Alexander & Baldwin, Inc. announced that as of today, its joint venture, Kewalo Development LLC, has pre-sold 274 units at its 341-unit Waihonua high-rise development located in urban Honolulu, near Ala Moana Center. Of those contracts, 259 are binding, well exceeding the presales requirements for drawing on the project’s $120 million construction loan. Financing is provided by a consortium of lenders led by First Hawaiian Bank and composed of Wells Fargo Bank, N.A., Bank of Hawaii and Central Pacific Bank.
Construction of the $200+ million project has commenced and delivery of units continues to be anticipated in the first half of 2015. The general contractor for the project is Hawaiian Dredging.
“I’m encouraged by the project’s continued strong sales results, which speak to the great location, pricing, design and amenities that Waihonua has to offer. Given our continued strong sales and construction progress, Waihonua will be delivered into a market with significant pent up demand and few competitive alternatives,” said Christopher J. Benjamin , A&B’s president and chief operating officer.
The 43-story tower is being constructed on a 1.73-acre lot between the Koolani and Hawaiki towers that Alexander & Baldwin also owns.
Waihonua will have 345 one, two and three-bedroom units with prices ranging from $400,00 to $720,000. There will also be seven penthouse units.
The architect is Design Partners Inc. of Honolulu and Pappageorge Haymes of Chicago.
Rendering Courtesy of Alexander & Baldwin, Inc.