2 more towers to break ground

Five condominium towers under construction in Kakaako will soon have more company, with a sixth tower slated to break ground in about two weeks followed by a seventh in March.

Stanford Carr, the developer of the planned Keauhou Place condo high-rise at 555 South St. near Waterfront Plaza, has scheduled a groundbreaking ceremony for Oct. 30. And Howard Hughes Corp. announced Wednesday that construction will begin in March on its planned Ae‘o tower at 1001 Queen St. near the Ward Village movie theaters.

The pair of projects will add almost 900 more homes in Kakaako, and enlarges the wave of tower construction from five current projects — The Collection, Symphony Honolulu, 801 South Building B, Waiea and Anaha. Two midrise residential buildings called 400 Keawe and 440 Keawe also are under construction in Kakaako.

Carr and Hughes Corp. achieved strong enough sales to tap arranged financing for their projects and move ahead with building.

Keauhou Place, which will include 388 tower residences and 35 midrise townhomes on a block connected with a planned city rail station, is expected to cost about $300 million.

Carr said he wasn’t surprised by the response from buyers who have committed to purchase 82 percent, or 347 units, in the 423-unit project since sales began in March.

“We’re uniquely positioned,” he said. “We’re not in the same space of Symphony or Howard Hughes, yet we’re a few notches above 801 South.”

Condo prices at Keauhou Place range from $357,000 to $1.4 million.

Carr said 95 percent of buyers are Hawaii residents.

Nick Vanderboom, senior vice president of development for Hughes Corp., said in a statement that the company is thrilled to break ground next year on Ae‘o and expand the Ward Village neighborhood that includes Waiea and Anaha and a mix of retail.

“The convenient lifestyle that Ward Village offers is only getting better with each new project that brings the live-work-play concept to life in the heart of Honolulu,” he said.

A‘eo will include 466 tower residences and a flagship store for Whole Foods on Oahu. It is expected to cost $390 million. Sales began in July. Unit prices range from $405,016 to $2 million.

Hughes Corp. representatives did not provide a current count of sales despite a request, but said more than 110 units were sold to local residents within the first week of sales efforts.

Construction for each tower is expected to take about two years to complete.