Nan Inc breaks ground on The Park on Keeaumoku

September 14, 2022 – On August 5th, ground broke on Keeaumoku, a project that consists of 972 condominium units and commercial space in two 42-story towers as well as a half-acre park along a block of Keeaumoku Street in Honolulu.

The project will be completed by the first quarter of 2025, and is the first (and only) development for Keeaumoku Development LLC, which is owned by Nan Chul Shin, who also owns Nan Inc.

Wyeth Matsubara, the vice president of Nan Inc, has said in an interview that the groundbreaking is “a great and tremendous milestone.” He serves as the contractor on this project and mentioned to us that it is Shin’s first high-rise development project. The project will be built on about 3.5 acres along Keeaumoku Street. Some of the amenities include a co-working space, fitness center, an infinity pool, private barbecue pavilions, a yoga studio and a movie theater.

Of the 972 residential units, Matsubara says that around 15% of those (or 146 units) will have affordable pricing. These types of units range from studios to one- and two-bedroom offerings and will be available at market price. The first two floors of both towers will be available for commercial space.

“On July 14th, we received a construction update posted to the project website”, said Matsubara. It stated that with the build site clear and the foundation permit approved, crews had started installing concrete piles to form the base of the building. The foundation of The Park will be formed by 800 concrete piles and will also support its two towers.

Nan Inc says “that it has been a long and difficult journey, but that they are still on schedule’’. The groundbreaking shows their commitment to completing this project on time and getting it to the buyers. “It also shows how strong the absorption has been on the sales”.

“I think we’ve been kind of fortunate in that we came into the market when the interest rates were low, so we were able to get some pretty quick absorption on our sales. Pre-sales had to be done before construction could start”, says Matsubara.

“Had we had to start construction last year, I think we would have been in a tough spot with all Covid impacts and the escalation of costs and the delays, but now that Covid has subsided, we do see the market is, while not completely back to normal, we have seen a drop in prices,” Matsubara explained.

He mentioned steel and wood. Wood was three times the price. Fortunately these prices are now dropping. They’re not dropping to what they were in pre-Covid times, but they’re dropping significantly. So we were fortunate that we are seeing prices coming back down to a more stabilized level.

Matsubara also said that the developers are aware of the challenges that come with supply chain delays and shortages. Currently they are working to place orders earlier than normal to accommodate longer lead times.

“It’s a balance because right now prices are so high,” he said. “We do see them dropping, so we have to be very strategic in terms of when we can place our orders to lock in material prices. The length of delays also are declining”, said Matsubara. “We’re seeing the shipping time and supply timeframes getting a lot closer back to normal, but we have to keep an eye on that because it’s all about timing for this.”

While The Park on Keeaumoku was previously reported to be a $600 million project, Matsubara said the estimated cost now is a little more than $500 million. According to Matsubara, the Leona tower, which is the most mauka of the two towers, was the first to go to market and is almost sold out, while the Rycroft tower is more than 50% sold.

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