Plug pulled on Hawaii Kai luxury condo project after financing fails
An artist's rendering of Hale Ka Lae. show the $300 million luxury condo that will be built at the base of Mariners Ridge and have a 10-story building and a four-story building for a total of 242 units. The units are expected to sell for between $700,000 and $3.8 million.
Construction has been halted on the Hale Ka Lae luxury condominium in Hawaii Kai after the lead investor failed to obtain financing for the roughly $300 million project with 242 units.
An affiliate of South Korean firm Hanwha Engineering & Construction, which assumed control of the project formerly known as Hale Ali’i in 2009, announced the stoppage today.
Units in the planned condo went on sale in February with prices ranging from $685,265 to $3.4 million. Interested buyers who put down deposits will receive their deposit money back, a developer’s representative said.
The luxury condo project was to be built at the base of Mariners Ridge where Keahole Street meets Hawaii Kai Drive. Plans called for a 10-story building and a four-story building for a total of 242 units.
