News 1/24/2017 – 9 x 3BR market priced units are currently being released in the $869K – $918K price range. More 2BR and Penthouse units expected to come as part of future releases. Demolition has begun the future Ke Kilohana site. Reserved housing units at Ke Kilohana are sold out. The lottery took place April 15, 2016 and had more than 900 applicants. Market priced units are being released in phases (1st phase release was July 11, 2016).
About Ke Kilohana – previously referred to as ‘988 Halekauwila’ and prior to that ‘404 Ward Ave’ – is a new condo project coming to Kakaako, which is predominantly Reserved Housing units. ‘Reserved Housing’ are units sold below market price and there are specific requirements to qualify to purchase such unit (reserved housing units are sold out).
Ke Kilohana in Brief Units: Total 424 in a 44 story tower, in 1, 2 & 3BR configurations. 375 units will be Reserved Housing (~88%) and 49 units will be sold as regular market priced units (~12%). Expected Completion: late 2018. Location: 988 Halekauwila, Honolulu HI 96814 (in the heart of Honolulu’s prestigious Ward Village on Ward Ave, across the street from the old Sports Authority). Commercial: A 23,000 square foot Longs Drugs will occupy the first floor. Developer: Howard Hughes Corporation, which is developer behind the entire 60 acre master plan for Ward Village. Howard Hughes is currently also selling 4 other projects in Ward Village: Ae’o, Cylinder at Gateway Towers, Waiea and Anaha – none of them have reserved housing units.
Payment Structure 10% of purchase price paid in 3 cash installments over a 60 day period ($500, 5% minus $500 & 5%). Theoretical Case: Purchase Price $450,000. Upon signing the purchase contract pay $500, latest at day 30 after signing the purchase contract pay $22,000 (5% of $450,000 minus $500) and at at the latest on day 60 after signing the purchase contract pay another $22,500 (5% of the purchase price), which comes out to a total of $45,000 paid in cash within a 60 day period. Within 30 days of paying the initial $500, a buyer needs to get a mortgage pre-approval letter from a lender.
Amenities Majority of Ke Kilohana’s amenities will be on the landscaped 8th floor, above the parking structure, and will include: A Dog Stop, Cinema, Studio, Hub, Multi Purpose Lounge, Playground, Playroom, Indoor Lounge, Sky Deck (with BBQ area), Gym, Fit On-Demand and Surfboard Storage. Sky Lanais: To be located on the 31st floor and described as a double height lounge – one located on the Makai side of the building and the other on the Ewa side of the building. These two story lanais will be available for all residents of the building to enjoy.
Land, Tower & Other Relevant Ke Kilohana Dimensions Land: Comprised of 3 lots, totaling about 14 acres with the Ke Kilohana tower foot print being ~13,000sqf. The tower will be 75ft set back from Ward Ave and the nearest other tower is 120ft away. Usage: ~25,000sqf for commercial use and ~14 acres for Ke Kilonaha’s residential units. Building Height: 400ft (most common height of Kakaako’s condos) See developer’s building permit application (note: this is a large file – loading may be slow).
6 Penthouse Units 3 units on single level – 2 x 2BR and 1 x 3BR – in the 1,000 to 1,300sf range. 3 units spans over 2 stories – 2 x 2 BR and 1 x 3BR – in the 1,600sf to 2,100sf range.
Reserved Housing Pricing (sold out) 1BR: $323,000 to $442,000 2BR: $474,000 to $538,000 3BR: $522,000 to $561,000