Take Kakaako by foot and you might be surprised by the sheer number of hip coffee shops, artfully-curated boutiques, trendy restaurants and street art-style murals. Given its now-urban vibe, it’s hard to believe that in ancient times, the 670-acre waterfront district was comprised of fishing villages, fishponds and salt ponds.
Today, Kakaako is in line for a renaissance of sorts, with developers, entrepreneurs, artists, chefs and residents at the helm. Over the next decade and beyond, the area is poised to become not only urban and dynamic, but a highly coveted live-work-play neighborhood with tremendous investment opportunity.
The largest private landowners, including the Howard Hughes Corporation with 60 acres and Kamehameha Schools Bishop Estate with 29 acres, largely share this vision with an exciting master plan of high-rise condominiums and rental units, trendy shops, innovative businesses and a budding enclave of arts and culture.
Here are a few of Kakaako’s upcoming showstoppers:
The state’s signature 690 Pohukaina Street development will include three towers, including the state’s soon-to-be tallest building at 650 feet tall--211 feet taller than Hawaii’s current tallest building, the 30-story First Hawaiian Center. Forest City has been chosen to develop the $500 million mixed-use project, which will include more than 800 workforce rental units.
Howard Hughes Towers
The Howard Hughes Corporation recently received approval for two mixed-use luxury towers offering a vibrant urban lifestyle in the heart of Kakaako. The development will include 4,000 residential units and over one million square feet of retail and commercial space. The towers are currently projected for completion in 2016 with sales starting this fall.
Keauhou Lane, a dynamic residential project being driven by Kamehameha Schools and Stanford Carr Development, will bring new rental apartments, lofts, townhomes, a high-rise tower, live-work spaces, retail shops and a grocery store to Kakaako. The project is scheduled to break ground at 555 South Street, the popular parking lot home of Eat The Street, in mid to late 2014.
With so much in the pipeline for the up and coming neighborhood, buyers are scrambling to get their piece of the new Kakaako. For more on all of Kakaako’s upcoming projects or for pricing information, visit my real estate blog at www.HiResidential.net.