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

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Luxury condo sales in Honolulu outpace houses in November

Photo: Jack Tyrrell and Company

Photo: Jack Tyrrell and Company

Sales of luxury condominiums outpaced sales of luxury single-family homes in November 2018. .“For condominiums, the $1.5 to $2 million price range had the strongest performance, up 50 percent, six compared to four last year,” Patti Nakagawa, Global Luxury director for Coldwell Banker Pacific Properties, said in a statement.

These numbers show that demand and interest for luxury condominiums continue to remain high. We continue to stay ahead of and on-trend in this market, and would love to talk real estate with you about what to look forward to in 2019!

Read more from Pacific Business News, below:

Sales of luxury homes on Oahu were relatively flat overall in November, compared to last year, but sales of high-end condominiums outpaced sales of single-family homes for $1.5 million or more, according to a report by Coldwell Banker Pacific Properties.

Overall, there were 39 residential properties sold for $1.5 million or more, compared to 38 sold in November 2017, an increase of 3 percent. The median price of those single-family homes and condos was $1.98 million, an increase of 9 percent from $1.8 million last year.

Of those, 11 sales were for luxury condos, with the highest sale being for $11.07 million on Nov. 29 for a three-bedroom, 3.5-bath unit at Park Lane Ala Moana. That’s compared to nine luxury condos sold during the same month last year, an increase of 22 percent.

There were 28 single-family homes sold for $1.5 million or more in November, compared to 29 sold in November 2017, a decline of 3 percent. The highest prices last month were $9.88 million for a seven-bedroom, five-bath house in Lanikai that sold before it was listed and $7.2 million for a five-bedroom, 5.5-bath home on Kahala Avenue.

“Single-family home sales in the lower price range of $1.5 to $2 million were down by 24 percent, 16 compared to 21 last November, mainly attributable to a lack of desirable inventory in that price range,” Patti Nakagawa, Global Luxury director for Coldwell Banker Pacific Properties, said in a statement. “For condominiums, the $1.5 to $2 million price range had the strongest performance, up 50 percent, six compared to four last year.”

The report noted that escrow activity for luxury properties at the end of November was 10 percent lower than the same time a year ago.

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Ward Village tower developer can post first ‘sold out’ sign

Photo: Howard Hughes Corporation

Photo: Howard Hughes Corporation

Ae‘o is officially Howard Hughes Corporation’s first sold-out tower! The developer confirmed that as of late September, contracts for all 464 units had been signed. Waiea and Anaha are also very close to being sold-out, with 167 of 174 units of Waiea sold and 314 of 317 units of Anaha as of September 30. These impressive statistics show that the demand for a diversity of units in Ward Village is consistently strong. Ward Village offers a unique mix of urban living on an island due to its close proximity to the ocean and shops and dining. It seems that this type of mixed-use development is what Honolulu’s residents are craving, and the sales at Ward Village prove this.

For more information on Ae`o units for sale, visit my website.

Read more from the Honolulu Star-Advertiser, below:

The developer of Ward Village in Kakaako took the tiniest of steps recently to reach a major milestone: declaring its first “sold out” condominium tower.

Texas-based Howard Hughes Corp. noted the last sales contract being signed for its nearly finished Ae‘o high-rise in a quarterly financial report Tuesday.

Hughes Corp. said it had signed contracts for all 465 units in the tower as of Sept. 30. The project contains a recently opened Whole Foods and is on schedule to finish residential area construction by the end of the year so buyers can complete their purchases and move in.

Up through June 30, there had been 464 Ae‘o sales. The one additional sale during the July-September period made Ae‘o the first tower at Ward Village to sell out.

However, three other towers — Anaha, Waiea and Ke Kilohana — are very close.

At Anaha, 314 of 317 units had been sold as of Sept. 30, Hughes Corp. reported. And at Waiea, 167 of 174 units had been sold as of the same date, the company said.

Waiea was finished about two years ago and Anaha opened a year ago.

At Ke Kilohana, which is under construction and projected to open next year, Hughes Corp. reported having signed sales contracts for 395 of 423 units through Sept. 30. The company also said it made 18 more sales in October to make the tower 98 percent sold.

Hughes Corp. started construction on a fifth tower, ‘A‘ali‘i, last month after offering units for sale in January. In Tuesday’s report, the company said it had sold 77 percent of the ‘A‘ali‘i units, or 579 of 771, through the end of October. That was up from 67 percent, or 500 units, through July.

The company described continued Ward Village condo sales as a “robust” response from buyers wanting to live in the growing neighborhood of residential towers, retail stores and restaurants mauka of Kewalo Harbor.

“In Honolulu, the extraordinary pace of sales in Ward Village continued in the third quarter,” Hughes Corp. CEO David Weinreb said in a statement.

The developer plans to follow ‘A‘ali‘i with a sixth tower called Ko‘ula, for which it received state approval in August. Sales have yet to start.

Since the company began Waiea, it said it has sold 1,905 residential units in five towers with units available for sale, or 89 percent of all units.

Most Ward Village condos are million-dollar residences, though Hughes Corp. is required by a state agency regulating development in Kakaako to make 20 percent of residential units affordable and available to residents earning moderate incomes.

At the high end, the average original price at Waiea was $3.6 million. At the low end, the average price at Ke Kilohana was $510,776.

Hughes Corp. has a state-approved master plan to develop up to around 4,500 residential units planned in 16 towers, along with 1 million square feet of retail businesses.

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Waikiki, Kakaako condominium sales up by more than 30 percent in August

Photo: Property of Jack Tyrrell and Company, Inc.

Photo: Property of Jack Tyrrell and Company, Inc.

Waikiki and Kakaako condo markets continue to perform well, with sales jumping 40 percent and 33 percent, respectively. With an average of 26 to 30 days on market, it's more important than ever to select the right agent to find the best home or investment property for you, and to close the deal quickly!  

Read the full report from Pacific Business News, below:

Condominium sales in Waikiki jumped 40 percent in August, while Kakaako condo sales increased 33 percent, according to a local market update by the Honolulu Board of Realtors.

There were 109 condominiums sold in Waikiki last month for a median price of $412,000, 2 percent less than last August. Units were on the market for an average of 30 days, selling 17 days faster than in August 2016. New listings and overall inventory increased 32 percent and 17 percent, respectively.

“Waikiki was a popular option for those in the market for condominiums,” said Sue Ann Lee, president of the Honolulu Board of Realtors. “The area is a great central location in urban Honolulu and offered local homebuyers and investors a wide selection of inventory from studios to luxury vacation condos.”

Kakaako condo sales increased 33 percent in August to 60, brining year-to-date sales up 19 percent to 377. The August median price in the area was $443,500, up 10 percent from last August, while the year-to-date median price decreased 4 percent to $495,000. The percentage of original price received increased 8 percent from last August, with sellers receiving 102.1 percent of the listing price on average. Also, days on market dropped 40 percent to 26 in August.

For single-family home sales, Makakilo experienced a 35 percent bump in August to 23, while the median sales price increased by 82 percent from the same period last year to $750,000. New listings increased by 29 percent and overall inventory rose by 32 percent, while median days on market decreased 17 percent to 24 in August.

“Makakilo was a popular neighborhood for single-family houses as demonstrated by the decrease in days on market and increase in closed sales,” Lee said. “The spike in median sales prices for single-family houses in Makakilo clearly shows the high demand for affordable housing and homebuyer’s willingness to explore options outside the metropolitan Honolulu area.”

In Hawaii Kai, single-family home sales increased 40 percent to 14, while the median price was flat at $1.24 million. Year-to-date sales increased 6 percent to 115 with the median price increasing 7 percent to $1.14 million

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Industry News: ​Kakaako condominium prices soar 88 percent in July

Photo: Jack Tyrrell and Company, Inc. One-bedroom luxury rental in Waiea, featured on wardvillagerentalshwaii.com

Photo: Jack Tyrrell and Company, Inc. One-bedroom luxury rental in Waiea, featured on wardvillagerentalshwaii.com

This article originally appeared in Pacific Business News:

Kakaako median condominium prices soared 88 percent to $695,000 last month, with closed sales increasing 15 percent to 47, according to a local market update released by the Honolulu Board of Realtors.

Homes also moved quicker, selling after an average of 12 days on the market, a 37 percent decrease from last July.

Kakaako median condominium prices soared 88 percent to $695,000 last month, with closed sales increasing 15 percent to 47.

Waikiki had a 21 percent drop in condo sales last month, decreasing to 78 from 99 last year. The median price paid for those condos was $367,500, a 6 percent drop from $390,000 last July.

For single-family homes, Hawaii Kai and Kaneohe saw double-digit increases in the median price last month, increasing 18 percent to $1.2 million for Hawaii Kai and 13 percent to $964,350 for Kaneohe.

Closed sales, meanwhile, decreased 6 percent and 12 percent, respectively.

Year-to-date median prices for the neighborhoods are up 8 percent to $1.1 million and $857,250, respectively.

Kahala experienced a 12 percent drop in median price for single-family homes in July, decreasing to $1.5 million from $1.7 million in July 2016. Year-to-date prices are down 4 percent to $1.7 million.

In the Ewa Plain, closed sales increased 28 percent to 73 in July, with the median price inching up 2 percent from last July to $660,000. New listings in the area increased 23 percent to 95.

This area remains popular due to its lower price points and varied options, according to Sue Ann Lee, president of the Honolulu Board of Realtors.

“For homebuyers willing to look outside Urban Honolulu, Leeward and Central Oahu neighborhoods like Wahiawa and Makakilo offer a wide selection of options that fall at or even below the island-wide median sales price of $750,000 for single-family houses and $425,000 for condos and townhouses,” Lee said.

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Real Estate News: Oahu condo prices climb

Photo: Jack Tyrrell & Company, Inc.

Photo: Jack Tyrrell & Company, Inc.

The Honolulu Star-Advertiser's Monday, August 7, 2017, front-page story reported on the continuous climb in condo prices seen on Oahu. The report looks at data from the Honolulu Board of REALTORS, which shows record high median sales price of $425,000 for Oahu condos in July 2017. The median price in Ala Moana-Kakaako for July spiked 88 percent from $370,000 in July 2016 to $695,000 in July 2017. Prices will only continue to climb, as demand outweighs supply, making it more important than ever to find the right Realtor to help you find the best location and unit, and to guide you through the negotiation process to ensure the unit doesn't slip away.  

Read the Star-Advertiser's report, below:

Oahu’s more affordable option for homeownership is climbing in cost as median sales prices for condominiums hit historic highs, as evidenced in July.

Previously owned Oahu condos sold for a median $425,000, increasing 6.3 percent from $400,000 in July 2016, according to resale figures released Sunday by the Honolulu Board of Realtors. The July median sales price for Oahu condos exceeded the previous record high of $415,500, set in April.

“Median sales prices for condominiums are the highest we’ve seen as prices have continued to soar,” Sue Ann Lee, president of the local Realtors trade association and a broker with Properties of the Pacific, said in a statement. “Condos and townhouses at midrange price points are a likely alternative when there is a lack of affordable single-family home inventory, causing the median sales price to shift up.” 

The median sales price for Oahu condos, which also include town homes, has been at $400,000 or above for five straight months. The median price is a point at which half the homes sold for a higher price and half for a lower price.

In July the sales of 475 Oahu condos closed, a 7 percent increase from 444 in the same month last year. As the number of sales rose, median days on the market declined. Sales of condos closed after 14 days on the market, a 22.2 percent decrease from 18 days on the market in July 2016.

Year-to-date, condos make up 60 percent of home sales, with 3,272 sales closed on condos, compared with 2,124 single-family homes.

The area with the most condo sales in July was Waikiki, with 77 sales, followed by Ewa, with 55. There were 45 condos sold in Ala Moana-Kakaako, according to a Wednesday report released by Locations, a major Hawaii residential real estate brokerage firm.

The median price of those sales in Waikiki was $370,000; in Ewa, $387,000; and in Ala Moana-Kakaako, $695,000, according to Locations. The median price in Ala Moana-Kakaako for July spiked 88 percent from $370,000 in July 2016.

As Oahu’s median sales prices for condos broke records, median sales prices of single-family homes saw a modest change. Single-family home prices rose slightly over the same month last year but came in below recent highs.

Single-family houses on Oahu sold for a median $750,000 in July. The July median price inched up 0.5 percent from July 2016’s $746,000.

“It’s like an escalator. It’s going up and up and up at a really constant rate. It has been doing that for about five years here on Oahu,” said Paul Brewbaker, principal of TZ Economics. “These numbers don’t seem to be that much out of bounds with what we’ve seen for a long time, at least since the summer of 2011.”

Despite increasing over the year-ago price, July’s median sales price of $750,000 pales next to the record $795,000 hit the month before. June’s record median sales price was $35,000 higher than the previous record of $760,000 exactly a year earlier. Brewbaker said the difference fits with current seasonality patterns, noting June prices are higher than July and May prices.

The number of single-family homes sold was up 4 percent, with 335 homes sold in July and 322 a year prior.

In July the area with the most single-family home sales was Ewa, with 70, followed by Mililani with 25. Tied for third was Pearl City-Aiea and Leeward with 22, according to Locations.

The median price of those sales in Ewa was $681,875. The median price in Mililani was $731,500. In Pearl City-Aiea it was $745,000, and in Leeward it was $517,500.

While the number of single-family home sales saw a slight increase in July, the number of days a home was on the market during that time surged. The number of days a home was on the market spiked 25 percent in July, with sales closing in an average of 20 days, compared with 16 days in July 2016.

In July, 481 new listings of single-family homes were added to the market. Only once in the last 24 months has the number of new listings been higher: in March, when there were 492 new listings. In comparison, the condo market last month saw 674 new listings.

According to Locations’ Wednesday report, the firm said it expects Oahu condo and single-family home prices to continue a steady climb as demand continues to outpace available supply.

“An uptick in new listings for both single-family homes and condos is welcome news for prospective homeowners; however, demand continues to outpace available inventory,” Scott Higashi, CEO of Locations, said in the report.

HOME SALES
The number of homes sold on Oahu in July with the median price and percentage change from the same month last year:

  • SINGLE-FAMILY HOMES

    • SALES MEDIAN PRICE

    • July 2017 335 $750,000

    • July 2016 322 $746,000

    • Change 4% 0.5%

  • CONDOS

    • SALES MEDIAN PRICE

    • July 2017 475 $425,000

    • July 2016 444 $400,000

    • Change 7% 6.3%

Source: Honolulu Board of Realtors

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Hollywood's Hot Hawaiian Getaways: An Island-by-Island Guide

Photo: Ward Village, Howard Hughes Corporation

Photo: Ward Village, Howard Hughes Corporation

The Hollywood Reporter published an island-by-island guide on some of the most luxurious experiences A-listers flock to when they visit the Hawaiian islands. From adventure experiences like zip-lining to outdoor beach activities to the most luxurious accommodations, the article is a short, succinct list of must-sees. Featured in the article is Ward Village's Waiea 36th-Floor Penthouse:

In Honolulu's Ward Village community, a new 36th-floor penthouse is on the market for $36 million and boasts more than 10,000 square feet of interiors and a private rooftop infinity pool. Owners can order room service from Nobu Honolulu on the ground floor. "A lot of my clients or their money managers are inquiring," says Burns. "The pool pours over the top of the building — going in it is nuts."

Ward Village continues to get international and national attention and press, and for good reason. With its prime location in urban Honolulu and within dynamic Ward Village, Waiea continues to be one of my favorite real estate investments in Honolulu right now.

Regarding the island of Oahu, the article adds,

Barack Obama's childhood home and the occasional residence of Brian Grazer and Dwayne Johnson — also has hosted Iger, Will Smith, Emma Stone, Amy Adams and Justin Timberlake. The Pacific Beach Hotel's $115 million reimagining is transforming the iconic Waikiki Beach property into Alohilani Resort Waikiki Beach (the presidential suite costs $979 a night) for a fall opening and will feature a pair of restaurants from Iron Chef Masaharu Morimoto.

The Ritz Carlton Residences, Waikiki Beach claims the only four-bedroom suite in Waikiki (up to $12,000 a night) and the exclusive 10-seat omakase restaurant by Tokyo’s acclaimed sushi chef Keiji Nakazawa ($300/person excluding beverages). “Old Hollywood loves that Waikiki/Kahala area because you wake up and see Diamond Head as your backdrop — that postcard view in front of your windows every day,” says Burns.

The Obamas and Zuckerberg have checked out Surfjack Hotel & Swim Club (room rates go up to $500), which recently opened and has "a lot of experiential takeaways," such as a music series, says Christian Schulz, co-founder of L.A. design firm Studio Collective (projects include The Bungalow Santa Monica). After the former POTUS and FLOTUS dined at its Mahina & Sun's restaurant from acclaimed chef Ed Kenney and ordered a Grey Goose martini — shaken with extra olives — the Presidential Martini ($14) was added to the menu.

The 2016 opening of Four Seasons Resort Oahu at Ko Olina brought attention to the west side of the island, which marketing director Nelson Hilton says is gaining prominence in the film industry, with Marvel filming down the road at the old Naval airport Kalaeloa. The Snatched crew, including Amy Schumer, enjoyed the pool and private sections during shooting. Hilton admits that Kourtney Kardashian's spring visit challenged discretion: "It's obvious when you have bodyguards surrounding you." The reality star stayed in the 17th floor's three-bedroom penthouse suite ($18,000 a night), where, from the roof, one can watch whales jumping.

Enjoying a surge is the North Shore, a sleepy surf town known for having some of the best swells on the planet and where sports stars and tech players are buying oceanfront estates for $3 million to $15 million. “I find a lot of our friends in the entertainment industry are drawn to the North Shore," with its "horses on the side of the road, acres of lush grass, rolling hillsides and crystal clear blue water with shell-lined shores,” says Oleema Miller, creative director and co-founder of MIKOH, which Jessica Alba wears on her Hawaiian vacations. Celine, Chanel and numerous restaurants are just one hour away in Waikiki, but she’s usually on the sand at Ehukai: “The stretch of beach is incredible — houses from Ke Iki beach to Sunset Beach are all stunning.” 

A popular elite venue for weddings, wellness retreats and private dinners is Sunset Ranch Hawaii, which has hosted several films, castmembers from Hawaii Five-0, Jack Johnson and most recently Hailey Baldwin. With its helipad, the 27-acre property gets guests making the hop from other islands.

Burns has rented to Bradley Cooper (Aloha); rentals now hit $10,000 a night. Grazer surfs the Banzai Pipeline, and Hawaii Five-O's Scott Caan grabs takeout with his family at Waialua Bakery or Storto's Deli for a beach day, which includes a visit to the tide pools at Shark's Cove and drinks at Haleiwa Joe's — "the jam," says Caan. He also likes Pupukea Grill for "some of the best food on the island." For cold coconuts and local treats, stop at the fruit stands at Kahuku; insiders also adore Hamachi Ponzu at Banzai Sushi and Elephant Thai, a food truck across from Shark's Cove. Payne's favorite lunch in Hawaii is the all-you-can-eat vegetarian buffet at ISKCON Hare Krishna Temple near Honolulu. "It's exquisitely clean food in a tranquil spot," the director says. "A friend turned me on to it."

Read the full article on the Hollywood Reporter here.

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Ward Village Waiea 2016 Grand Opening

It's official! The first residents of Ward Village's Waiea are moved in!  Kumu Hina led us in the blessing of this new tower.  We are thrilled for our clients, and grateful to have helped them purchase their exceptional units.  Congratulations to the Howard Hughes Corporation and Ward Village team on this landmark.  Waiea is the first condominium project to be completed in its wider Ward Village Master Plan.  Waiea truly is a new gold standard for luxury on the island.  If you are interested in securing your unit or rental, please contact my office today; don't miss out on the opportunity to be a part of Honolulu history in the making.

Photos by Cliff Lew, property of Jack Tyrrell & Company, Inc.

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Howard Hughes tops out second condo tower Anaha in Ward Village

Photo: Jack Tyrrell & Company, Inc.

Photo: Jack Tyrrell & Company, Inc.

Anaha is officially topped out!  The Howard Hughes Corporation announced today, Monday, August 29, 2016, that its second luxury condominium project has topped out.

Our client, Dr. Thomas Yue, briefly discusses his two Anaha purchases in this recent article featured in The Wall Street Journal.  The project is slated to be completed by summer 2017.

Read more in the Pacific Business News, below:

The Howard Hughes Corp. (NYSE: HHC) announced Monday that it had topped out Anaha, the second condominium tower to be completed within its 60-acre Ward Village master-planned community in Honolulu. Anaha is scheduled to open in summer 2017.

Ward Village has contracted to sell more than 1,100 homes to date, and more than 90 percent of the condos in Anaha are sold, the company said in a statement. The building is a collaboration by architect and design firm Solomon Cordwell Buenz, Honolulu-based Benjamin Woo Architects and global design leader Woods Bagot Interiors.

Anaha will offer 244 studios and one-, two- and three-bedroom tower residences as well as 73 low-rise flats and townhomes. Chef Peter Merriman will open the first Oahu location of his Merriman’s restaurant in summer 2017.

“The topping out of Anaha is another significant milestone as we continue to create a neighborhood at Ward Village that enriches the lives of all those who experience it,” said David R. Weinreb, CEO of Howard Hughes.

Three residential buildings are currently under construction and five are available for sale at Ward Village. Contracted sales at the community have reached approximately 90 percent for the 493 homes in its first two luxury condominium towers, Waiea and Anaha. Construction began on Ward Village’s third tower, Aeo, in February.

Waiea, which will open late this year, will include 175 residences and house a Nobu Honolulu restaurant. Work on Aeo will be completed in 2018; it will include 466 residences and a Whole Foods Market Inc. (Nasdaq: WFM) store.

When completed, Ward Village will have more than 4,000 new residences.

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Median prices for Oahu condos and homes continue to climb in July 2016

Pacific Business News' James Prichard has reported on the July 2016 analysis of Multiple Listing Service (MLS) sales provided by the Honolulu Board of Realtors, below.  The median sales price for a condo was $400,000, an increase of 14.3% from July 2015's median sales price of $350,000, showing that the market is still very strong.  Read a more detailed overview, below: 

Despite declines in year-over-year unit sales, median prices continued to climb for single-family homes and condominiums on Oahu that sold during July, according to an analysis of Multiple Listing Service data by the Honolulu Board of Realtors.

The median sales price for a condo hit $400,000 last month compared with $350,000 in July 2015, an increase of 14.3 percent. The median price for a home was $746,000 compared with $710,000, up 5.1 percent.

There were 444 condos sold during July compared with 501 in the same month last year, a decrease of 11.4 percent, while 322 homes were sold compared with 337, down 4.5 percent.

In July, the median days on the market for condominiums was 18 and for homes was 16.

“While sales of both single-family homes and condos dipped compared to the previous year, the increase in prices year-over-year for both indicates the housing market is still very strong,” Kalama Kim, president of the board, said in a statement. “The drop in condo sales is typical of the cyclical nature of the real estate market. Historically, we’ve seen a peak in condo resales during the summer, followed by a slight dip the following month. As for prices, a decrease in the number of sales with a corresponding increase in prices usually means buyers are being more aggressive with their offers. That said, home affordability is more favorable than a decade ago because of extremely low mortgage interest rates.”

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Howard Hughes' Honolulu luxury condo towers nearly sold out

Rendering of Anaha Luxury Tower at Ward Village, The Howard Hughes Corp.

Pacific Business News' Duane Shimogawa provides an update of The Howard Hughes' Corporation's Ward Village projects, below.  Highlights include sales at Waiea, Anaha, Aeo, and Ke Kilohana projects:

The Howard Hughes Corp. (NYSE: HHC) has sold about 91 percent and 92 percent of the 491 total units at its Waiea and Anaha mixed-use condominiums in Honolulu, respectively, the Texas developer said Monday in its second-quarter earnings report.

Howard Hughes sold 158 of the 174 units at its Waiea project and 292 of the 317 units at its Anaha condo.

The $403 million Waiea condo is scheduled to be completed in the fourth quarter, and the $401 million Anaha condo is expected to be done in summer 2017. Thus far, Howard Hughes has spent $303.5 million on Waiea and $170.2 on Anaha.

Aeo, the third of the four mixed-use condo towers planned for the first phase of the developer’s 60-acre Ward Village master-planned community, should be completed by late 2018. The developer has spent $39.2 million so far on its $430 million Aeo condo.

Whole Foods Market Inc.’s (Nasdaq: WFM) flagship Hawaii store has pre-leased about 81 percent of the retail space in Aeo. Howard Hughes has sold 241 of the 466 units in this condo, or about 52 percent.

The 375 workforce units at its 424-unit Ke Kilohana condo are sold out. The market-rate units began pre-sales in late July on the $219 million project. The developer has spent $10.5 million thus far on Ke Kilohana.

The Dallas developer reported a profit of $67.3 million, or $1.58 per diluted common share in the second quarter, up from $24.2 million, or 56 cents per diluted common share, in the same quarter last year.

Hawaii regulators last week approved its $20 million plan to upgrade Kewalo Basin Harbor in the Honolulu neighborhood of Kakaako. The harbor is located across the street from Ward Village.

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