Castle & Cooke has broke ground on the 576-acre, 3,500-unit, $2 billion residential mixed-use Koa Ridge project in Oahu, Hawaii.
Construction is estimated to cost $2 billion and include $500 million in community infrastructure improvements, including water, sewer, drainage and roadway upgrades
The project is expected to take 10 years to complete; however, the first 170 units of the project’s residential component will be available in 2019.
The project’s residential component will offer up single-family, multifamily and senior housing options, with approximately 1,050 of the total units affordable. Once completed, the development will add 3,500 residential housing units in Central Oahu. In addition, the first commercial space to be built will be the Gateway, a complex with retail stores, restaurants, a big-box store, a grocery store, a drug store and banks along Ka Uka Boulevard across from Costco. And a new hospital will be built by the Wahiawa Hospital Association as part of a larger medical complex on 28 acres.
Hawaii investment sales volume rose to $1.906 billion, an 81.9 percent jump from last year’s record level of $1.048 billion, according to Colliers International midyear 2017 report. The number of transactions rose to 156 at midyear 201, the highest level in over a decade.
Resort properties generated 53 percent f the total sale volume when more than $1.01 billion in properties were sold. This was followed by retail properties which posted $259.6 million in year-to-date sales.
An estimated 279,880 square feet of year-to-date net absorption was recorded at the end of the third quarter of 2017 in Oahu retail market, according to Colliers International. And the Oahu office market posted a loss of 49,763 square feet of negative net absorption for the third quarter of 2017, reducing the year-to-date absorption to 33,679 square feet.
