HONOLULU (AP) — The developers of three sold-out luxury buildings are canceling their condominium project in Honolulu over waning sales.
HONOLULU (AP) — The developers of three sold-out luxury buildings are canceling their condominium project in Honolulu over waning sales.
Development firms Kobayashi Group and the MacNaughton Group released a statement Friday announcing the cancellation.
“Despite strong marketing efforts, community outreach and education about the up-and-coming Kakaako community, the market feedback indicated that it was premature to proceed with the Vida project at this time,” the statement said.
The Vida project would have put 262 units in a 39-story tower on 3.4 acres. Prices ranged from $998,000 to $1.6 million.
Sales launched in May, but slowed after the development was about 40 percent sold.
Deposits will be refunded to buyers, who have also been released from their contracts.
“The majority of our buyers are local residents who have been waiting patiently for their homes to be built, and many are returning customers,” the developers’ statement said. “At the current sales rate, we could not deliver our buyers’ homes to them in a timely manner. As such, we decided to release them from their contracts immediately and refund their deposits.”
Julie Tumbaga told West Hawaii Today that she was the eighth person in line to buy a condo when sales opened, and that she was disappointed by the change.
“I think it was a difficult decision for them economically, but it was considerate also because, honestly, they could have held our money for as long as they were legally obligated to,” she said.
Landowner Kamehameha Schools will continue its work with the developers on future projects in the area.
The firms’ previous sold-out projects include Hokua Tower and Capitol Place in Honolulu.