The 1133 Kaiulani condo project is canceled. The developers, Kobayashi Group, MacNaughton group, and Black Sand Capital were joining forces to build this condo. After years of planning, the developers canceled the project citing rising construction costs. The higher costs have made the project less attractive as a residential condo.
However, after years of delays, Hilton Grand Vacations announced they had purchased the King’s Village property. The deal also included the Hale Waikiki apartments and the Prince Edward Apartments. Construction is expected to begin in 2019.
Timeshare units have increased in popularity over the years. Surprisingly, it also offers a more stable tourism market for Hawaii. There is less seasonality associated with timeshare units.
Currently, this was the only residential condominium that was planned for the Waikiki District. Oliver McMillian has a rental building planned. The Ritz Carlton Residences East tower is still under construction and is expected to be completed at the end of 2018.