July 22, 2013
Sales Start Strong for OliverMcMillan's Symphony Condominiums in Downtown Honolulu
Commercial Property Executive
By Adriana Pop, Associate Editor
San Diego-based developer OliverMcMillan announced that approximately 70 percent of the market-rate residences at the Symphony Honolulu condominium tower were sold in the first two days available. Construction is expected to begin at the end of 2013 and be complete in two years.
Located at the corner of Ward Avenue and Kapiolani Boulevard, the 45-story residential high-rise will offer 388 condominiums, 100 of which will be affordable. On the ground floor, the mixed-use project will feature a luxury auto galleria for JN Automotive Group, Hawaii's exclusive authorized dealer for some of the world's finest automobiles. Plans also call for an expansive recreation deck, fashion boutiques and restaurants.
Together with our partner JN Automotive, we are so pleased with the great response to Symphony Honolulu, said Dene Oliver, CEO of OliverMcMillan. We've worked hard to make a unique property that adds to the growing allure of the Kakaako neighborhood.
Prices for the market-rate residences range from the low $500,000s for one-bedroom units to mid-600,000s for two bedrooms and high $800,000s for three bedrooms. Buyers who meet income and asset requirements set by the Hawaii Community Development Authority will be able to purchase the reserved housing units in the fall.
The response to our project indicates there is a strong demand for homes in the core of Honolulu, said Dan Nishikawa, president of OliverMcMillan Pacific Rim, the developer of Symphony Honolulu. We are looking forward to residents enjoying the incredible location, expansive views, beautiful design and the variety of amenities we have planned for this condominium tower.
Designed according to LEED efficiency standards, the Symphony Honolulu tower will feature solar panels, electric vehicle charging stations, gray water reclamation, as well as an education center for energy-efficient technologies. The development is expected to create 400 jobs for construction workers and those in related industries, along with 100 permanent jobs at the automobile showroom.
The project architects are global design firm Gensler and Architects Hawaii, an award-winning luxury design firm based on Oahu. Nordic PCL is the general contractor, and the lead construction lender is First Hawaiian Bank.