{"id":43795,"date":"2017-09-13T14:44:00","date_gmt":"2017-09-13T18:44:00","guid":{"rendered":"https:\/\/www.constructionspecifier.com\/?p=43795"},"modified":"2017-09-13T15:05:45","modified_gmt":"2017-09-13T19:05:45","slug":"salem-partners-receives-approval-for-750-million-two-tower-mixed-use-condominiumhotel-project-in-honolulu","status":"publish","type":"post","link":"https:\/\/www.constructionspecifier.com\/salem-partners-receives-approval-for-750-million-two-tower-mixed-use-condominiumhotel-project-in-honolulu\/","title":{"rendered":"Salem Partners Receives Approval for\u00a0$750 Million,\u00a0Two-Tower, Mixed-Use\u00a0Condominium\/Hotel Project in Honolulu"},"content":{"rendered":"<p class=\"bwalignc\">\u25a0 <b>Developer also proposed\u00a0innovative affordable housing plan for 78 units on-site at 1500 Kapiolani<\/b><\/p>\n<p class=\"bwalignc\">\u25a0 <b>Second Salem Partners\u2019 TOD project in Honolulu<\/b><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"http:\/\/mms.businesswire.com\/media\/20170913006337\/en\/568266\/21\/Salem_LOGO.jpg\"><img decoding=\"async\" src=\"http:\/\/mms.businesswire.com\/media\/20170913006337\/en\/568266\/21\/Salem_LOGO.jpg\" \/><\/a><\/p>\n<p>LOS ANGELES&#8211;(BUSINESS WIRE)&#8211;<a href=\"http:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.salempartners.com%2F&amp;esheet=51683386&amp;newsitemid=20170913006337&amp;lan=en-US&amp;anchor=Salem+Partners&amp;index=1&amp;md5=ba975b84c53c98fc988301f4151a1b5b\" target=\"_blank\" rel=\"nofollow noopener\">Salem Partners<\/a>, a leading\u00a0Los Angeles-based real estate development company, has received final approval from the Honolulu City Council to build a second major project under Honolulu\u2019s\u00a0Ala\u00a0Moana\u00a0Transit Oriented Development Plan. As part of the latest project, Salem\u00a0proposed an innovative affordable housing plan for 78 units to be built on the 1.42-acre site\u00a0at 1500\u00a0Kapiolani\u00a0Avenue.<\/p>\n<p>\u201cWe have enthusiastically embraced the city\u2019s new TOD plan and look forward to the completion of the transit system in 2022,\u201d said James Ratkovich\u00a0of Salem Partners. \u201cAnd we are very proud of the affordable housing plan we have created. It is an innovative solution for deeply needed affordable units in Honolulu.\u201d<\/p>\n<p>Salem secured a special transit permit for 1500\u00a0Kapiolani\u00a0that gives it the right to build to 400 feet high instead of the 250 feet currently allowed. Thus, the project\u00a0will include\u00a0two mixed-use towers, one at 400 feet\u00a0and\u00a0the other at\u00a0350 feet,\u00a0connected by an iconic\u00a0bridge that spans from the 35th floor of the taller\u00a0tower to the\u00a0rooftop\u00a0of the second. The genesis for the unique bridge is the Hawaiian word \u201cKapiolani\u201d which means \u201cheavenly arch,\u201d said William Witte of Salem Partners. This arch\u00a0will include an infinity edge pool and entertainment areas as well as\u00a0providing stunning views of the island.<\/p>\n<p>Salem plans a total of 450 hotel and residential units in\u00a0the\u00a0glass towers at 1500 Kapiolani designed by Colorado-based architectural firm [au] workshop.<\/p>\n<p>The\u00a0site,\u00a0bounded by\u00a0Kapiolani\u00a0Boulevard on one side and\u00a0Makaloa\u00a0Street on the\u00a0other, will be activated with restaurants and retail shops at ground level\u00a0as well as extensive\u00a0gardens and plazas.<\/p>\n<p>Nonprofit\u00a0affordable housing developer\u00a0<a href=\"http:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.eahhousing.org&amp;esheet=51683386&amp;newsitemid=20170913006337&amp;lan=en-US&amp;anchor=EAH+Housing&amp;index=2&amp;md5=cceb7b5298240649cfb539d3c3f4895f\" target=\"_blank\" rel=\"nofollow noopener\">EAH Housing<\/a>\u00a0will collaborate with Salem Partners to develop and manage the affordable element that is designated for senior housing. Five floors of apartments will be built atop the parking structure that is adjacent to the flagship Walgreens. Recently Salem sold the Walgreens building but retained the parking structure where it will now build additional parking and the affordable apartments.<\/p>\n<p>Salem\u2019s\u00a0Mana\u2019olana\u00a0Place\u00a0project at Atkinson and Kapiolani across from the Hawaii Convention Center will\u00a0start construction in the second quarter of 2018. A new Mandarin Oriental\u00a0Hotel will anchor this iconic\u00a0mixed-use tower also designed by [au]\u00a0workshop. Mandarin Oriental Honolulu\u00a0will include 125 guestrooms and suites\u00a0and\u00a0107\u00a0branded residences, which will provide some of the most luxurious private homes with the finest amenities and services on the island. In October 2016,\u00a0Mana\u2019olana\u00a0Place was the first development approved under the city\u2019s\u00a0Ala\u00a0Moana TOD.<\/p>\n<p>\u201cSalem\u2019s projects will result in more than $1.6\u00a0billion in new investments in Honolulu over the next\u00a0five years,\u201d reports Witte. \u201cWe\u00a0have tremendous confidence in the future of Honolulu as a growing business and visitor destination.\u201d<\/p>\n<p>Both of Salem Partners\u2019\u00a0Kapiolani\u00a0Boulevard sites were previously occupied by distressed properties. Mana\u2019olana\u00a0Place and 1500 Kapiolani are already catalyzing\u00a0more new\u00a0investment in the area.<\/p>\n<p><b>About Salem Partners<\/b><\/p>\n<p>Founded in 1997, Salem Partners comprises three platforms: investment banking, real estate development, and wealth management. Salem\u2019s investment bankers have completed billions of dollars of transactions in various industries. The wealth management division provides customized investment and family office services to clients who prize top-flight expertise combined with in-depth relationships. Real estate development is headed by industry veterans experienced in all segments of the built environment.<\/p>\n<p>&nbsp;<\/p>\n<p><b>Contacts<\/b><\/p>\n<p>For Salem Partners<br \/>\nBarbara Casey<br \/>\n310.636.1888<br \/>\n<a href=\"mailto:bcasey@caseysayre.com\" target=\"_blank\" rel=\"noopener\">bcasey@caseysayre.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u25a0 Developer also proposed\u00a0innovative affordable housing plan for 78 units on-site at 1500 Kapiolani \u25a0 Second Salem Partners\u2019 TOD project in Honolulu &nbsp; LOS ANGELES&#8211;(BUSINESS WIRE)&#8211;Salem Partners, a leading\u00a0Los Angeles-based real estate development company, has received final approval from the Honolulu City Council to build a second major project under Honolulu\u2019s\u00a0Ala\u00a0Moana\u00a0Transit Oriented Development Plan. As&hellip; <a class=\"more-link\" href=\"https:\/\/www.constructionspecifier.com\/salem-partners-receives-approval-for-750-million-two-tower-mixed-use-condominiumhotel-project-in-honolulu\/\">Continue reading <span class=\"screen-reader-text\">Salem Partners Receives Approval for\u00a0$750 Million,\u00a0Two-Tower, Mixed-Use\u00a0Condominium\/Hotel Project in Honolulu<\/span><\/a><\/p>\n","protected":false},"author":1838,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1029],"tags":[],"class_list":["post-43795","post","type-post","status-publish","format-standard","hentry","category-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Salem Partners Receives Approval for\u00a0$750 Million,\u00a0Two-Tower, Mixed-Use\u00a0Condominium\/Hotel Project in Honolulu - The Construction Specifier<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.constructionspecifier.com\/salem-partners-receives-approval-for-750-million-two-tower-mixed-use-condominiumhotel-project-in-honolulu\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Salem Partners Receives Approval for\u00a0$750 Million,\u00a0Two-Tower, Mixed-Use\u00a0Condominium\/Hotel Project in Honolulu - The Construction Specifier\" \/>\n<meta property=\"og:description\" content=\"\u25a0 Developer also proposed\u00a0innovative affordable housing plan for 78 units on-site at 1500 Kapiolani \u25a0 Second Salem Partners\u2019 TOD project in Honolulu &nbsp; LOS ANGELES&#8211;(BUSINESS WIRE)&#8211;Salem Partners, a leading\u00a0Los Angeles-based real estate development company, has received final approval from the Honolulu City Council to build a second major project under Honolulu\u2019s\u00a0Ala\u00a0Moana\u00a0Transit Oriented Development Plan. 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