Some say, Kakaako is the heart of Honolulu. Over the years, this district has been redeveloped by authorities using “Smart Urbanization” to establish the neighborhood as a most desirable urban place in Hawaii in which people can work, live, visit, learn and play. As such, the residents are able to live in a safe and attractive environment, one with first class facilities for shopping, entertainment, education, culture, and social activities. One challenge to living in the heart of Honolulu are the prices. One solution to these prices is the new development called Ililani.
The new Ililani condominium tower, from developer, Kenneth Chang, is in the heart of Kakaako and set to be built at 615 Keawe St. This means you’ll have everything in your backyard. For groceries, you’ll have Down to Earth, Whole Foods Market and one of my favorites HMart. Restaurants like Highway Inn, Moku’s Kitchen and Ruth’s Chris Steak House. Bars like Aloha Beer Company, the HI Brau Room, and Bevy Bar.
For fitness you have Orangetheory Fitness, Crossfit Oahu, Kakaako Fitness, and UFC Gym
And for entertainment, you have the Consolidated Theaters at Ward and of course the great shows and attractions at Neal Blaisdell Center.
There will be retail and commercial spaces on the first floors of the Ililani complex, although the tenants are still to be determined.
For the actual building itself, the plans are for a 42-story tall complex with one- and two-bedroom units with over half of those doors being earmarked for affordable living. The one-bedroom units range from 540 to 593 square feet living and are the units earmarked for affordable living which you must qualify for based on income levels. The two-bedroom units are very spacious ranging from 772-826 square feet living. Unlike some of the other affordable living condos in the neighborhood, these units do come with assigned parking with the units. Choices range from compact, compact tandem and full-size stalls, of course all baked into the price.
As for pricing, there are approximately 37 market units available for sale from the 23rd floor up to the 42nd floor. They range from $720,000 to $885,000. One fun fact is that, technically, there is no Penthouse in this building. This means, the top floor units aren’t any fancier, no vaulted ceilings, just standard units like all the other floors. On more fact, although I’m not too sure how fun this is, is that Ililani will be situated kitty corner to one of the Honolulu Rail Transit stations. This may be viewed as a great community amenity to some. To other potential buyers, a deal breaker. Either way, I think this complex is going to be a great addition to the Kakaako community in terms of what it offers and I’m excited. The expected completion date for Ililani is Q1 or Q2 of 2023.
As for wanting to purchase a unit in Ililani, there is no lottery or waiting in line at this point. The developer has a showroom with a model bathroom and kitchen to get an idea of the finishes and layout. I can set up an appointment for you if you’re interested.
Overall, I really like this development and what it represents for homebuyers in Hawaii and the Kakaako area. What I really like about this development are the mixture of market and affordable living. I feel there are influences of the affordable units on the pricing of the market units and it will be very interesting how time will affect the overall market value of the complex once it is completed and moved into.