A New Chapter for the “Meadow Gold” Parcels: What ONE Pacific Realty Sees Ahead

The Deal in Brief

Hawaiʻi-based private equity / real estate investor Tradewind Capital (or an affiliate) recently purchased two former Meadow Gold parcels—1302 Elm Street and 824 Sheridan Street—for $17.7 million. These parcels, situated in the Ala Moana / BMX-3 (Business Mixed-Use) corridor, are now primed for redevelopment.

Prior to this, the parcels had been part of a larger former Meadow Gold site sold in 2021 (~three parcels including Cedar) for ~$24.1M, with plans for a large mixed-use residential & commercial project. The Tradewind purchase signals renewed momentum and likely renewed vision for what this land can become.

The Park on Keeaumoku: A Recent Success Story

To understand what may come of the Meadow Gold site, it helps to look at The Park on Keeaumoku, just two blocks away, and what it’s already delivering.

• Scale & Design: The Park on Keeaumoku is a dual-tower, ~44-story condominium development with ~972 units (studio through 3-bedroom), combining both market rate and affordable units.

• Affordable Housing Integration: About 15–20% of units are reserved as affordable housing (for between 10 to 30 years), targeting buyers up to ~120% AMI (Area Median Income), but these units enjoy the same amenities and finishes as market-rate units.

• Amenities & Location: The Park is positioned in a prime location near Ala Moana, with strong walkability, transit access, modern finishes, lanais, and abundant amenities.

• Pricing & Sales Activity: Units are actively exchanging, with 2-bedroom market units in the ~$900K–$1M range, and affordable program units priced in the $350K–$600K range.

The Park on Keeaumoku proves that there is strong demand for well-designed, centrally located condos with both affordable and market-rate components.

How Tradewind’s Purchase Might Echo Keeaumoku’s Success

1. Strong Potential for Mixed Pricing & Affordability
   Tradewind could follow Keeaumoku’s model by reserving a portion of units for affordable / workforce housing while keeping the rest market rate.

2. Amenities Make the Difference
   A high-quality amenity package will be key to attracting buyers at different price points.

3. Prime Location & Walkability
   Like Keeaumoku, proximity to Ala Moana, transit, and dining will be a major draw.

4. Pricing Benchmarks
   The Park’s pricing sets a reference point. Tradewind will need to compete on design, finishes, or price per square foot.

5. Absorption & Market Timing
   Keeaumoku’s success shows demand exists, but Tradewind may need to phase development to avoid flooding the market.

6. Regulatory Engagement
   Working closely with the City on affordability requirements and zoning will be crucial.

What This Means for Buyers, Sellers, and Investors

• Buyers (Affordable / Moderate Income): New affordable units may become available, similar to Keeaumoku.

• Market-Rate Buyers: More options for premium condos with modern finishes.

• Sellers of Existing Condos: Older buildings may face pressure to upgrade or adjust pricing.

• Investors: Market-rate units may hold strong demand; affordable units carry restrictions but offer long-term stability.

Risks and Constraints to Watch

• Rising construction costs or delays

• Infrastructure and traffic impacts

• Community opposition to scale or density

• Affordable housing restrictions affecting profitability

• Potential oversupply if multiple projects launch at once

Conclusion

The success of The Park on Keeaumoku proves that Honolulu buyers are ready for new, well-designed condos that balance both affordable and market-rate housing. Tradewind Capital’s acquisition of the Meadow Gold site has the potential to follow — and even build upon — that success.

For buyers, sellers, and investors, this means new opportunities are on the horizon in Ala Moana. ONE Pacific Realty will continue to monitor approvals, plans, and market updates so our clients are ready to act when opportunities arise.