Dec 13, 2013, 12:58pm HST
Luxury condo row could front Ala Moana
Center
Duane Shimogawa
Reporter- Pacific Business News
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A row of luxury
condominium buildings could line the front of Hawaii’s largest shopping mall
along Ala Moana Boulevard under a plan being developed by a Honolulu real
estate investment firm and Ala Moana Center owner General Growth Properties Inc., multiple sources
have told PBN.
BlackSand Capital and
General Growth Properties (NYSE: GGP) are working on a joint venture to build
several six- to eight-story luxury condo buildings along Ala Moana Boulevard
from the corner of Piikoi Street to where the Nieman Marcus department store is
located in the mall, sources said.
Ian MacNaughton, managing partner and co-founder
of BlackSand Capital, told PBN that the firm doesn’t have an agreement signed
with General Growth, and has nothing to publicly announce yet.
Ala Moana Center
spokesman Scott Creel told PBN in an email that the mall
doesn’t have anything to share at this time.
Sources tell PBN that
they have seen renderings of the projects, and that the joint venture is a
50-50 arrangement between BlackSand Capital and Chicago-based GGP.
Early estimates put the
price ranges of these units from $15 million to $50 million, sources said.
BlackSand Capital has
been busy during the past couple of months, announcing plans to redevelop the King’s Village Shopping Center
property in Waikiki into a luxury hotel-condominium. The firm is
also a part of a partnership that acquired the Ohana Waikiki West hotel with
plans to upgrade the 659-room property into an upscale resort.
BlackSand Capital, which
includes investors from the Hawaii development firms Kobayashi Group and The MacNaughton Group, has
already invested in Pearlridge Uptown II in Aiea and the Maile Sky Court Hotel
in Waikiki.
Additionally, the firm,
which is headed up by Bert A. “BJ” Kobayashi Jr. and MacNaughton, also
has ties to ongoing luxury residential developments such as the Waihonua at
Kewalo condominium and the One Ala Moana condominium, two Honolulu high-rises
under construction.
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