Construction for Howard Hughes' 60-acre masterplan community continues to progress. Last month marked the 10th year of construction in the neighborhood since the developer broke ground on Waiea back in June of 2014. In 10 short years, Howard Hughes has completed 6 residential towers. The Texas-based developer also has 4 towers currently under construction and another project to start construction later this year or early next year. With only 3 residential parcels left to be developed, we should be seeing the completion of the master plan sometime in the next 5 - 7 years. 

Victoria Place

Owners at Victoria Place are eagerly awaiting for the November closing. After a five-year wait, many are excited to finally move in. Overseas investors are flying in to see their units and decide between keeping them vacant or listing them for rent. Resales are anticipated to command a 15%-20% premium over original developer pricing. Early feedback from inspection walk-throughs has been very positive, Buyers have been pleased with the finishes and materials in the kitchen and bathrooms. Of course, the interiors of the residential units are just one part of living in these high-rises. The common areas like the lobby and amenity deck are often a big driver of pricing in these ultra-luxury projects. If Howard Hughes delivers as expected, resale prices should reflect the high quality.

The Park Ward Village

The Park Ward Village is up to the 15th floor with at least a year and a half of construction left to go. With this type of construction, contractors can pour (concrete) up to a floor a week so we should see the building get topped off by the end of this year. ACK (Kobayashi), the contractor for the project, has already started to install the glazing (windows) on the lower floors fronting Auahi st. Kobayashi is one of the premier high-rise contractors in the state with notable projects including One Ala Moana, Anaha, and The Ritz-Carlton Residences Waikiki. The Park Ward Village is a pivotal project for the overall masterplan because it'll complete the commercial loop on the mauka side of Victoria Ward Park. At completion, residents will have many more options for shops and restaurants surrounding the beautiful Victoria Ward Park. The project is over 90% sold out with mostly one-bedroom units remaining and low floor podium two-bedroom floor plans. 

Kalae

I'm always excited to share updates about Kalae because I will be an owner in that project when it's completed.  We're still at least 2.5 years out from completion which was initially scheduled for late 2026. Sitework for the project is almost complete and drilling for the pilings should start in the next few months. This project will sit adjacent to Victoria Ward Park and the future elevated walkway so access to Kewalo Harbor and Ala Moana Beach Park will be very convenient. You can see from the photo above that the east facing side of the tower will have stunning views over Kewalo Harbor towards Ala Moana Beach Park and Diamond Head Crater. 

Ulana Ward Village

Construction on Howard Hughes' workforce housing tower, Ulana, is progressing nicely. At completion, the project will satisfy the workforce housing requirement for the 3 remaining towers in the neighborhood. This means we won't see any workforce housing in Melia, Ilima, or Mahana. 

Victoria Ward Park & Elevated Walkway

This elevated walkway will be a game changer for residents in the neighborhood. It'll provide a safe, quick, and convenient passage over the busy Ala Moana Blvd. I don't think it'll be a busy attraction like the Highline in NYC which attracts millions of visitors every year. Ultimately, it'll serve those that live in the neighborhood that walk or bike to Ala Moana blvd for leisure or exercise. 

Alia

Construction has yet to start at Alia with the developer waiting patiently for the construction financing to kick in. The fence around the perimeter of the site has already been built so once the financing comes in, they can start the demo of the existing structures.