The Central Ala Moana is the next high-rise condominium to be developed by SamKoo Pacific, LLC, the reputable South Korean developer of Kapiolani Residence which sold out in a matter of months. The Central Ala Moana will be slightly further West at 1391 Kapiolani Blvd. It will be adjacent to the largest open-air shopping center in the United States, Ala Moana Shopping Center, and strategically located between world famous Waikiki and the vibrant neighborhood of Kaka’ako.
NUMBER OF RESIDENCES:
- 202 1, 2, & 3-Bedrooms
- 1-Bedrooms: $580K – $630K
- 2-Bedrooms: $777K – $998K
- 3-Bedrooms: $990K – $1.398M
- Upon Contracting: 5% of Sales Price
- 30-Days After Contracting: 15% of Sales Price
- Approximately 2-6 Months Before Completion (Tentatively Scheduled for 2021): Balance of Purchase Price Due (Via Loan or Cash Funds)
INTERIOR SQUARE FOOTAGES*:
- Studios: 397-443 sq. ft.
- 1-Bedrooms: 693-702 sq. ft.
- 2-Bedrooms: 979-1159 sq. ft.
- 3-Bedrooms: 1238-1507 sq. ft.
Note: Every residence has a lanai ranging in size from 71-150 sq.ft.
MAINTENANCE FEE*: $0.69/ Sq. Ft. of Living Area (Water, Sewer, Cable & Internet)
BUILDING FEATURES: FOB Entry Key System, Closed-Circuit Television (CCTV) Security System, 5 Elevators, Ground Level Commercial Space, Residence Bicycle Storage, LED Light Fixtures.
AMENITIES: Swimming Pool, Separate Children’s Pool, Hot Tub, Fitness Center, Cabanas w/BBQ Stations, Children’s Play Area, Dog Park Area, Multi-Purpose Room.
NUMBER OF RESIDENCES:
- 310 Studio, 1, 2, & 3-Bedrooms
- Studios: $286K – $389K
- 1-Bedrooms: $396K – $566K
- 2-Bedrooms: $512K – $637K
- 3-Bedrooms: $700K – $708K
- Upon Contracting: $500
- 30-Days After Contracting: 5% of Purchase Price – $500
- Approximately 2-4 Months Before Completion (Tentatively Scheduled for 2021): Balance of Purchase Price Due (Via Loan or Cash Funds)
AFFORDABLE HOUSING MINIMUM & MAXIMUM GROSS INCOME RESTRICTIONS:
Your Gross Income must fall w/in these Minimum and Maximum Limits for your particular Household Size. If it does Not, then unfortunately, you would Not be Eligible for the Affordable Residences. However, you would still be Eligible for the Market Residences you qualify for financially.
Central Ala Moana Lead Lenders
It is required by the developer that you obtain a Central Ala Moana specific Pre-Qualification from one of their Lead Lenders in order to be Eligible to contract on a Market Residence, or to be Eligible to enter the Affordable Lottery. It is HIGHLY RECOMMENDED that you do so as Early as Possible! The closer the date for the Start of Sales of both the Market Residences (After Mid-Dec 2018) and the Affordable Residences (After Mid-Jan 2019) gets, the Loan Officers may not be able to process your request in-time to meet the developer’s deadlines to do so due to the anticipated increased work load.
Overview of The Central Moana
The Central Ala Moana has a total of 512 residences. What is highly unusual is that 310 (60%) of these residences will be designated for those who meet the residency, income & asset restrictions of HHFDC’s Affordable Housing Program for those earning no more than 80-140% AMI of Honolulu’s Area Median Income (AMI) for their Family/Household Size. This is a very large number of “Affordable” residences for a condominium of this size! These HHFDC Affordable residences will be sold via a Lottery system w/the Lottery Application Period to enter the Lottery ending on 1/14/19, so there will be almost a 2 month period to complete your Lottery Application and turn it in. For more information regarding the Affordable Housing Lottery, click on the link below.
Interior square footages of the residences will range from 397 sq. ft. for the smallest studio up to as large as 1507 sq. ft. for the largest 3-bedroom! Definitely “normal” sized residences compared to Honolulu’s average condominium sizes. Monthly maintenance fees will be released soon… stay-tuned. The building will be an “upgraded” version of The Kapiolani Residence with larger units, equal or “superior” finishes & more amenities! Construction is anticipated to start sometime in 2019 with completion expected sometime in 2021.
The Central Ala Moana Sales Center is now open! IF you want Expert Buyer Representation please make an appointment with me to view the Sales Center. Click on the link below to make an appointment.
Sales Center Model Photos
Videos of The Central Ala Moana
Video: “Thousands vie for units in new property near Ala Moana Center priced below market,” HawaiiNewsNow, November 12, 2018 at 6:02 PM HST by Chelsea Davis.
Video: “Ala Moana affordable housing units up for sale,” KITV, Monday, November 12th 2018, 2:44 PM HST by Laura Schweizer.
The Central Ala Moana in the News
Article: “SamKoo launching sales for second Kapiolani condo tower”, Pacific Business News, November 7, 2018.
Article: “SamKoo to hold buyer seminars for second Honolulu tower”, Pacific Business News, November 2, 2018.
Article: “Developer offers affordable housing education seminars”, KHON2, November 2, 2018.
Article: “Affordable housing complex to bring hundreds of new units to Ala Moana area”, Honolulu Star-Advertiser, August 15, 2018.
Article: “SamKoo project up for final vote”, Honolulu Star-Advertiser, August 14, 2018.
Article: “Zoning face-off likely over Ala Moana parcel”, Honolulu Star-Advertiser, August 12, 2018.
Article: “SamKoo expects to start building second Honolulu tower in early 2019”, Pacific Business News, March 2, 2018.
Meeting Agenda: Presentation to the Ala Moana-Kakaako Neighborhood Board No. 11, City and County of Honolulu Office of Climate Change, Sustainability and Resiliency, February 27, 2018.
Article: “Developer seeks to add second tower for housing”, Honolulu Star-Advertiser, July 1, 2017.
Tracy Yamato (RA) CRS (Lic# RS-51972), and Hawaii Living LLC DO NOT represent the Developer/Seller but are Buyer’s Agents with respect to any sale in The Central Ala Moana. The Seller/Developer, SamKoo Pacific, LLC, is represented by Century 21 iProperties Hawaii.[/wps_row]