An affiliate of Next Realty has sold a land parcel in downtown Honolulu.
The buyer was Coastal Rim Properties, which intends to develop a new 20-story affordable senior housing tower on the property located at 1192 Alakea St. and situated at the high-profile corner of South Beretania Street. The site currently houses a vacant parking lot.
Matt Davis, with Cushman & Wakefield’s Land Advisory Group in San Diego providing advisory service, said, “1192 Alakea St. was a rare opportunity for a developer to construct a dense, high-rise infill development in Honolulu’s land-constrained central business district. In a marketplace with high barriers to entry and limited parking, the property’s flexible BMX-4 zoning provided an instrumental advantage as it allows great optionality.”
A few recent constructed residential developments also neighbor the site, including Pinnacle Honolulu, a 37-story boutique residential condo high-rise built in 2008, and Capitol P
