Photo courtesy of Shirokiya Inc.

Shirokiya Inc. is the latest to unveil plans for a new project in Ala Moana Center's new Ewa wing! Read more about it from Pacific Business News' Darin Moriki (August 19, 2015).

The Shirokiya department store in Ala Moana Center has unveiled plans to open a $35 million retail, restaurant and entertainment area next year in the regional shopping mall’s newly redeveloped Ewa Wing.

"Our mission is to introduce various Japanese food selections, Japanese traditional culture, and the spirit of Japanese hospitality (omotenashi), from Hawaii to the world,” Shirokiya Holdings Inc. project coordinator Daisuke Mori said in a statement on Wednesday.

The company said its goal is to create a traditional Japanese town reminiscent of old Kyoto, which served as the capital of Japan for nearly a thousand years before that function was moved to Tokyo.

As it is currently proposed, the 55,241-square-foot Japan Village Walk area, located on the ground level of the Ewa Wing, will be leased for 25 years and feature 60 different stores within four main themes. That portion of the Ewa Wing is slated to open on June 1, 2016.

Among them is a 800-seat Yataimura food court and beer garden that will feature five beer service counters and resemble depachika food market areas in the basements of well-known Japanese department stores, such as Mitsukoshi, Daimaru, Matsuya and Isetan.

The Japan Village Walk area will also include a Nippon Komachi shopping alley, where regional Japanese traditional crafts will be sold along walkways designed to replicate shopping alleys in old Kyoto, and a Omatsuri Hiroba festival and event square, where festivals and events will be held three times each month.

The complex will also feature a Guardian Spirit Sanctuary, where statues of the 12 animals in the Japanese zodiac will be displayed.

Vintage Cave Honolulu Manager Miho Sato said the members-only fine dining restaurant and wine cellar owned by Shirokiya owner Takeshi Sekiguchi does not have any plans at this time to relocate.

The entire three-level Ewa wing, which was built on the site of the former Sears store, along with the nine-level, 4,500-space parking structure near Longs Drugs, will open on Nov. 12, two weeks before Thanksgiving and Black Friday, the official start of the holiday shopping season.

The new wing will accommodate no more than 10 stores on the street level of the mall, 27 on the mall level and 24 on the upper level. In all, about 40 of the 60 stores will be open in November.

Chicago-based General Growth Properties, the mall's majority owner, has said the total cost of the project is $573 million.

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