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

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Ward Village condo sales aid developer’s profit, The Honolulu Star-Advertiser

Photo: Property of Jack Tyrrell & Company

Photo: Property of Jack Tyrrell & Company

Howard Hughes Corporation has reported that it has sold 93%, or 1,286 of 1,381 condo units, across its Waiea, Anaha, Aeo, and Ke Kilohana condominium projects in Ward Village. The update was a part of the company's Fourth Quarter and Full Year 2017 results, released on Monday, February 26, 2018. Investors and the public can read the financial report on their website here.

With 93% of condos already sold, inventory is tight. However, we currently have three beautiful units at Waiea and eight in Anaha. Plus, there are still great available units in Aeo and Ke Kilohana. Please contact me to learn more!

Read the full Star Advertiser report, below:

The Texas-based developer of Ward Village signed 55 more sale contracts for condominiums in its Ae‘o tower in the fourth quarter, bringing total sales to 91 percent of the project scheduled for completion by the end of this year.

Howard Hughes Corp. gave the sales update Monday as part of announcing its financial results for the last three months of 2017.

The company also said that in the recent quarter it sold two condos in its recently finished Anaha tower, two units at its Ke Kilohana tower that is on pace for completion next year, and no units at its Waiea tower that opened at the end of 2016.

Total revenue recognized from Ward Village condo sales in the fourth quarter was $122 million, which compared with $123 million in the same quarter the year before.

Hughes Corp. “recognizes” revenue from condo sales for accounting purposes even though buyers have not completed their purchases, as allowed under federal tax regulations that permit developers to count a certain percentage of revenue in reflection of how much construction of a tower is completed.

For all of last year, Hughes Corp. recognized $464 million in revenue from Ward Village condo sales, compared with $486 million the year before.

At Waiea, 165 of 174 condos have been sold, or 95 percent of the “ultra-luxury” tower where the average unit price is $3.6 million.

At Anaha, 309 of 317 condos have been sold, or 98 percent of the luxury building where unit prices average $1.2 million.

Ke Kilohana is 92 percent sold, with 390 of 424 units under contract in the “workforce housing” tower where most units are priced between roughly $300,000 and $600,000.

The 55 additional sales at Ae‘o bring pending sales in the upscale tower to 422 out of 466 units priced at $1 million on average.

Overall, Hughes Corp. has sold 1,286 of 1,381 condo units in the four towers, or 93 percent of the total.

Besides Ward Village, Hughes Corp. is developing several master-planned communities and large commercial real estate projects on the mainland. The company said it earned $147 million in the fourth quarter on $301 million of revenue, up from a $44 million profit on $279 million of revenue in the same quarter the prior year. Profit for all of last year was $167 million on $1.1 billion of revenue, down from $202 million on $1 billion of revenue in 2016.

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Ward Village property May 2016 update

Image: Jack Tyrrell & Company

Image: Jack Tyrrell & Company

Things are moving fast in Ward Village!  Pacific Business News reporter Duane Shimogawa reports on some of the changes to come, from the Ke Kilohana reserve housing project, to Ross Dress for Less, to the South Shore Market providing even more shopping and dining options to come.  Read more below: 

As the Honolulu rail transit project makes its way closer to urban Honolulu, companies in the project’s path — such as Ross Dress for Less on Ward Avenue— are expected to move out of the way.

The rail route is set to run through Halekauwila Street, near The Howard Hughes Corp.’s Ke Kilohana mixed-use condominium project, and across Ward Avenue through what is now the Ross Dress for Less store at Ward Village.

Todd Apo, vice president of community development for Howard Hughes, which owns the Ross property, told PBN he wasn’t sure about the time frame for the Ross move. The Texas-based developer has had very preliminary discussions with the city regarding the rail project entering the property at Ward Village.

The Sports Authority store, which is in the same shopping center as Ross, is not in the path of the rail project, but will close anyway as part of Sports Authority’s bankruptcy liquidation. PBN has reached out to Ross for comment.

Howard Hughes is making other moves at Ward Village, including a development beneath T.J. Maxx store called the South Shore Market, which will house retail and restaurant tenants, including some moving over from Ward Warehouse.

Ward Warehouse eventually will be developed into a high-rise luxury condominium project called Gateway Towers.

Buca di Beppo Italian Restaurant at Ward Entertainment Complex also is expanding, by absorbing the Bose store space next door.

Meanwhile, Ross is opening a new Honolulu store at the former Kmart property in Iwilei, which also will include a Longs Drugs and a PetSmart store, as first reported by PBN.

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The Ward Village Ke Kilohana Sales Process Has Begun!

The Ke Kilohana at 988 Halekauwila Street sales process starts tomorrow! Application packets are available for pickup from Saturday, March 26 through Sunday, April 3 at the Ke Kilohana Sales Gallery, open 10am-5pm daily at the IBM Building at 1240 Ala Moana Boulevard in Ward Village (free parking across the street at TJ Maxx).  

Completed applications must be returned in person between April 8 and April 13. Buyers will be selected in a lottery to be held April 15 via webcast, with home selection beginning on April 16 based on lottery placement and running throughout April.

Pacific Business News reports more, below:

In a statement, Ward Village explains, "The lottery will simply assign an appointment date, according to the selected order, for the buyer to come in to select his/her home and complete the contracting process. Buyers will be informed of their appointment time via email."

There are 375 reserved housing residences reserved for qualified buyers in the 43-story, mixed-use condominium high-rise. These include one-bedrooms priced from $323,475 to $442,246, two-bedrooms priced from $473,789 to $538,612, and three-bedrooms priced from $521,774 to $560,774. The tower also includes 49 market-priced residences.

Competition for the reserved housing units may be stiff — Ward Village notes that more than 3,500 people attended informational seminars on Ke Kilohana in over December, January and February.

For more information, visit kekilohana.com.

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Ke Kilohana Reserved Housing Workshop NOW ONLINE!

Photo: Ward Village/The Howard Hughes Corp.

Photo: Ward Village/The Howard Hughes Corp.

Earlier this year, the Ward Village team began holding workshops to inform the public about its most affordable option yet- the Ke Kilohana Reserved Housing Program. The project will be located at 988 Halekauwila, and will be comprised of 43 stories and 424-unit condominium high-rise units. With 49 market residences and 375 residences reserved for qualified Hawaii residents, Ke Kilohana offers a great opportunity for local people to make Ward Village their home! Units will range in price from $300,000 to $500,000.  The project will also be steps away from the shopping and dining at Ward Village, and near the future Kakaako Rail Station beside the Sports Authority. For added convenience to your living, 25,000 square feet of commercial space on the ground floor will include a Longs Drugs.

There are certain requirements that must be made the qualify for the 375 reserve units, so please watch Ward Village's online workshop to see if you qualify!  And please contact us to ensure that you have all of the necessary documents.  We are also the best to help you choose which unit will be the best fit for your family size and lifestyle. 

To watch the full workshop online, please follow this link to the official Ke Kilohana website.

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