Developer Lands $528M for Honolulu Condo Project
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Silverstein Capital Partners funded the development of 972-units.
Developer Nan Shin has secured a construction loan of $528 million for the Park on Ke’eaumoku. The project is a 972 unit condominium in the Ala Moana area of Honolulu. Silverstein Capital Partners is the lender. Design Partners Incorporated is responsible for the architecture, and Nan Inc. serves as general contractor. The project began last summer, and is expected to be completed by 2025.
Two 42-story towers will be constructed, with studios, one-bedroom, two-bedroom, and three-bedroom plans ranging in size from 394 square feet to 1,333. The total number of units will be 826, with 826 being sold at the market rate. 146 are reserved for affordable housing, which will last no less than 30 year, and will target individuals earning up 120 percent the median income in the area. The 14th-floor amenity deck will include a fitness room, movie theaters, coworking spaces, an infinity pool and spa, as well as barbecue cabanas, dog parks, and a dog park. The Park on Ke’eaumoku also features 88,000 square foot of retail space and a 12-story garage.
A central Honolulu location
The site, located at 825 Keeaumoku Street, is less than two miles from downtown Honolulu and close to the Lunalilo freeway. The Ala Moana Center, which is a shopping mall and a variety of dining options are all within walking distance. Straub and Kapi’olani Medical Centers are also nearby.
The condo market is active in Honolulu, with a high level of development. According to HIcondos, 10 condominiums are in various stages in construction around the area. Howard Hughes Corp. completed a 565 unit tower last year. Jeneration Capital secured $137 million to complete another 42 story project.
