Recent reports have surfaced about South Korean developer SamKoo Development possibly starting construction on a sleek new condominium tower near the Diamond Head end of Ala Moana Center as early as next month. Should the project move forward, plans for the new tower call for a 45-story building with 485 condominium residences at 1631 Kapiolani Boulevard—a site that’s only about a quarter mile from a future rail transit station that’s planned.
Being called Kapiolani Residence, the building will offer a mix of affordable one, two, and three bedroom units, with 60% of those specifically being set aside for households earning 80-120% of the area median income, or roughly $53,700 to $80,520 a year, or perhaps even less for a single person.
SamKoo Development also has plans for another tower just down the street at 1391 Kapiolani Boulevard, which will also include 485 condos over 45 stories at similar price points. As for the Kapiolani Residence project, however, if all goes according to plan, sales for the project could also begin in November with construction estimated to be finished in May 2018.