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Whiskey Tango Foxtrot
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Discussion Starter · #1 · (Edited)


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A second tower is being added. Previously as a single tower development:




Ritz-Carlton puts brand on property in Waikiki

The hotel-condominium tower will be the luxury accommodations operator's first presence on Oahu
Dec 20, 2012

Ritz-Carlton has hooked up with a developer to manage a planned Waikiki condominium-hotel tower that will give the luxury hotel operator its first presence on Oahu.

Los Angeles-based developer Pacrep LLC announced that its $275 million tower formerly known as 2121 Kuhio will be branded as The Ritz-Carlton Residences Waikiki Beach.

Pacrep expects sales of the tower's 459 hotel units to investors will begin early next year followed by construction toward the end of the year if permitting approvals are obtained without delay. Completion of the 37-story tower would occur in early 2016, based on the projected timetable.

The management agreement will give The Ritz-Carlton Hotel Co. its second presence in Hawaii. The company operates a hotel and residential suites in Kapalua, Maui.

Jason Grosfeld, a principal with Pacrep who helped develop another Waikiki condo-hotel, the Trump International Hotel Waikiki Beach Walk, said the addition of a new luxury hotel brand in the market will benefit Hawaii's most-visited tourist destination.

"The Residences will further secure Waikiki's position as a world-class destination providing full- and part-time residents, as well as visitors, with all the legendary services and amenities they have come to expect of The Ritz-Carlton brand," he said in a statement.

Tim Grisius, a Ritz-Carlton senior vice president, said the company looks forward to entering an iconic market with an exciting project.

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https://www.allur.com/
 

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Whiskey Tango Foxtrot
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Discussion Starter · #2 ·
Units in Ritz-Carlton Waikiki project priced from ‘$500,000s to over $15M’


http://www.hawaiilife.com/articles/2013/02/ritz-carlton-waikiki/

Mar 20, 2013, 4:45pm HST

Some units in a proposed 37-story Waikiki condominium hotel tower that will be branded under The Ritz-Carlton Residences flag will go on the market this spring for more than $15 million, one of the highest asking prices ever for a new condominium unit in Hawaii.

The website for The Ritz-Carlton Residences, Waikiki Beach, says prices for the units, which range from a 401-square-foot studio on one of the lower floors to a 1,790-square-foot three-bedroom, three-bath unit on one of the top floors to a top-floor penthouse, start “from the $500,000s to over $15 million.”

In comparison, the penthouse units at the ultra-luxury One Ala Moana condo being developed atop the parking garage next to the Nordstrom department store behind Ala Moana Center by a partnership that includes the Howard Hughes Corp. (NYSE: HHC) are being marketed for around $9 million.

That building has drawn interest from some Mainland billionaires, including Mark Zuckerberg, founder and CEO of Facebook Inc. (Nasdaq: FB).

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Whiskey Tango Foxtrot
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55,632 Posts
Discussion Starter · #3 ·
Ground Broken



Construction to Commence on The Ritz-Carlton Residences, Waikiki Beach

Developer PACREP LLC broke ground Thursday August 29th on the Ritz-Carlton Waikiki luxury hotel-condominium in Waikiki, and construction on the project is set to start soon.


Nearly 90 percent of the 309 units have been sold at the planned 37-story project, which is expected to open in early 2016.

The Ritz-Carlton Residences, Waikiki Beach, which will be built on an empty lot at 2121 Kuhio Ave., is slated to cost hundreds of millions of dollars to develop, according to Jason Grosfeld, managing member for Pacrep.

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Whiskey Tango Foxtrot
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Discussion Starter · #5 · (Edited)
Ritz Hotel Project Can Add A Tower


2121 Kuhio

The city has granted Pacrep 2 LLC, the Los Angeles-based developer of the planned Ritz-Carlton Residences Waikiki Beach luxury tower, a Waikiki special district permit that allows the company to expand the project with an adjacent second tower.

City Department of Planning and Permitting Director George Atta conditionally approved the developer’s plan to build a new 39-story, 350-foot resort mixed-use tower on a nearly 2.6-acre lot at 2139 Kuhio Ave.

“In general the project will be of benefit to Waikiki, its businesses and nearby commercial establishments,” Atta said in his report, which was issued Monday. “Visitors will be welcomed at the project’s ground level by an active landscaped open space featuring lush plant life, interactive uses, outdoor dining and gather space. The project will improve the streetscape along Kuhio Avenue, provide a pleasant pedestrian experience and promote social interaction.”

Casey Federman, Pacrep LLC’s authorized representative, said developers accept DPP’s conditions. “Feedback from the community and DPP’s guidance has resulted in a better plan overall for the Waikiki community,” Federman said.

Jason Grosfeld, senior managing director of Pacrep 2, said demand for 2121 Kuhio, its first Ritz-Carlton-branded tower, drove the company’s decision to build the adjacent 2139 Kuhio Ave. project.

“Hopefully we’ll start construction by the end of the year with delivery by the end of 2016 or early 2017,” Grosfeld said.

Federman said 2139 Kuhio tower sales were strong at the July 7 kickoff, which built on earlier demand for the 2121 Kuhio tower. Eighty percent of the residences have been sold to buyers primarily from the United States, Japan and other parts of Asia.

The two-tower project drew mixed reviews at its last public hearing June 6.

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http://www.hiprorealty.com/#!ritz-carlton-residences/c21kc
 
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