Update May 10, 2016:
Michael Blumenthal, President of MB Property Acquisitions LLC, says he can foresee two scenarios, as to timing pre-sales may start on Aloha Kai: In 5 months or 9 months. We hope to have further updates within the next couple of months.
Aloha Kai Rendering
Good to Know About Aloha Kai
39 stories in 350ft tower.
128 units – all facing ocean.
4 units per floor with lanai (configurations not announced).
Pricing: Not determined, but anticipation is ~$1,4000 / sqf.
Rooftop pool.
Small footprint with decent amount of open space around building.
No commercial space.
Developer
Undetermined. MB Property Acquisitions LLC has an interest in the land and rumor has it they are in talks with OliverMcMillan to developer the project (developer of Symphony Honolulu).
Background
Summer 2012 the developer purchased 1.5 acres of the total 1.77 acre YMCA lot on Atkinson Drive (right behind Yacht Harbor Towers) with intentions to redevelop YMCA and build a condo tower. At that stage, year 2012, the land was zoned A-2, allowing a building up to 150ft tall. The Honolulu City Council gave a zoning variance, changing it to AMX-3, which allows for a 350ft tower. However, this change in zoning comes with a requirement for a developer to offer 39 affordable housing units (we anticipate the ultimate developer will look for a nearby property where they can offer offer this affordable housing component).
Other Projects
Nearby new ultra-luxury condo project Park Lane Ala Moana is currently being offered. Also see overview of all new condo projects in Honolulu.
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