Brookfield Properties is advancing plans to develop Ala Moana Plaza, a new mixed-use, all-rental high-rise located at the intersection of Piikoi and Kona Streets in Honolulu. Situated adjacent to the Ala Moana Center, the project requires an Interim Planned Development-Transit (IPD-T) permit and a Transit-Oriented Development (TOD) plan amendment to allow for increased density and a maximum building height of 400 feet. The proposed 40-story tower is designed to introduce new residential housing options directly within the urban core, positioned approximately 180 feet from the planned Ala Moana rail transit station.

The development is slated to feature 583 residential units, offering a combination of studio, one-bedroom, two-bedroom, and three-bedroom floor plans. According to the proposal, the building will include 459 market-rate rentals and 124 affordable rental units. The affordable residences will be price-restricted to tenants earning 80% of the Area Median Income (AMI) for a period of 30 years. To support the project’s transit-oriented focus, the building will sit atop a five-story podium containing 220 vehicle parking stalls and designated bicycle parking, encouraging alternative transportation for its residents. The site design also incorporates ground-floor commercial space, pedestrian infrastructure upgrades, and a monetary contribution toward local street improvements.

The Ala Moana Plaza project addresses ongoing supply constraints within Honolulu’s highly competitive real estate market. With homeownership and condominium costs remaining prohibitively high for many local residents, increasing the inventory of long-term rental units in a central location provides critical workforce housing options closer to major employment hubs. Furthermore, the development is expected to stimulate the local economy by generating new construction jobs and wages, aligning with broader municipal goals to cultivate sustainable, transit-enhanced neighborhoods across Oahu.

The highly anticipated 1588 Ala Moana project, developed by the Kobayashi Group and colloquially known in luxury real estate circles as “Park Lane 2,” has reached a pivotal milestone in its entitlement process. Following initial community presentations late last year, the ambitious development is officially advancing through city channels.

On April 8, 2026, the Department of Planning and Permitting (DPP) officially accepted the project’s Interim Planned Development-Transit (IPD-T) application. The development has now entered the Agency Review phase, with an important Application Public Hearing scheduled for May 8, 2026.

Recent filings have also provided a clearer picture of the exact scope of the proposed development. Positioned to anchor the prominent intersection of Atkinson Drive and Ala Moana Boulevard, the mixed-use project is slated to reach heights of up to 400 feet. The refined property details include:

Park Lane 2 Project Details

Stay Informed with Sachi Hawaii

Because this development is progressing steadily, maintaining direct access to the latest updates is essential. If you are interested in securing a residence at 1588 Ala Moana, register with Sachi Hawaii today to ensure you receive priority information as soon as sales and floor plans are announced.

Contact Sachi Hawaii:
(808) 596-8801 | info@sachihawaii.com

The Federal Emergency Management Agency (FEMA) has finalized updated Flood Insurance Rate Maps (FIRMs) for Oahu, which are scheduled to take effect on June 10, 2026. Based on comprehensive evaluations of local flood risks and previously unstudied streams conducted between 2019 and 2024, the revised maps will reclassify several North Shore properties into high-risk areas, such as Zones A, AE, and VE. For many homeowners in the region, this updated designation will introduce new financial obligations and strict regulatory compliance standards.

The most immediate impact for affected North Shore residents involves new insurance mandates. Property owners newly mapped into high-risk zones who hold federally backed mortgages will be required by their lenders to purchase flood insurance once the maps are official. While standard premiums in these zones can be expensive, eligible property owners may qualify for a newly mapped discount, which can reduce initial premiums by up to 70% if the policy is secured within the first year of the map changes. Within the local housing market, a high-risk flood zone designation is considered a material fact that sellers must disclose to potential buyers. This requirement may influence property appraisals and increase overall carrying costs, which could impact the broader pool of prospective buyers looking at North Shore real estate.

Furthermore, properties transitioning into high-risk zones will be subject to stricter building and renovation guidelines under the Revised Ordinances of Honolulu Chapter 21A. A primary regulatory shift includes the 50% rule, which dictates that if renovation costs exceed half of a structure’s market value, the entire building must be updated to meet current flood codes. Additionally, new constructions or major improvements will typically require the structure’s lowest floor and essential utilities to be elevated at least one foot above the base flood elevation. Even minor exterior modifications will now require a specialized flood development permit, adding further administrative steps for homeowners looking to upgrade or repair their properties.