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Condos at Nordstrom will cost up to $9M

A 206-unit, 17-story tower called ONE Ala Moana will offer new residences for record-high prices

By Andrew Gomes

POSTED:
LAST UPDATED: 01:46 a.m. HST, Nov 02, 2012


Shopping at Nordstrom is pricey. Living next to the luxury retailer's store in Hono­lulu will be, too.

Condominium units in a 17-story tower planned atop Nordstrom's six-story parking garage at Ala Moana Center are going to be priced as high as $9 million — a record for a new high-rise condo in Hawaii.

The developer of the 206-unit tower dubbed ONE Ala Moana released project details Monday, including prices, renderings, amenities and a development timetable.

Sales are slated to begin by the end of the year, and if they go well construction could start by late spring and finish in 2014.

The intent to proceed with building a condo at the site was announced last year by Howard Hughes Corp., a Dallas-based developer that obtained rights to the project as part of its 2010 acquisition of Ala Moana Center owner General Growth Properties.Local developers The MacNaughton Group and Kobayashi Group partnered with Hughes Corp. on the plan for ONE Ala Moana, which will have one- to three-bedroom units with 760 square feet to 4,100 square feet of living space. Prices average $1.6 million and range from $500,000 to a little more than $9 million.

The $9 million price for penthouse units represents a record for new high-rise residences in Hawaii, according to local real estate brokers.

"It's aggressive," Myra Brandt, principal broker at residential real estate firm Kahala Associates, said of the penthouse pricing. "It'll probably be marketed as one of a kind."

Brandt said she anticipates good demand for ONE Ala Moana given its location along with unit quality and sizes, and that Asianbuyers will provide a fair share of that demand.

Hughes Corp. said its "ultra luxury" tower will feature views over Ala Moana Beach Park to the ocean, high-end finishes, common-area amenities including a private dining room with a chef's kitchen, and a concierge package with shopping and dining benefits from Hawaii's largest mall.

"ONE Ala Moana will offer a one-of-a-kind lifestyle experience with the best in luxury retail and restaurants at your doorstep," David Weinreb, Hughes Corp. chief executive officer, said in a written statement.

The Hughes Corp. partnership, HHMK Development LLC, plans to sell a significant number of units in Japan through Sotheby's International Realty affiliate LIST Co. Ltd., which is helping finance ONE Ala Moana with $20 million.

Honolulu-based real estate firm Alexander & Baldwin Inc. also is providing $20 million in development financing.

The tower was originally envisioned by General Growth, which built the Nordstrom store and a new wing for the mall in 2008 and designed the adjacent parking garage to support such a building.

Hughes Corp. partnered with the MacNaughton and Kobayashi firms in part because of their experience building luxury condo towers in Hono­lulu during the last real estate boom. The two firms developed Hokua in Kakaako and Capitol Place downtown. Hokua is recognized as being the first luxury condo tower built on the leading edge of that boom, and buyers snapped up units for $535,000 to $5.5 million in late 2002, before construction began.

Local brokerage firm Heyer & Associates handled Hokua sales and is handling sales for ONE Ala Moana.

Duncan MacNaughton, chairman of the MacNaughton Group, said ONE Ala Moana aims to top what was produced with Hokua.

"When we delivered Hokua to the marketplace, it surpassed everyone's expectations, and now ONE Ala Moana will set an even higher standard of excellence," he said in a statement.

Though not a strictly residential condo, another high-rise in Hono­lulu — Trump International Hotel & Tower — has neared the $9 million sales mark for new units.

The condominium-hotel in Waikiki sold new units for as much as $8.7 million two years ago, according to property records. One unit was resold last year for $10 million. And one unit bought for $8.6 million two years ago is on the market for $9.4 million.






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BillD wrote:
I'm going to need the kama'aina rate on that penthouse.
on November 2,2012 | 02:29AM
ukuleleblue wrote:
There are a lot of average locals who are struggling to own a house on Oahu. The only areas they can afford are on the west side and they are working two to three jobs to pay the mortgage. Because the affordable housing is far from downtown, they also have to suffer long commutes in congested traffic which diminishes their quality of life. Rail will provide jobs for more locals to own homes and also make the commute easier. Rail will take some cars off the road and people can ride the train if they don’t want to drive. The cost of the rail project has been structured such that our community can afford it. The feds are subsidizing $1.5 billion. Rail and transit oriented development will boost our economy so more people will have work. Why do some people want to deprive locals of having a better life? We are afraid that rich people, especially foreigners will squeeze us out. When housing is unaffordable, only rich people can live here. Rail will help the local people stay here and have a better life in the best place in the world.
on November 2,2012 | 03:51AM
LittleEarl_01 wrote:
Another "cut and paste" from ukuleleblue. Nothing new here folks.
on November 2,2012 | 04:14AM
bender wrote:
Hey, rail has nothing to do with this. And quit playing the local card. There are lot of perople of all backgrounds that can't afford our economy so quit making like it's only one group. And I bet you are not one of those suffering locals. We are tired of you trying to pit race against race.
on November 2,2012 | 05:48AM
Oye_Como_Va wrote:
Has anyone noticed where the stop for the rail will be at Ala Moana Center? Perfect for the minions who will have jobs a this plush condo.
on November 2,2012 | 12:09PM
AmbienDaze wrote:
uku, if you want me to ready your posts, can you make it easier to read by breaking your big block of words into two line paragraphs as others do? otherwise don’t even bother posting, cuz i ain’t reading it.
on November 2,2012 | 08:15AM
Fred01 wrote:
"Average locals?" You sure are a snob!
on November 2,2012 | 10:15AM
allie wrote:
uku's paid job as a blogger for rail ends soon
on November 2,2012 | 10:45AM
Bdpapa wrote:
I'll take two, the checks in the mail!
on November 2,2012 | 05:42AM
Maneki_Neko wrote:
How did they get to align this condo east/west? I thought all the new condos were supposed to align mauka/makai to preserve the view planes for the little people?
on November 2,2012 | 08:32AM
johndoe wrote:
Outside of HCDA's jurisdiction
on November 2,2012 | 09:54AM
Maneki_Neko wrote:
Point taken....the boundaries are Punchbowl Street to Piikoi Street. But the larger question remains....why should this project be approved to block view plane when we all know that the alignment disadvantages everyone else behind the tower?
on November 2,2012 | 04:51PM
Oye_Como_Va wrote:
If you have your hands in the politicians pockets dropping some cash, you can do much anything you please.
on November 2,2012 | 12:12PM
IAmSane wrote:
Hey, your check bounced.
on November 2,2012 | 09:57AM
Bdpapa wrote:
Oops, sorry!
on November 2,2012 | 12:33PM
bender wrote:
There is something strangley out of whack when we have a newspaper story about $9 million condo units while we have people who can scarcely afford to rent a cheap place let alone ever hope to own a place of their own. Ths is absurd.
on November 2,2012 | 05:50AM
Bdpapa wrote:
Foreign investors.
on November 2,2012 | 06:20AM
Sunny wrote:
How many families can live in this $9M penthouse?
on November 2,2012 | 08:09AM
IAmSane wrote:
The crazy thing is that this place will probably be sold out.
on November 2,2012 | 11:11AM
loquaciousone wrote:
Howard Hughes Corp sounds like a nice affordable housing company.
on November 2,2012 | 06:54AM
charlesu wrote:
Nice going Star-Advertiser......This is a real estate advertisement disguised as a news article !!
on November 2,2012 | 07:09AM
Maneki_Neko wrote:
Bwahahaha......you whiny little people. This is not for you. You silly little Hawaii resident, we think you are amusing but this development is for us, the rich, the 1% of all nations who come here to shop and tan and have you wait on us. We shop at Vuitton, Dior, Chanel, Prada....all of Ala Moana is our playground. You little people go to Long's, we left that one for you. Bwahahaha.....now, let's get some nice fat exemptions....we need to block views, get expedited permits, eliminate red tape and start building!
on November 2,2012 | 08:30AM
allie wrote:
true..typical for SA
on November 2,2012 | 10:45AM
Kaleo744 wrote:
A bargain for the Chinese Investors!
on November 2,2012 | 07:39AM
allie wrote:
and Korean investors. East side living is what koreans and Chinese want. They see our city as divided between the elite East and the problematic West sides.
on November 2,2012 | 10:46AM
burymeagain wrote:
Problematic west side? WHAT!?!?!
on November 2,2012 | 01:04PM
IAmSane wrote:
Hmm, yeah, the "west side" is pretty diverse economically--from lower class to upper middle class suburban neighborhoods. The east side, likewise, is also economically diverse. I don't know where this east side = rich, west side = poor is coming from.
on November 2,2012 | 05:22PM
Bdpapa wrote:
More like problematic UH students from the Dakotas.
on November 2,2012 | 03:44PM
sunnyhi wrote:
With all the attention to traffic congestion on the West side, it is extremely disappointing to read that greedy mainland and local developers are focusing on Asian buyers for this development. They will also hire the lowest bidders who use cheap materials or cut corners to hold profits for themselves but cause long-term maintenance and litigation problems for its residents. Time and time again, it's profit over people.
on November 2,2012 | 07:47AM
Sunny wrote:
$9M....I wonder how many families can fit in the penthouse.
on November 2,2012 | 07:50AM
tiki886 wrote:
$1 million dollars in the 50s when I was born is equal to about $8.5 million today. $120,000 in the 1950s is equal to $1 million today.
on November 2,2012 | 07:59AM
alfhawaii wrote:
greed
on November 2,2012 | 08:09AM
alfhawaii wrote:
sunnyhi is correct. very dissappointing to see all this high end development going on in the Kapiolani Ala Moana area.
on November 2,2012 | 08:11AM
Maneki_Neko wrote:
Here's their new advertising slogan:

Come to ONE Ala Moana and live the good life in a condo tower built on top of a parking garage at a shopping center next to the rail station"

Now only $9 million.


on November 2,2012 | 11:04AM
silvangold wrote:
I'll follow.......ha ha LMAO-ing all the way to the pupule house.....or OCCC for giving $$ on a cents checking "just shy" by 1M $$!
on November 2,2012 | 01:18PM
tiki886 wrote:
Real Estate Promotion: Not only is it just $9 million dollars, you won't need an automobile because you can ride a $5 BILLION DOLLAR rail to take you from your doorstep to the airport without any hassles with traffic or taxis! The rail has been built by wealthy Italians and has furnished each coach with rich Corinthian Leather from the finest tanneries in the world. And when you need to travel to the airport, do so in the morning where you will be whisked away on your Coche to avoid the riff raff who are just beginning to find their way into town to perform their menial tasks. Your patronage to the rail will ensure you receive the very best considerations in your short travel to the airport. Ciao Baby.
on November 2,2012 | 07:46PM
alfhawaii wrote:
put the rail right up next to it and block their view.
on November 2,2012 | 08:13AM
Maneki_Neko wrote:
When we delivered Hokua to the marketplace, it surpassed everyone's expectations, ...

Except for that pesky plumbing issue where the fittings ruptured and flooded units and required a total re-do. The Chinese made fittings that were used in multi-million dollar units.


on November 2,2012 | 08:16AM
tiki886 wrote:
Chinese fittings? I thought the PEX system manufacturer was a Finish company, Uponor or was it Watts, a Massachusetts plumbing supply firm? Whatever. The PEX system has been discredited and brass fittings with high zinc content are no longer approved for plumbing. An all copper system is what owners of new condos should be looking for.
on November 2,2012 | 09:05AM
iwanaknow wrote:
Hey, let's look on the sunny side of life..................who ever buys this place will stock it with fine furniture (no Savers/Goodwill for them, maybe C.S. Wo?) and pay big taxes and rarely visit it cause they are busy making $ someplace else....................so bring it on 1%ers!!!!
on November 2,2012 | 08:47AM
Oye_Como_Va wrote:
Wow! What a great way to drive up the cost & price of housing in Hawaii for the "Middle-class". It won't be long until ths onlt people able to afford living here are the super rich and those who will owe their lives to the "Company Store", just the the old plantation days. Guess who will have to foot the tax bill to support that type of living. Yes, rail is in the master plan for this condo. However, you can only expect to be the minimum wage flunky to open their doors, sweep the floors and any other menial job around it.
on November 2,2012 | 12:06PM
silvangold wrote:
Do ya think they'd take a personal check?
on November 2,2012 | 01:13PM
loquaciousone wrote:
I bought my two condos with some loose cash I had laying around.
on November 2,2012 | 02:13PM
iwanaknow wrote:
And I dove under the sofa and found a few coins to pay for my rent this month.
on November 2,2012 | 03:14PM
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