Latest real-estate & development news and updates
The City of Honolulu has approved the construction of a new 36-story tower at the Hilton Hawaiian Village in Waikiki, sparking both excitement and apprehension. While proponents highlight the potential for job creation and increased tax revenue, local residents express concerns about exacerbating existing issues of overtourism and congestion.
The Honolulu City Council is advocating for a comprehensive residential relocation assistance program to support residents displaced by city-funded affordable housing projects. This move addresses the critical need to mitigate potential negative impacts on individuals and families affected by urban development, ensuring a more equitable approach to housing initiatives.
The recent approval of Bills 49 and 50 by the Honolulu City Council aims to provide property tax relief to homeowners, particularly kupuna (elders). However, critics question whether the proposed exemptions, which offer modest annual savings, will be sufficient to offset the rising property values and keep residents in their homes.
Tradewind Capital, a Hawaii-based private equity firm, has acquired the former Meadow Gold site in Honolulu for $17.7 million, hinting at significant redevelopment plans in a highly sought-after area. This strategic move reflects a broader trend of investment in Honolulu's real estate market, with implications for local businesses and the city's development landscape.
Hensel Phelps and Nan Inc., two prominent Hawaii-based construction companies, have been selected as part of a consortium awarded a substantial $15 billion Navy contract. This lucrative deal underscores the strategic importance of Hawaii's construction sector and presents significant opportunities for growth and investment.
The purchase of the long-dormant Kam Drive-In lot for $60 million by the Church of Jesus Christ of Latter-day Saints marks a significant investment in Hawaii's real estate market. This move may bring new development opportunities for local businesses and could signal a broader trend in investment across the islands.
Ward Village recently unveiled the Ka Lai o Kukuluaeo Park, adjacent to the nearly completed Ulana Ward Village condominium tower, set to welcome residents in November. This new park adds to the community's commitment to green spaces and enhances the appeal of the area for both residents and investors.
The transport of approximately 400,000 tons of debris from the devastating Lahaina wildfires has reached a significant milestone, with over 80% of the relocation now complete, according to the Federal Emergency Management Agency (FEMA). This progress is a critical step in the ongoing recovery efforts and has substantial implications for Hawaii's business community, particularly those involved in real estate, construction, and tourism.
Ward Village has opened Victoria Ward Park, a new public green space spanning nearly 26,000 square feet in the heart of Honolulu. This addition signifies a commitment to community enrichment and sustainable development within the master-planned community.
Soaring homeowners insurance premiums are causing potential homebuyers in Hawaii to re-evaluate their purchasing strategies, with some even considering forgoing coverage altogether. This trend presents both challenges and opportunities for Hawaii's real estate market, impacting investors, developers, and homeowners alike.
The Maui County Council has unanimously approved the Kaiahale ‘o Kahiluhilu project, a state-fast-tracked affordable housing and mixed-use development in Kahului. This decision underscores the county's commitment to addressing the critical need for affordable housing amidst ongoing challenges, including water availability concerns.
The Hilton Hawaiian Village is moving forward with plans to construct a new tower on Ala Moana Boulevard, signaling significant growth for the resort and potential investment opportunities in Waikiki. This project aims to enhance the gateway to Waikiki and accommodate a growing number of visitors.
In a closely divided vote, the Maui County Council approved critical exemptions for the 119-unit Hale Mahaolu Ke Kahua affordable housing project in Waiʻehu. This decision allows the project to move forward, potentially unlocking vital financing and addressing the pressing need for affordable housing on the island.
Los Angeles Dodgers star Shohei Ohtani and his agent, Nez Balelo, are seeking to dismiss a lawsuit alleging they conspired to exclude real estate investors from a $250 million deal on Hawaii Island. This legal battle has significant implications for real estate development, investment strategies, and the reputation of those involved within the Hawaiian business landscape.
The Department of Hawaiian Home Lands (DHHL) is revitalizing its project lease program to award over 6,000 homesteads, aiming to drastically increase the pace of lease grants and provide intergenerational housing security. This initiative holds significant implications for Hawaii's real estate sector, construction businesses, and Native Hawaiian communities.
Los Angeles Dodgers' star Shohei Ohtani and his agent, Nez Balelo, are seeking to dismiss a lawsuit filed against them in Hawaii concerning a $250 million real estate development. The lawsuit alleges the pair interfered with the project, while Ohtani's lawyers claim misuse of his name and likeness.
The Hawaiʻi Community Development Authority (HCDA) is nearing the finalization of its Kalaeloa master plan, aiming for a '20-minute city' concept. However, significant infrastructure demands pose a substantial barrier, potentially delaying the commencement of new development for years, impacting businesses and investors in the region.
The Church of Jesus Christ of Latter-day Saints has made a significant investment in Oahu's real estate market, purchasing a 46-acre parcel in Aiea for $60 million, the former site of the Kamehameha Drive-In. This marks the second major real estate acquisition for the Church this year, following a $20 million purchase on Maui earlier in the year.
The Hawaii County Council is actively pursuing the acquisition of a 364-acre coastal property in Puna, aiming to protect the area's historical significance using conservation funds. This move has significant implications for real estate development and investment in the region.
A new special committee on Real Property Tax Reform has been formed by the Maui County Council, with its inaugural meeting set for Tuesday. The committee, chaired by Council Chair Alice Lee, will address significant measures impacting property owners and the local real estate market.