The Park on Keeaumoku, a more than $500 million mixed-use project nearing completion in Honolulu's Ala Moana neighborhood, is set to welcome its first residents later this year.
Located on 3.52 acres along Ke‘eaumoku Street between Liona and Rycroft streets, it's the first project for Ke‘eaumoku Development Owner LLC, which is owned by Nan Chul Shin, who also owns Nan, Inc., the project's general contractor.
Wyeth Matsubara, chief operating officer of Ke‘eaumoku Development and a vice president at Nan, Inc., told Aloha State Daily in an email this week that the first residents are expected to move in this September.
The Park on Ke‘eaumoku will have a total of 972 residential units — 826 market-rate and 146 affordable condominiums — in two 44-story towers. You'll also find nearly 72,000 square feet of commercial space and, as the name implies, a park. Ground broke on the project in August 2022.
"Construction of the residential portion and amenities are near completion," Matsubara said, noting that the remaining work is focused in residential common areas, like lobbies and the amenities deck; commercial spaces; and on the start-up and testing of equipment like fire alarms, sprinklers and air conditioning.
Sales for the project began in July 2021, Matsubara says, and so far 690 of the market-rate units, about 84%, have been sold, with 136 still available, including a few residences on the development's highest floor.
Another 57 of the affordable units have been sold, about 39%, with 89 still available. While those sales were slow at the start due in part to the "restrictive terms" of the City and County of Honolulu's affordable housing program, Matsubara noted that interest and sales have been picking up.
"The Park's initial sales enjoyed a high velocity and absorption of units due to the market conditions at the time," Matsubara told ASD. "While sales have been steady, condo sales in the general market have been slow due to overall economic trends. But we have the lucky timing of being the only brand new, nearly move-in ready product on the market compared to competing projects which all have several years before completion.
"What has surprised us is the reverse trend of affordable sales, which are picking up now after being slow at the beginning, unlike other projects under easier [affordable housing] programs where those sold out first," he continued. "People are realizing that our affordable units are a sleeper value with the same sizes as our market units, the same floor plans, lānais, parking and full use of the extensive amenities."
As for the commercial component of the development, Matsubara says those units will be located on the bottom two floors of the residential towers, dubbed the Rycroft Tower and Liona Tower, as well as a commercial-only mid-rise tower between the two high rises.
Meanwhile, he says that The Grove at The Park on Ke‘eaumoku, which can be found directly in front of the commercial spaces, will "deliver a sense of gathering that will benefit the businesses and residences in the project."
Matsubara says that commercial leasing activity "continues to progress steadily," and that a majority of the commercial spaces are now leased or in advanced stages of negotiation.
Approximately 20% of the commercial spaces are not in lease negotiations, he noted, but interest has picked up as the project nears completion.
According to Matsubara, the potential tenant mix includes a range of food and beverage operators that span fast-casual to service-oriented options offering Japanese, Chinese, Korean, Thai, Vietnamese, Italian, Mexican and Hawaiian cuisine, as well as specialty coffee and desserts. Additional tenants include professional service providers, as well as finance, dental, real estate and wellness professionals, he said.
"We're particularly excited to announce that our Food Hall is almost completely leased out and will be among the first operators to open for business," he says. "Food Hall tenants include some local favorites while a few tenants will be brand new to Hawaii. Featured restaurants in the Food Hall will include island favorites such as Feast By Jon Matsubara, King of Thai Boat Noodle, Soul Chicken, Hatsuhana, Ninja Sushi and more."
Stephanie Salmons can be reached at stephanie@alohastatedaily.com.
