The Honolulu Advertiser from Honolulu, Hawaii • 62

llfDJ section lL The Sunday Star-Bulletin ft Advertiser by Gtnnttt Picitic Corp. All ntaarved. Prepared by the staff of the Honolulu Star-Bulletin March 16, 1966 I I 1 to 4 4- sUVTMl tTTTT I 11, I Senior Corp. "a -jp ,83 I -h fe-rlj i VM into Hawaii Entry The dignitaries will include Gov. George R.

Ariyoshi; Colin de Silva, president of Business Investment and major development names from the Mainland: William Lyon, chairman of the W'illiam Lyon Co. and chairman of Senior and James D. Harper president and chief executive officer of Senior Corp. Lyon is also chairman and chief executive officer of AirCal a national airline based in Newport Beach. As a homebuild-er, Lyon is one of the giants in California and last year sold some 2,700 homes.

Harper is the former head of Continental Illinois real estate operations. IT WAS HARPER and Lyon who purchased Senior Corp. last June for $141 million outbidding Equitable Life Assurance Society of the U.S. Senior Corp. was a real estate concern owned by more than 130 big banks, formed to hold the assets of an insolvent real estate investment trust.

Roy Tinker, vice president of the Senior Hawaii talked to the Sunday Home Section about the entry into Hawaii at a time when real estate opinion considers condominiums a soft market, and high presale requirements remain the normal way lenders protect themselves. Approximately 40 percent of the units at The Royal Capitol Plaza have been pre sold, including four of the penthouses. While most "lenders presales requirements are higher than that, Tinker said there are many other factors that led to the decision to start construction. "Just to have presales is no guarantee (of success)," said Tinker. "Presales worked well in the 1960s and most of the 1970s but you also have to look at the quality of the project, its location and the position in the marketplace over a given time and the ability to deliver (takeout) financing later." HE SAID THE Senior Corp.

has "state of the art" financing with all types that a consumer would want to consider. Tinker also believes The Royal Capitol Plaza is making the decision to build at a time when new condominium supply is nil, and there is a need for the product in the future. "Interest rates are low right now and people can see that it is a good time to sell their home this year and move into The Royal Capitol Plaza next year," said Tinker. More than half of the buyers so far are more than 40 years old and work downtown, Tinker said. Many of them are govern ment workers.

Tinker said that the Senior Corp. is looking for other potential developments in Kakaako and wants to do a residential project on Maui. He talked about Kakaako in high terms and compared it to Century Center in Los Angeles for its planning and potential. CENTURY CENTER, the old site of 20th Century Fox Studios, is situated near Beverly Hills and includes mostly office buildings but also has many amenities including restaurants and a sophisticated theater for stage and musical productions. "The Kakaako district is very well thought out," said Tinker.

"It's like Century Center in Los Angeles but Kakaako is much more broad based (with different types of development planned)." Construction for Royal Capital Plaza will get under way shortly after the sales office on the site on Curtis Street near Kapiolani Boulevard is demolished. When completed in early fall of 1987, the 293-unit leasehold condominium complex will consist of one- and two-bedroom apartments priced from $100,000 to $195,000. The structure's tower will feature precast concrete enhanced by the extensive use of smoked glass and encompass approximately 300,000 square feet of space. A spacious recreation deck, in harmony with the overall Kakaako policy, will top the five-story parking garage. The deck will include a swimming pool, whirlpool bath, sauna, private party area and wet bar facilities.

THE ARCHITECT is Daniel Mann, Johnson Mendenhall of Hawaii. The general contractor Stories by Jerry Tune Star-Bulletin Writer MAJOR money sources and large homebuilders are looking at Kakaako for Investment including the Senior a Mainland development company which will enter the Hawaii market as a co-partner to develop The Royal Capitol Plaza. The 39-story condominium will be one of the first major Hawaii projects to break ground since the soft condominium market sent developers to the sidelines. The $40 million complex is being developed by the Senior Hawaii a wholly owned Co'n cfe SVcr subsidiary of Miami-based Senior and Business Investment Ltd. in Honolulu.

Both are full-service real estate development and management companies. THE ENTRY OF the Senior Corp. into the Hawaii market follows news reported last week that Bruce Stark will, talk to Kumagai Gumi of Japan about the possibility of starting One Waterfront Tower, and also reports that the Nauru Trust now is about ready to get into working drawings on its condominiums. Stark has a new two-tower design from architect Warner Boone. However, The Royal Capitol Plaza will be the first of these condominiums to get out of the ground with the initial ceremony March 19.

1. 't Mii -I ft 1 (3 12 rtsSfB E22E2ai 12 fEsa 22aa a ment, northeast of Atlanta; and Juniper Ridge, a 52V2-acre ski area, planned for condominiums and resort, at Mammoth Lakes, Calif. tion work is estimated to be phased through a 25-year to 30-year period. "Actual rates of construction will, however, be dependent on government and private sector funding capabilities and market demand conditions for commercial, industrial and residential spaces," said Johnson. The adjoining map shows the location of both the large and some smaller projects in Kakaako.

They are: (1) One Waterfront Plaza and One Waterfront Tower, (2) judiciary parking garage, (3) Queen-Kapiolani Multi-Use Community, (4) Pacific Park Plaza, (5) First Federal office building, 6 404 Piikoi by the Nauru government, (7) renovation of the Kewalo Theater. (8) Cooke Street Professional Center, (9) Pahale office building, (10) Kakaako Business Center, (11) Shelly Mazda-Kapiolani, and (12) Blair's Warehouse. SOME OF THESE projects are still in planning stages: others are complete. A more recent project approved by HCDA is the hih-rise commercialindustrial project at the ewamakai corner of Kapiolani Boulevard and Drier Street which will become the new home of KITV. Shamrock Holdings, the parent company of KITV.

has hired the Luckman Partnership in Los Aneeles to do the working drawings, and construction is expected to start bv midvear 1987. (Some land ownerships hown on the map have changed in recent years.l YTT i 1 Ms 1 5 4' (Is 4 fitd acre planned residential development south of Denver, McTract, a 930-acre site zoned for industrial, hotel, retail, commercial and residential develop much wider branch spans and so will be placed further apart. It is also important to remember that in the entire district there will be eight parks, ranging in size from about two to six acres. And just across the official Kakaako district, there are plans for an adjoining waterfront park. The Phase I district is generally between Punchbowl and Cooke streets through most of Kakaako.

THE SECOND improvement district, which will extend the remaining land to Cooke Street, will involve slightly more concrete since it will involve a larger and longer box drain to the ocean. "At the earliest, if the government and property owners are capable of funding the cost, the construction start of that project (second phase) is four years away." said Rex Johnson, executive director at HCDA, in a speech last year. "In the most optimistic situation, that is, if funding is always available and market conditions are favorable for developments in Kakaako, each improvement district project should occur within a four- to five-year cycle." The Kakaako Community Development District Plan developed in 1982 perceived infrastructure to be phased in seven development units or Improvement District projects. OVERALL, WHEN all the public improvements are made, they are estimated to cost $430 million in 1936 dollars. Construc This rendering shows the city view from one of the units at The Royal Capitol Plaza.

There are already reservations on the four penthouse units, which range in size from 1,628 to 1,870 square feet. At the right is a model of The Royal Capitol Plaza which shows the porte cochere and recreation deck. is Hawaiian Dredging Construction a Dillingham Corp. subsidiary. Charles Heen of Charles Heen Associates Ltd.

was interior designer for the decorator model apartments, which will remain on display until the demolition date. According to de Silva, the concept of The Royal Capitol Plaza was designed with the approval of the Hawaii Community Development Authority which oversees development in the industrial district of Kakaako. "Our vision of a new district, which will eventually link downtown Honolulu with Waikiki, and the reason why we selected The Royal Capitol site in the first place is now becoming a reality," said de Silva. Business Investment Ltd. (Honolulu and Portland, Ore.) had some of the earliest condominium developments in Hawaii.

PROJECTS INCLUDE Marine Surf, The Palms. The Ala Wai Plaza, The Ala Wai Plaza Sky-rise, The Banyan Tree Plaza, The Plaza Hawaii Kai, The Iolani Court Plaza. The Mott-Smith Laniloa, Inn On the Park and The Royal Sea-Cliff Club. The Senior Corp. is currently developing three major properties in the United States.

They are: The Pinery, a take place in seven stages, with the first move for public -improvements made last week with the official groundbreaking for the first phase. A substantial amount of concrete and concrete products will be used for this project. FOR EXAMPLE: Approximately 6,700 linear feet of curb and gutters. Sidewalks totaling 40,700 square feet. Concrete box drains totaling 5,800 linear feet.

Storm drain pipes ranging in size from 18 inches to 48 inches in diameter, at a total of 4,600 linear feet. Sewer pipes of 30-inch diameter, at a total of 1,635 linear feet. A total of 195 storm drain and sewer structures. Approximately 2,135 cubic yards of concrete to encase public utility ducts. A total of 180 public utility manholes and structures.

A substantial amount of concrete jackets for sewer and ater lines. IN ADDITION, there will be about 7.500 linear feet of work on roadway with most of this, 6,550 linear feet, reconstructed and the remainder only resurfaced. There also will be an estimated 300 street trees of different varieties planted throughout this first phase area. This is based on a rule-of-thumb that there will be one tree about every 25 of linear street. The actual distance between trees will vary considerably because some trees have Major Kakaako Improvements Begin Kakaako is moving into a new era actual public improvements to pave the way for large private investments.

Transformation of public improvements in Kakaako will i STATE CAPITOL -V ir yjtV ALA MOAN A "Til j' (Ivy tj vt I J-TYr-r 0:3 Cily and County ot Honolulu Vi I I B. Bishop Estate T1', -r'A I 1 Dillingham Corporation 1 Hawaii Corporation A 1 Hawaiian Electric Inc. HONOLULU V'll 1 1 HARBO. J. Ma900fl ESU, LW I 1 Victoria Ward Ltd 1.