The Collection draws strong demand for Kaka'ako housing
Updated On: Aug 16 2013 07:14:39 PM HST
It's the first residential component in Kamehameha School's master plan to revitalize its portion of Kaka'ako.
Sales for the high-rise called "The Collection" doesn't begin until 9 a.m. Saturday, but the excitement for this latest development has already begun.
At 9 a.m. Friday, there was already a line outside of the sales office. Realtor Lee Wang was the first in line at 3:30 a.m.
The Collection has 397 units up for sale in the 43-story high-rise to be built on the former CompUSA site.
Developer Alexander & Baldwin is banking on the building's prime location as an attractive feature for buyers. It is walking distance to Downtown Honolulu and the water. Prices start in the high $300,000 range.
"Our target market for the project was local residents," said Rick Stack, Sr. Vice President of Development for A&B Properties. "So, we tried to price it reasonably and we think the response that we got today shows it's an attractive opportunity."
The Collection raised controversy earlier with residents in the area fearing the development will only worsen sewer problems that already exist. The city has started work reinforcing the lines where the high-rise will be built and the developers don't expect their project to have a significant impact.
"I think the main thing to emphasize there is this project won't be done for almost three years so there's time to address some of those issues," said Stack.
Other residential projects in the area have sold out on the first day of sales. It's some evidence of the demand for housing in the area and the reason why Eddie and Val Murakami began their wait in line for their son at 5 a.m.
"Well, we love our son and what we're going to do is try to do whatever he thinks is best for him," said Val Murakami, who was fifth in line.
Depending on sales, construction on The Collection is expected to begin in the summer or fall of next year. Sales for mid-rise and the townhouse phase of the project will be held later this year.
Copyright 2013 by KITV All rights reserved. This material may not be published, broadcast, rewritten or redistributed.