World Famous Waikiki Beach
Whats New & Happening?
Source: Pacific business News Feb 25,2014
California-based Pacrep LLC’s plan to build a second condo-hotel
tower in Waikiki that would be next door to its The Ritz-Carlton
Residences, Waikiki Beach project currently under construction on Kuhio
Avenue, cleared a key environmental hurdle with the City and County of
Honolulu determining that no environmental impact statement will be
needed for the development.
The city also said that the $159.5 million, 39-story project at 2139
Kuhio Ave. should pose no significant impact to the environment,
according to a recently filed final environmental assessment for the project
, which was posted in the most recent edition of the Hawaii Office of Environmental Quality Control’s Environmental Notice.
The project, which includes up to 280 units with support facilities,
resident services, recreational amenities and commercial uses, is
expected to share an eight-story building podium with the nearby
The project, which is expected to be completed over a two-year period
with a tentative start date in April and a finish date of June 2015,
expects to create about 275 jobs during the construction period and
projects more than $174 million in on-site sales that would generate
about $1.16 million in conveyance tax revenues for the state, the
Pacrep said that there’s a great need for this project, especially
considering that there has been a significant reduction in hotel units
in the area since 2003, including the Ohana Hobron conversion of 596
hotel rooms to a 181-unit condo and the net loss of 1,300 hotel rooms at
the Waikiki Beach Walk redevelopment, totaling 1,896 units.
Additionally, the proposed redevelopment of the Sheraton Princess Kaiulani
hotel will result in a net loss of 430 hotel units with the
International Market Place redevelopment resulting in a loss of 358
hotel units at the Miramar Waikiki hotel, bringing the total hotel units
lost and to be lost at 2,684 units.