Ala Moana Center is undergoing a major retail expansion with construction to add dozens of new stores, including a Bloomingdale’s. Now it’s planning to expand its offering of luxury residences.

Local developers already building a luxury condominium atop the Nordstrom parking structure on the mauka side of Hawaii’s largest shopping mall plan to build a second condo on the makai side of the center.

A roughly 200-unit, midrise condo overlooking Ala Moana Beach Park is planned atop the mall’s second-level parking deck between its Piikoi Street end and Neiman Marcus store, according to a source familiar with the plan.

Honolulu-based development firms The MacNaughton Group and Kobayashi Group are partnering with local investment firm Black Sand Capital and the mall’s owner, General Growth Properties, on the project, the source said.

A spokeswoman for the developers and Black Sand declined comment Friday. A mall representative could not be reached.

Plans for the new condo project follow construction that began in April on ONE Ala Moana, a sold-out condo with 206 units on the opposite side of the mall being developed by the MacNaughton and Kobayashi companies with another partner that owned the rights to the site, Howard Hughes Corp.

Local housing market researcher Ricky Cassiday said it makes sense to develop a second luxury condo at the mall.

"It plays off the value of the mall," he said. "For the shopping center I think it’s a great move."

Ala Moana achieves some of the highest sales for retailers in the country at an average of $1,600 per square foot of store space that adds up to more than $1 billion in revenue a year, according to General Growth.

Cassiday said it will be interesting how the developers integrate the new condo with the mall and the Bloomingdale’s department store being built in the general area.

The presence of many luxury stores at the mall has helped attract buyers to ONE Ala Moana, where the highest-priced unit sold for about $10 million — a record for a new high-rise condo in Hawaii.

Unit prices in the second Ala Moana condo could rival ONE Ala Moana with a more clear ocean view, though the midrise elevation will somewhat limit how high prices can go, Cassiday said.

ONE Ala Moana, which will rise 23 stories including six parking levels, is described as an "ultra luxury" condo with common-area amenities including a private dining room with a chef’s kitchen, a yoga studio, a golf simulator and putting green, a movie theater and a concierge package with shopping and dining benefits at the mall.

Construction on ONE Ala Moana began in April and is projected for completion in late 2014.