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September 21, 2020
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TEXAS/SOUTHWEST NEWS
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Coastal Rim Properties Buys Hawaii Res Tower Site

5/27/20

In news of an upcoming Hawaii res project, Coastal Rim Properties Inc acquired a prime 0.30-acre (12.8k sf) land parcel in downtown Honolulu, on which the firm intends to develop a brand new, 20-story affordable senior housing tower. The high-rise infill development is within Honolulu’s land-constrained Central Business District.

The property is located at 1192 Alakea St, at the high-profile corner with S. Beretania St. The site currently houses a vacant parking lot. A few recently constructed residential developments neighbor the site, including Pinnacle Honolulu, a 37-story boutique residential condo high-rise built in 2008, and Capitol Place, a 39-story upscale condo tower also developed in 2008.

Steven Sofos with Sofos Realty Corporation represented the seller,, an affiliate of Next Realty LLC . Matt Davis and Terry Jackson of Cushman & Wakefield’s Land Advisory Group provided advisory services. According to Davis, the property’s flexible BMX-4 zoning provided an instrumental advantage as it allows great optionality.





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