Moana Pacific Condo Developer Buys More Property

A company that developed the pair of oval Moana Pacific condominium towers on Kapiolani Boulevard has bought more land on the same street for redevelopment.

Original Article

The firm, Evershine, paid an undisclosed price for two properties on Kapiolani near the Hawai‘i Convention Center, according to Cushman &Wakefield Chaney Brooks, the brokerage representing a group of sellers including Seiju Co. Ltd., Maruito USA, and TYA LLC.

The parcels at 1659 and 1673 Kapiolani Blvd. total 56,250 square feet and have been longtime homes for businesses including strip bar Club Femme-nu, an adult video store and restaurants.

An Evershine representative said the company does not yet have a vision for redevelopment or a timetable.

The company, led by high-tech entrepreneurs Fred and Annie Chan, completed Moana Pacific in 2007 through affiliate KC Rainbow Development after buying that site next to McKinley High School in 1998 for $26 million.

The Evershine affiliate also started developing a third tower called Moana Vista on Kapiolani not far from its twin towers, but construction stalled in 2008 because of weak demand amid an unfolding economic recession and was taken over by another developer that completed the tower in 2011 under the name Pacifica.

Steve Sombrero, president of Cushman &Wakefield Chaney Brooks, said in a statement that Evershine is the right developer to produce something on its newly acquired site that helps improve the area where several condominium and hotel projects are planned or under construction in advance of the city’s rail line extending to nearby Ala Moana Center.

“When the rail station at Ala Moana is completed, Kapiolani will be the ultimate place to live, work and play,” he said.