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Developer gets $120M loan for Kakaako high rise

By Associated Press

LAST UPDATED: 03:39 a.m. HST, Nov 12, 2013

<br /><br />Oliver McMillan<br />@Caption1:<*p(0,0,0,10.6,0,0,g(P,S))><Bt3z10cWf$>The 43-story Symphony <br />Honolulu condo tower will have 388 units priced from about $500,000 to <br />$3 million. <br />It will have a restaurant, a cafe and auto sales showrooms on the ground floor.<br />

A developer planning a high-rise project near downtown Honolulu says it has secured a $120 million construction loan and plans to start building this month.

Developer Oliver McMillan said today it secured the loan for its 3.5-acre Symphony Honolulu project from lenders including First Hawaiian Bank. Three other lenders are also involved.

The project is in Kakaako, east of downtown Honolulu. Plans call for a tall, glass skyscraper with 288 market-priced condominiums and 100 lower-priced units for buyers who meet certain conditions set by the Hawaii Community Development Authority.

Officials say the project will generate about 400 construction jobs for the next two years and about 100 permanent jobs.

The project is expected to be completed in 2015.

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Anonymous wrote:
Yay, just what we need. Another luxury condo for Californians and Foreigners to purchase as 2nd homes.
on November 11,2013 | 11:53AM
Bdpapa wrote:
Double the property tax for foreign investors!
on November 11,2013 | 12:13PM
RandolphW wrote:
All that is really required of a developer in Hawaii is a leased Lincoln and several $1,000.00 suits in their wardrobe. The rest is only fluff. The best that can be hoped for with this latest development is that the building will have few year round occupants and that all the residents of the building don't flush all their toilets at once. My other caveat is that those who walk around in Kakaako wear waterproof boots "just in case".
on November 11,2013 | 02:53PM
Maneki_Neko wrote:
They forgot to mention that this project was allowed to build in an Ewa-Diamond Head alignment instead of mauka-makai. A complete and utter abandonment of the development rules.
on November 11,2013 | 06:02PM
serious wrote:
Correct, Democrats will do anything for more taxes so they can spend!! Correct?
on November 12,2013 | 05:27AM
awahana wrote:
Can you explain?
on November 12,2013 | 09:10AM
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