Kona St/Kapiolani Condo

[ploal5333]

Read in the Advertiser today that a Korean entity bought the former Cutter parcel across the Sears end of Ala Moana Center. It seems almost certain to me those units will go for close to $1M. I was disappointed A&B didn't purchase the property, I guess they're concentrating on their Gentry/A&B Waiawa project.

[joshuatree]

Read in the Advertiser today that a Korean entity bought the former Cutter parcel across the Sears end of Ala Moana Center. It seems almost certain to me those units will go for close to $1M. I was disappointed A&B didn't purchase the property, I guess they're concentrating on their Gentry/A&B Waiawa project.

Any reason why you were hoping A&B to pick up that parcel?

[ploal5333]

I wanted A&B to develop the site because they are a local company who will not 'flee' the islands as some developers have done. Every building goes through settling pains and sometimes the association has to sue the developer to fix the problems. I understand now everything goes through mediation first, but it would still be easier if the developer were locally based.

The Advertiser had mentioned several months ago that A&B had plans for a 25-story bldg on the site, obviously that will not come to fruition.

The parcel is in a prime location. You've got Ala Moana Center across the road, Walmart down the road, ocean view and unobstructed Magic Island fireworks views on the makai side, theBus transfer stations on the Ala Moana side of Kona St., possibly also the rail transit station.

If the price is right we would LOVE to buy a unit there. However, we will approach it with caution since the developers are a foreign corporation.

[joshuatree]

That's true. Also, maybe A&B did have intentions but were simply outbidded? I read the article that a South Korean company paid a hefty premium for that parcel. I am not surprised that it be a SK company though, the area is unofficially the Koreatown of Honolulu.

[GeckoGeek]

I hope they don't build a monster there. It's one of the few gaps in the buildings that I can still see the ocean. HMSA, Wal-Mart and Ala Moana are all low rise.

[joshuatree]

I hope they don't build a monster there. It's one of the few gaps in the buildings that I can still see the ocean. HMSA, Wal-Mart and Ala Moana are all low rise.

Height limit for that parcel is 250 feet so I can't say for sure if they will block the view out or not.

[808shooter]

Wonder why there is more Korean investment / development going on recently?

There was also an announcement that a big South Korean developer bought a plot of land in Guam for $100mil for a world class condo complex.

http://www.guampdn.com/apps/pbcs.dll/article?AID=/20070606/NEWS01/706060321/1002

This article shed some light for me. The Korean government raised the limit on overseas wire transfers to the US from $1 mil to $3 mil.

Very interesting. I can see a wealthy middle class coming in long term to provide a healthy addition to the overseas demand from Japan.

[808shooter]

An update, in case anyone is interested, I talked to a Korean friend of mine who told me that the US Congress is likely to life Visa requirements for Korean tourists this year.

http://news.newamericamedia.org/news/view_article.html?article_id=1dea833d9d1517c453d05 8f84a46c741

There will be a lot more Korean tourists coming to town when this happens. Anyone catering to the Korean market stands to make a few dollars.

[cynsaligia]

Height limit for that parcel is 250 feet so I can't say for sure if they will block the view out or not.

*sigh* i'm pretty sure that means that this year's fourth of july is the last time i'll get an unobstructed view of the fireworks from my balcony.