Shin Group LLC has acquired an acre-plus commercial parcel near the intersection of Kalakaua Avenue and Kapiolani Boulevard for $18.5 million, clearing the path for a major mixed-use high-rise. Nan Chul Shin, founder and owner of Honolulu general contractor Nan, Inc., confirmed plans to develop a tower containing between 400 and 600 residential and hotel units.

Site and Location

Disclaimer: Location Approximate.

The property is situated immediately adjacent to the Century Center condominium tower, across from the Hawaii Convention Center, and near the recently opened Chick-fil-A.

The site currently contains three structures, including a three-story commercial office building, that will be cleared for vertical redevelopment. Positioned at the primary junction between the Midtown Ala Moana commercial corridor, McCully, and the gateway to Waikiki, the location offers direct access to central Honolulu transit routes, business and retail centers, and neighborhood services.

Developer Track Record and Scope

The project marks Nan, Inc.’s next major high-rise venture following its completion of The Park on Ke‘eaumoku, a 972-unit twin-tower development located less than a mile away. Shin confirmed that Nan plans to serve as both the developer and the general contractor, mirroring its model on Ke‘eaumoku Street.

Targeting 400 to 600 total units, the proposed tower will combine residential residences with hotel accommodations. This dual-use format allows the project to capitalize on its positioning adjacent to the Convention Center while introducing new residential density into an established urban hub.

Urban Context and Housing Delivery

The acquisition aligns with City and County of Honolulu efforts to encourage dense, infill redevelopment along major transportation and commercial arteries. Delivering hundreds of housing units within walking distance of primary commercial and service jobs directly addresses Oahu’s persistent housing constraints without expanding beyond the existing urban boundary.

As formal design packages, zoning reviews, and permit filings advance, market observers will be watching the unit distribution, pricing structure, and public amenities planned for the ground plane.

Register for Project Updates

Detailed plans for this upcoming mixed-use development—including floor plans, residential unit mixes, projected pricing, and sales launch schedules—will be released as public filings and developer approvals proceed. Register with Sachi Hawaii to stay informed about this upcoming Hawaii real estate development project.

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A 370-unit mixed-income residential project in Honolulu’s Kakaako neighborhood is officially resuming development following the passage of new state legislation. Hawaii Gov. Josh Green recently signed Senate Bill 2061 into law, effectively easing prior leasehold restrictions that had temporarily stalled the project due to a lack of buyer interest. The Ko Laila LLC development, situated at the corner of Ward Avenue and Kapiolani Boulevard, serves as the pilot for the Hawaii Community Development Authority’s (HCDA) first-ever 99-year leasehold program.

The HCDA originally acquired the 26,626-square-foot parcel in January 2025 to test a new model for increasing local housing inventory. Under the 99-year leasehold initiative, the state plans to sell both affordable and market-rate condominium units built on government-owned land directly to qualified residents. By utilizing a long-term ground lease rather than traditional fee-simple ownership, the program aims to provide an alternative pathway to homeownership in Honolulu’s high-priced urban core.

Development was initially paused late last year as economic uncertainties and stringent leasehold regulations dampened prospective buyers’ interest. According to HCDA Executive Director Craig Nakamoto, the newly enacted legislation addresses those problematic restrictions, providing the agency with the necessary flexibility to make the units more competitive and marketable. With the legislative hurdles now cleared, the HCDA will begin updating its administrative rules in September to align with the new regulations.

The resumption of the Kakaako development marks a renewed effort by the state to utilize state-owned land for workforce and mixed-income housing. Project officials are actively preparing for the next phases of the rollout, with the HCDA aiming to launch official presales for the condominiums in the first quarter of 2027.

For the second consecutive year, Kakaako has been identified as Hawaii’s wealthiest zip code. A recent analysis, reported by Pacific Business News, indicates that the area’s top financial ranking is not primarily the result of out-of-state buyers relocating to the islands. Instead, the data reveals a localized migration pattern where established Hawaii residents are driving the concentration of wealth within Honolulu’s urban core.

The primary catalyst for this shift is a wave of affluent baby boomers transitioning out of large, single-family properties in East Honolulu neighborhoods such as Kahala, Aina Haina, and Niu Valley. Many of these long-time homeowners are selling their traditional houses to purchase luxury condominiums in the Kakaako and Ward Village districts. The motivation behind this movement is largely lifestyle-driven; older residents are increasingly choosing to trade high-maintenance yards and excess square footage for security, walkability, and closer proximity to the waterfront, retail centers, and major medical facilities like Queen’s and Kapiolani.

This demographic transition has direct implications for the local real estate market across Oahu. In East Honolulu, the steady departure of empty nesters introduces a consistent supply of large single-family homes back into the housing inventory, creating new opportunities for a specific buyer pool. Meanwhile, in Kakaako, the influx of wealthy downsizers continues to sustain high demand for luxury high-rises. Driven by limited land availability, the maintenance costs of aging properties, and the unique appeal of a walkable urban center, this localized real estate pattern operates independently of broader national housing trends.