OliverMcMillan, a San Diego-based condo developer, will not be joining California’s MB Property Acquisitions and Japan’s Tama Home in the development of Honolulu’s Aloha Kai mixed-use tower, which is set to include a 37-story, 117-unit condo tower as well as a new Central Branch of the YMCA of Honolulu.
Aloha Kai encountered a delay after the developer asked for a zoning change to increase its height limit to 350 feet from 150 feet.
Despite this, Michael Blumenthal, president of MB Property, has said that the project is still happening. “We’re in discussions with the YMCA in regards to the project,” he said. “Our intention is to develop the condo tower and most likely the YMCA.”
Blumenthal estimates that Aloha Kai’s condos could go for $1,400 per square foot, or $840,000 for a one-bedroom unit. Some affordable and market-rate units might also be included. The YMCA branch will not include residential space.
Construction is estimated to start early next year.