Rycroft Terrace open house draws hundreds on first day

By Catherine Cruz
Published On: Apr 26 2014 05:57:33 PM HST
Updated On: Apr 26 2014 08:20:18 PM HST

Hundreds of units are up for sale at Rycroft Terrace, what many know as part of the old Pagoda hotel.

Saturday was the first chance for the public to see 162 condominium converted units that will be up for grabs soon.

Click here to watch Catherine Cruz' story.

From studios on up, these affordable units drew quite a crowd eager to pick up the applications. Prices range from $124,000 to$274,000.

“We processed about two hundred people already.  We have another hundred in line so the first three minutes have been very, very successful," said developer Peter Savio.

One Waimanalo resident is hoping to move into town where he can be closer to work and south shore surf.

"Not bad, especially for housing in Hawaii being so expensive. I think it’s a good deal.

I am going to fill all that paperwork out and see if I qualify and away we go," said Tony Taclan.

The hallways have been choked with people looking for themselves or their children or siblings, just trying to get that first unit to get into the market.      

 One dad was scouting out places for his son who works at the Ala Moana Hotel.

"He is renting right now, so it is a good opportunity right now," said Roxas Thomas.

The sale of the very affordable units, will mean less inventory for groups who come from the neighbor islands for athletic competitions or special programs and stay at the Pagoda Hotel.

 "We come here every year. It is part of our program. It’s a routine, an annual thing for our school," said Kyle Nakamura of the Hawaii Community College Culinary Arts program who was just checking into the hotel.

But Savio says not to worry.

"Pagoda Hotel has bought the Ewa Hotel and the White Sands Hotel in Waikiki. We are looking to buy two new hotels to replace the units we loss and we are looking for land in the area to build another Pagoda Hotel," Savio said.

He said, it just take a little time.

"We are going to make sure we have hotels for the local guys when they come from the neighbor islands. We are not going to abandon them," Savio said.

 

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