LOS ANGELES--(BUSINESS WIRE)--The Honolulu City Council has approved a $700 million, 36-story mixed-use tower across from the Convention Center to be developed by Los Angeles-based Salem Partners. Located at the intersection of Kapiolani Boulevard and Atkinson Drive, Mana`olana Place is the first approved project in the city’s newly adopted Ala Moana transit-oriented district and is expected to be a catalyst for further investment in the area.
The iconic tower’s 505,000 square feet will house a 125-room ultra-luxury hotel, 109 branded condominiums, approximately 12,500 square feet of retail and dining, a large public plaza and gardens. Construction is expected to start in 2017 with completion in 2020.
“We’re truly humbled by the support we’ve received from the community, housing advocates, council members and city staff,” said James Ratkovich and Bill Witte who head the real estate development arm of Salem Partners, a leading investment bank and wealth management firm. “We look forward to revitalizing this area at the gateway to Waikiki with the first TOD project in the city and bringing jobs, economic benefits, housing and a world-class hotel to Honolulu.”
At the ground level, Mana`olana Place will create a pedestrian-friendly environment with activated street frontages leading to the public plaza at the corner of Kapiolani Boulevard and Atkinson Drive. The project is expected to become a Honolulu destination with a signature restaurant and bar 400 feet above street level, inviting gardens, shops and dining at street level, an unmatched location across from the Convention Center and only a short walk to a planned light rail transit station and Ala Moana Center, the world’s largest open-air shopping center.
Salem Partners brought together a stellar design team to create Mana`olana Place led by Randy Shortridge, AIA, of award-winning architects and urbanists, [au] Workshop. Landscape design is spearheaded by Hart Howerton and interior design is conceptualized by Dianna Wong.
Ratkovich and Witte are seasoned real estate developers who co-founded Salem Partners’ real estate development group in 2014 to focus on creating landmark projects along the Pacific coast. They are moving forward with other projects in Hawaii and California.
Mana`olana Place will deliver the largest community benefits package, including a substantial affordable housing component, ever offered by a developer in Honolulu. The project is expected to generate over $100 million in net new tax and fee revenue for the City and County of Honolulu and the State of Hawaii over the next ten years. Beyond that, it should provide over $10 million a year in ongoing tax and fee revenue. During construction, it will provide up to 900 jobs, and the completed project is estimated to deliver up to 620 net new permanent jobs for the area.
About Salem Partners
Founded in 1997, Salem Partners comprises three platforms: investment banking, real estate development, and wealth management. Salem’s investment bankers have completed billions of dollars of transactions in the media and entertainment, healthcare and life sciences, aerospace and defense, and real estate industries. The wealth management division provides customized investment and family office services to clients who prize topflight expertise combined with in-depth relationships. Real estate development is headed by industry veterans experienced in all segments of the built environment.