Ritz-Carlton Residences Waikiki Beach Breaks Ground on New Tower

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Real estate development firm, Irongate, has broken ground on the second tower of The Ritz-Carlton Residences, Waikiki Beach and launched the final phase of sales at the luxury residential community.
 
The development is approaching 90 percent sold since it hit the market in the summer of 2013. The final phase is now selling and includes a collection of studio, one-, two- and three-bedroom residences priced from $949,800 to $3.5 million as well as a handful of one-of-a-kind- penthouse estates priced from $6.75 to $25 million. Available residences range in size from 500 to 5,100-square-feet.
 
"We are thrilled to be bringing the world's best hotel and residences brand to Waikiki," said Jason Grosfeld, founder of Irongate. "The Residences will further secure Waikiki's position as a world-class destination providing full- and part-time residents, as well as visitors, with all the legendary services and amenities they have come to expect of The Ritz-Carlton brand." 
 
The second tower, known as the East Tower, is being built alongside the West Tower, which broke ground in September 2013, and reached 25 of its 38 floors this week. Completion for the West Tower is slated for the spring of 2016 followed by the East Tower in 2017. The two towers will connect at the base with a seven-story parking and amenity podium, which when completed will become a premier Waikiki destination and resort terrace.
 
The Ritz-Carlton Residences, Waikiki Beach have achieved status as one of Hawaii's most sought-after luxury residential addresses, with 88 percent of residences now sold to buyers primarily from the United States, Japan and other parts of Asia. These are the first luxury towers to be built in Waikiki since 2009.
 
"We look forward to working with Mr. Grosfeld and his team as they enter the Waikiki market with their exciting new property," said Tim Grisius, Ritz-Carlton Senior Vice President "We also look forward to introducing our company's legendary hospitality to an iconic location such as Waikiki."
 
The Residences will be the ultimate in resort-style living offering unobstructed views of the Pacific Ocean from every home, world-class design and architecture and access to unprecedented amenities and legendary services delivered by one of the world's best hoteliers. Located adjacent to the internationally acclaimed shops of Luxury Row, the shopping, dining, relaxing and rejuvenating found here places The Residences among the most valuable and coveted real estate in the world.