ProsPac Holdings Group broke ground Monday on its Azure Ala Moana mixed-use project across from the Honolulu Walmart store in what the developer has dubbed Midtown Ala Moana with a traditional Hawaiian blessing, a performance of taiko drums and a Chinese lion dance.
ProsPac’s Shanghai-based chairman, XianXin Chen, and his Honolulu-based son, William Chen, were joined in the ceremonial groundbreaking by city officials, including Mayaor Kirk Caldwell and Councilmembers Ann Kobayashiand Kymberly Pine, as well as some of the others working on the project, including Dan Nishikawa, executive vice president and manager of the commercial real estate division at First Hawaiian Bank, which is the lead lender among the hui of banks financing the $300 million project.
Construction on the 41-story tower at the corner of Keeaumoku and Makaloa streets, a block from Ala Moana Center, will begin in a few weeks and take about two years, putting the completion date in the summer of 2021, said Rick Stack, executive vice president of ProsPac Holdings.
Stack said the project, which will have 330 market-priced condominium one-, two- and three-bedroom units and 78 affordable rentals on two floors, is about 70 percent sold. The one-bedroom units are priced in the $600,000s and $700,000s, while the two-bedroom units are priced from the high $700,000s to $1 million and seven three-bedroom units on very high floors are priced around $2.5 million.
“We’ve met all our requirements to start construction, the market’s been very resilient,” he told Pacific Business News. “We’re looking forward to selling the remaining units during our construction phase.”
Joining First Hawaiian Bank in the financing hui is Tradewind Capital Group, Washington Capital Management, American Savings Bank, Central Pacific Bank, Finance Factors, Hawaii National Bank and First National Bank of Alaska.
The building was designed by Design Partners Inc., in collaboration with interior design for Hirsch Bedner Associates and Honolulu-based landscape architecture firm PBR Hawaii.
Albert C. Kobayashi Inc. is the general contractor on the project, while Heyer & Associates is handing sales.
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