Sales are set to begin Wednesday at the Commodore Wai­kiki, a new condo conversion on the Ala Wai promenade.

The developer of the four-story building at 1880 Kaha­kai Drive will release 10 units Wednesday at a broker’s open. The building, which was originally called the Commodore, was built in the late 1940s by the U.S. Army Corps of Engineers to provide housing for naval officers. The apartment building was purchased in 2006 for $6.5 million by Commodore LLC, an entity that has not developed any other properties in Hawaii.

The developer invested an additional $3.5 million in building renovations and hired Coldwell Banker Pacific Properties to broker the property. Altogether the new project features 43 one-bedroom, two-bedroom and penthouse condominiums. Unit sizes range from 392 to 1,188 square feet. Fee-simple prices for units, some with city and Ala Wai water views, start at $280,500 and go up to $549,000. The units don’t include parking, but there are 13 parking stalls for sale at $60,000 per stall.

"We’re excited to launch sales at the Commodore Waikiki and are confident there will be great interest in the project, given both the price and the location," said Tracy Allen, Realtor associate and vice president of Coldwell Banker Pacific Properties. "The one-way, in-and-out loop street allows for a more serene, quiet environment yet also offers a five-minute walk to the beach, restaurants, Ala Moana Center and Waikiki nightlife. As such, we anticipate our buyers will include young families, professionals and empty nesters."