JAMM AQUINO/JAQUINO@STARADVERTISER.COM
Mock-up rooms for the Azure luxury condominium photographed on Friday, September 14, 2018 at the Pacific Guardian Tower in Honolulu, Hawaii. The new Azure 40-story tower condominium, set to be complete in 2020, have prices starting at $550,000 at the low end for studios.
The developer of a planned residential tower with condominiums and rental apartments on Keeaumoku Street near Ala Moana Center held a blessing for construction Monday.
An affiliate of ProsPac Holdings Group held the event for its Azure Ala Moana project featuring 330 market-priced condos and 78 affordable rental apartments.
Mayor Kirk Caldwell, who attended the event, said the project, roughly three blocks from the city’s last planned rail station, is an example of transit-oriented development needed in the area.
“The transformation that is taking place is bringing back homes and families to this area, helping to enhance our urban core, and establishing a vibrant neighborhood community,” he said in a statement after the event.
The tower, which is to rise at 641 Keeaumoku St. mauka of a Walgreens store that fronts Kapiolani Boulevard, is scheduled to be finished in 2021.
Azure condo sales began in September, and about 240 of 330 units with one, two and three bedrooms are sold. Available unit prices range from about $715,000 to $2.2 million.
Rental units will be reserved for households that earn no more than 80 percent of the median income in Honolulu, which equates to about $65,360 for a single person, $74,640 for a couple and $93,280 for a family of four.
Rick Stack, a ProsPac executive vice president, said 75% of buyers are local residents.
“We’re pleased that our vision of creating a vibrant, sustainable urban lifestyle resonates with homeowners and we look forward to bringing critically needed homes to this community,” he said in a statement after the ceremony.
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