February - March 2008
Think you’ve seen everything?
try $10 million condo
If you’ve turned your sights to building the most expensive condos in Hawaii, the question is: “How do you create the highest exclusivity?”
The answer from one of the developers of the Hokua is a mindset.
This
was the bottom line from Kathy Inouye, chief operating officer for Kobayashi
Group.
Inouye was the main presenter at a recent meeting of Certified Commercial Investment Member or CCIM.
The Kobayashi Group is known as a developer of lower end condos, townhouses, single family homes. They even designed and built Kapolei High School.
Recently, they have turned toward the high end. Actually, the highest end.
They partnered with the MacNaughton Group to build Hokua.
They are also involved in developing Capitol Place downtown at Bishop and King. Coming soon is the Bacarrat Wailea with a $10 million condotel unit on the beach.
“At Hokua, our research showed prospective buyers wanted all the comforts of a single family home with the touches of a resort.
At Capitol Place, the company chose a 250 inch plasma TV screen for the movie room. They have sound proof music rooms for closet musicians. A yoga studio. Four separate auto entry points to separate the riff raff.
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Actually, the building is unique. It will house a Honda dealership on the first floor. A car dealership downstairs and a $1 million two bedroom, two bath penthouse on top. Go figure. You have to be creative.
The developers are planning to put up signs to show some of their creativity.
“If you lived here, you’d already be home. Capitolplace.com.” I suppose this means you can buy an exclusive condo and beat the traffic woes.
“Studies show that sitting in a hot tub is more relaxing than sitting in traffic.
“Our jams are in the music room, not on the road.
“Best dog park in town. Paws down. Capitolplace.com”
At the Wailea, the group got involved in creating a new ultra-luxurious hotel brand. The Baccarat. The Baccarat Wailea will be the first. The hotel is the old Wailea Renaissance. It will be completely torn down.
In its place will be 193 units ranging from a 1200 square feet one bedroom
condos priced at $2 million to four units of 4,070 square feet, three
bedroom, three bath priced at $10 million.
You cannot drive a car onto this 15.6 acre property. You go to the front
and get chauffeured around by electric buggy. You want to go kayaking?
You call the front desk, and they will have a kayak for you at the beach.
No kayaks cluttering the pristine lanais.
This new standard in ultra-luxury living is scheduled for completion in summer 2010.
This is more like a “touch” of single family home comfort with “all” the amenities of a resort.
In fact, if you’d like, of course, you can turn your unit back into the hotel pool.
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And don’t worry that you might actually end up with riff raff in your million dollar condo.
The owner of the project is really Starwood Capital Group, which owns a whole bunch of hotels, including the Sheraton chain and W Hotels, both of which were considered not luxurious enough of a brand to attract a Baccarat kind of customer.
The CCIM meeting was also addressed by Jeff Dinsmore, president of MK Management, which must stand for MacNaughton Kobayashi. He discussed the upcoming shopping center Kapolei Commons and Kona Commons.
PS If you’re wondering, they sold $300 million of the Baccarat in August.
