Two Hawaii companies – The MacNaughton Group and Kobayashi Group – are partnering with the Howard Hughes Corporation of Dallas, Texas, to evaluate developing a luxury condominium tower at Ala Moana Center to be built over the parking structure next to Nordstrom. The parking structure was built to accommodate such construction.
The Howard Hughes Corporation, which owns Ward Centers in Honolulu, owns the rights to develop a residential condo tower at Ala Moana, one of the world’s most successful shopping complexes. Every year the sprawling 2.1 million square foot retail center lures 42 million visitors to its 290 stores that include 70 dining establishments.
In the past five years the Kobayashi and MacNaughton groups have partnered to build two luxury condo projects – Hokua in 2006 and Capitol Place in 2008. Hokua, located at 1288 Ala Moana, includes 248 luxury residential units and 33,000 square feet of retail and office space. Capitol Place, meanwhile, has 394 residential units and 40,000 square feet of commercial space, plus a commercial parking facility.
The Howard Hughes Corporation owns, manages and develops mixed-use real estate projects in 18 states.