Email Kristian – email@example.com – if you are potentially interested in purchasing a unit (if you are represented by a Realtor, please ask that Realtor about Aalii).
HCDA (authority overseeing Kakaako developments) officially approved the Aalii project January 2017 with some conditions, including the requirements for the developer (Howard Hughes Corp) to build a central plaza within certain time frames. The developer argues the time frames aren’t realistic and we are currently awaiting further updates on this.
Aalii in Brief
42 stories, 751 units, studio to 2BR with 300 sf to 900 sf.
Size of Units: 504 units less than 600 sf, 92 units with 600 – 800 sf and 155 units with more than 800 sf.
Parking: Total 767 stalls (most units will probably come with 1 stall) located on 1st to 8th floor.
Predominantly market priced units with at least 100 reserved housing units**).
Sales: Expected to commence Q2 2017 (our guess without data).
Completion: Expected year 2020.
92,072 sqf lot with 15,000 sqf of retail space.
Designer: Solomon Cordwell Buenz (SF based and designer of luxury Anaha) together with Ferraro Choi & Associates (HNL based).
206 feet west of Ae’o, as show on this map. Address: 987 Queen St, Honolulu, HI 96814. Primary access via private drive between Queen and Auahi St and a secondary access via Halekauwila St extension off Kamakee St. There are plans to develop a 3 acre park in front of Aalii.
~30,000 sqf 8th floor amenities deck with Pool, BBQ pavilions and dog park.
~9,000 sqf of 42nd floor penthouse level fitness center, outdoor sky terrace and recreation space.
1st floor bike storage and storage rooms throughout parking structure.
HCDA (Hawaii Community Development Authority – agency overseeing & regulating Kakaako developments) has scheduled for a public hearings November 2nd & 3rd. A decision on approvals expected no earlier than December.
Expectations on Aalii Prices
Brief background: The 5 projects currently offered in Ward Village are 3 luxury projects (Waiea, Anaha, Gateway Towers), 1 high-end project (Ae’o) and finally 1 project, which is predominantly reserved housing (Ke Kilohana).
For new market rate condos in Honolulu there is a large consumer demand for units in the $400,000 to $1,000,000 price range. We anticipate Aalii will fulfill this pricing vacuum to a great extend (with a significant number of units being in that price range). However, no price details have been released and this is pure speculation on our behalf. A Vice President from Howard Hughes Corporation – the developer of Aalii – said “….price level that will be attainable to our island residents” and “…people are looking for those smaller perhaps more affordable units…”.
What Does Aalii Mean
Aalii is the name of a small bushy tree native to Hawaii (also found in Africa and Australia) with sticky leaves and dark wood.
** Reserved housing units are only for residents in the State of Hawaii only who fall within certain income parameters, do not own other real estate and some other parameters. The local government takes a certain % ownership (probably around 20%) and if an owner wants to sell within a certain number of years there will probably be certain buy-back clauses. Theses rules are frequently updated and full details will be uploaded here once all rules surrounded Aalii sales are clear.
Disclaimer: The above includes graphical renderings of a planned project and subject to change from time to time. It has not yet, and need not, be built. This is not intended to be an offer to sell nor a solicitation of offers to buy real estate.