Honolulu’s Highrise Superblock
Hawaii Realtor Jack Tyrell (R), CRS, CPA has a history of investment in condominium residences in the Superblock, including a condominium in Koolani and his own home in Hokua. He attributes the success of these projects to location and the high standards maintained by the developers.
“The first of the highrises, 1350 Ala Moana, was marketed with emphasis on the convenience of being across the street from Ala Moana Center and shared the same developer, Dillingham Corp. It is still considered a premier condominium residence.”
After the acquisition of the property by the Nauru Trust in 1984, development of six towers followed as the Trust began implementing a four-phase plan through a U. S. subsidiary, Nauru Phosphate Royalties. The company’s first project under the 404 Piikoi Planned Development Permit was Nauru Tower, completed in 1992. The next residential condominium was Waldron Ventures’ 1133 Waimanu, completed in 1996 with 282 reserved housing units satisfying the Hawaii
Community Development Authority’s affordable housing requirements for the 404 Piikoi project. Hawaiki Tower, a Nauru Phosphate Royalties development completed in 1999, includes 417 condominium units and the offices and studio of KHON-TV.
Koolani, a 47-story tower with 370 residential units, was completed in 2006 by developer Crescent Heights, which purchased the property from Nauru Phosphate Royalties.
Hokua at 1288 Ala Moana, completed in 2006, was developed by Alexander & Baldwin in partnership with the Kobayashi Group and the MacNaughton Group on four acres acquired from Victoria Ward, Ltd.
The final addition to the superblock is the 43-story, 341-unit condominium residence, Waihonua, a development of A&B Properties, Inc. affiliate Kewalo Development LLC. Sales launched in December 2011, and units sold out in August 2013. Bulk closings for Waihonua are scheduled for January 2015.
Tyrrell said he had encouraged his clients to invest in Waihonua because of its location, highly respected developer and the financial leverage afforded during pre-construction. Like the other residential condominiums in the Superblock, Waihonua is a three-minute walk to the new west wing of Ala Moana Center.
“I really believe that the closer a building is to Ala Moana Center, the greater the potential for that building to appreciate in value,” Tyrrell said. “Waihonua is also steps from Ala Moana Beach Park. It’s still ‘location, location, location’… everything you need is accessible from Waihonua and getting to Waikiki, downtown and the airport is easy.”
Tyrell, who purchased a unit in the building, noted that his clients found that the units exceeded their expectations. Jack Tyrrell & Co. is offering Waihonua units for resale including twoand three-bedroom residences with ocean, Diamond Head and mountain views for $945,000 to $1.34 million. Two three-bedroom penthouses with ocean and Diamond Head views are available at $2.388 million and $2.8 million. Residences feature upscale finishes and top-of-the-line appliances. Building amenities include concierge services, infinity pool, spa, barbecue pavilions, club room, fitness center, 55-person-capacity residents’ movie theater and an electric vehicle charging station on the first four floors of parking.
“For owners who choose to rent their units, the minimum lease period is one month, while other buildings in the Superblock have much longer minimum periods. This will allow second homeowners a better opportunity to rent their units when they are not using them and set aside certain times of the year for their own use,” Tyrrell said.
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