The Abandoned Vida

The Abandoned Vida

In December, I spent a month writing about Hawaii real estate. Several of the articles showcased new and planned high-rises in the Kaka’ako area of Honolulu that were almost exclusively targeting foreign investment and wealthy local buyers wanting to trade their nest for a high-rise perch. You may also recall that many of these buildings were selling out in days.

The big Kahuna in the area is Howard Hughes’ 10-plus-year development called Ward Village covering 60 acres. They are not alone. One high-rise that hadn’t broken ground is called Vida … well, “was” would be the more accurate term as of last Friday. Developers cancelled the project after “only” selling approximately 40 percent of the 262 units (priced from $1 million) despite being on sale for 18 months. In Hawaii real estate if you’re scrabbling for sales after 18 months, something’s wrong.

In Dallas, a 40 percent pre-sale before the first shovel of dirt was moved would be occasion to rejoice, but markets are different.

Vida's High-End Finishes

Vida’s High-End Finishes

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Exterior Upper Floors - Small

I was close when I wrote about this building on Fairmount near Turtle Creek a few weeks ago. At the time, the City of Dallas had posted online a site plan for the building that had some details, but it took a trip to City Hall (not in handcuffs) to look at the drawings. I felt like one of Charlie’s Angels snapping pictures of the exterior and floor plans – although my iPhone is considerably smaller than their suitcase phone and tissue box-sized camera.

I thought I’d sleuthed out the name as being “The Pearl,” but I find that it’s actually still unnamed. But The Pearl isn’t a bad name, is it?

As you can see, the building is very attractive with glass and generous balconies. Clearly these Canadian developers are balcony mavens just like me.

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