Construction in Hawaii continues to expand as a new hotel and condominium residential tower nears completion in early 2016.
The project consists of two towers combining condominiums, hotel rooms and retail businesses. It’s being developed by Pacrep LLC, an affiliate of prominent California real estate firm Irongate.
The first tower is expected to be finished by early 2016. In February 2015, the structure was completed up to the 24th of 38 floors. The 309 units in the tower have already sold out.
Retail shopping and dining facilities will be part of the first Ritz-Carlton Residences tower. The building is expected to include a BLT Market, BLT Bar & Grill, Sushi Sho and Hawaii’s first Dean & DeLuca, an upscale grocery store and market.
Groundbreaking for the second tower is anticipated in early spring of 2015. The second tower will be 39 stories tall and will contain 280 units. Construction is expected to take approximately two years, and completion is expected in 2017. Nearly 80 percent of the units in the second tower have already been sold.
The new Hawaii construction in Waikiki reflects a continued expansion of construction business and employment across the country and in Hawaii in particular.
Construction Monitor is the construction industry’s go-to source for the most accurate and up-to-date information on building permits, housing starts and industry trends. Contact us today for more information on current developments in Hawaii construction and what the expansion of projects in this area could mean for your business.
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