ALA MOANA TOWER*, Honolulu, HI
Ala Moana Tower (Honolulu, Hawaii) - Residential Tower - 210 residential units Project as Director of Mixed Use and Master Plan Communities with General Growth Properties (GGP) , now Howard Hughes Corporation
· Assisted in redesign and repositioning of proposed residential tower and development of marketing program enhancing its overall value and marketability by 20%.
· Developed Offering Memorandum for prospective interested buyers, generating multiple inquires and Letters of Intent.
General Growth Properties (GGP) was considering selling the Air Rights for a residential project which for internal purposes has been named the Ala Moana Tower (“Tower”), comprised of approximately 257,560 square feet of net saleable area (GBA 593,644 sq. ft.).
The project was fully entitled and received site plan approval from the Department of Planning and Permitting of Honolulu. The plan proposed the construction of a residential condominium tower on top of the existing parking structure. The building’s design features 210 luxury residential units, a lobby square footage of 4,612 and retail square footage of 19,131 square feet.
The completed garage contained 1,276 total parking spaces, with a798 spaces dedicated to the retail portion of the property (remaining with GGP) and 469 spaces dedicated to the residential portion of the property.
At the time of offering, theGGP had completed assembling the site, developing and refining the Project concept, completing designs and basic construction documents, receiving preliminary cost estimates from potential general contractor's and construction management fees, obtaining all the necessary entitlements and approvals for the site and preparing the sales and marketing process along with the completion of the 88,920 square foot, 5‐story parking structure. The structure contained ground floor retail space and residential lobby, a shuttle depot, loading docks and 5 levels of parking, 2 elevators and 4 stairwells.
Th outstanding residential development opportunity was to enter a high barrier to entry market and complete the development program that included the following:
• Infrastructure in place, ground level, parking garage and elevator core
• Complete Architectural Construction Documents and Specifications with a building permit • Consumer & Market research supporting the viability of this development
• Complete marketing concept and branding component
• Sales office location and sales team that could commence marketing immediately
• Initial draft of the Condominium Documents
The Location – Ala Moana
A trophy location, the Ala Moana Center is one of the most successful and well known shopping center in the world. Ala Moana is one of the world’s largest open air malls and attracts more than 42 million visitors a year and exceeds one billion dollars in annual sales.
Ala Moana Center offers a unique and diverse merchandise mix, comprising over 290 stores including Hawaii based retailers, family apparel, high‐end fashion and lifestyle retailers as well as an extensive selection of international luxury brands.Bordered by Ala Moana Boulevard and Kapiolani Boulevard, Ala Moana Center lies advantageously between Waikiki to the east and downtown Honolulu and Honolulu International Airport to the west.With its prime location, substantial, unobstructed frontage along Ala Moana Center the ocean beyond, the Ala Moana Tower represented one of the best opportunities for urban‐oriented housing development in all of Honolulu.
The 2.2 acre site lies between the existing Ala Moana Pacific office /commercial building and the newly constructed Nordstrom department store (which Grand Opened March 2008)– the first Hawaii Store for this upscale retailer.
The Nordstrom building provides a direct connection with the expansion of the Ala Moana Center which is one of Hawaii’s most popular and well known destinations. The Ala Moana neighborhood is a vibrant district that offers not only world class shopping but also recreational opportunities and stunning natural beauty in form of Ala Moana Beach park. Located directly across Ala Moana Boulevard, this park is highly prized by locals for its excellent swimming conditions and along the half mile long beach.
The tower’s great potential is due to its desirable location in the heart of Ala Moana Center and will set the new standard of mixed use living in Honolulu.
The unit mix was tailored to satisfy a broad spectrum of buyers. Luxury condominium residences with an average square footages ranging from 759 SF one bedrooms, 1,273 SF two bedrooms, 1,990 SF three bedrooms and penthouse units from 890 SF to 3,113 SF. The tower floor plate is designed with setbacks that create lanais and corner homes on a typical floor. These corner homes are further enhanced by column less corner windows in the living‐dining rooms that provide uninterrupted ocean and mountain views.
