The Japan Times - Muse Honolulu Site Moves Toward October Demolition Preparations

JL Capital is preparing for the next steps toward its newest development in Honolulu's Ala Moana neighborhood. Demolition preparation activities at the future site of Muse Honolulu, located at 1538 Kapi‘olani Blvd., are expected to begin in October, following the relocation of Central Pacific Bank to the nearby Pan Am Building, the developer stated in an announcement this week. The developers also have introduced new pricing on a number of residences.

“Reaching this stage represents meaningful progress for the project and demonstrates our continued commitment to ramping up construction of Muse Honolulu," Mark Berkowitz, executive vice president of JL Capital, the project developer, stated in the announcement. “At the same time, we recognize that the market has evolved. We’ve listened closely to buyers and the real estate community and have adjusted pricing on select residences to better reflect today’s market and create new opportunities for homebuyers.” The planned 39-story Muse Honolulu was designed by architecture firm Bohlin Cywinski Jackson and local partner Benjamin Woo Architects.

JL Capital tapped Layton Construction as the general contractor last October. Muse Honolulu will include 315 residences — a mix of penthouses, tower residences, urban lofts and two-story townhomes — and amenities across three levels. Based on the project website, those amenities include a rooftop sky lounge; steam rooms, saunas, treatment rooms, a multi-level fitness center, pool, hot tub and cold plunge, barbecue cabanas, golf simulator, putting green, private dining rooms, dog park, playground and more.

Muse offers one-bedroom residences with up to 747 square feet of interior living space; two-bedroom units with up to 1,384 square feet and three-bedroom units with up to 1,572 square feet, the announcement notes. The newly priced residences span several home types and price points, based on the announcement: studios start from the $600,000s; one-bedroom residences will start from $789,000; two-bedroom residences from $1,087,000; and three-bedroom units from $1,791,000. "Pricing was adjusted on 48 residences, with more significant reductions on certain residence types and more modest adjustments on others," JL Capital CEO Tim Lee told Aloha State Daily in an emailed response to questions.

For example, he noted, Residence No. 903 — a one-bedroom urban loft with 10-foot, 3-inch ceiling heights and 668 square feet of interior living space — was previously offered at $922,000 and is now priced at $789,000, a reduction of $133,000. Meanwhile, Residence No.

1001, a two-bedroom urban loft with 10-foot, 3-inch ceiling heights, 1,048 square feet of interior living space and an 89-square-foot lanai, is now priced at $1,216,000, a reduction of $183,000. Lee says that the adjustments were made on a residence-by-residence basis to better reflect current market conditions and the specific attributes of each home. "Buyers today are looking closely at not only price, but what they’re getting for that price — usable living space, parking, views, amenities, storage and a location that makes everyday life more convenient," he told ASD.

"We’ve also heard clearly that buyers value choice. Muse was designed with a range of residence types and floor plans, from urban lofts and tower residences to two-story townhomes. We’ve seen strong sales across a number of residence types and will maintain the original pricing on those homes.

At the same time, the market today is different from when we initially established pricing, and we recognized that certain residence types were priced ahead of the market. We listened to feedback from buyers and the brokerage community and adjusted accordingly." Owner-occupant sales for select residences in the condo began more than a year ago. JL Capital, a real estate and private equity firm founded in 2017, has completed or initiated a number of major projects in Honolulu's Ala Moana neighborhood and along the Kapi‘olani corridor in recent years.

That includes Sky Ala Moana, a $507 million mixed-use twin tower condominium and hotel at 1388 Kapi‘olani Blvd. Renaissance Honolulu Hotel & Spa, a Marriott brand, is located in its East Tower. In May 2025, JL Capital broke ground on Amana Lofts, an adaptive reuse project that will convert a five-story former office building at 765 Amana St. into affordable rental apartments.

The developer also acquired several other contiguous properties along Kapi‘olani Boulevard for a combined price of $36 million last fall. Lee told ASD that JL Capital does not have specific plans to announce for the properties at 1322 and 1356 Kapi‘olani Boulevard at this time, but continues to "evaluate opportunities for those properties as part of our broader investment in the corridor." "We see tremendous long-term potential along the Ala Moana/Kapiʻolani corridor," he says. "It sits at the intersection of Ala Moana, Waikīkī and some of Honolulu’s most established residential neighborhoods, with convenient access to shopping, dining, employment and transportation.

We have completed and are advancing a range of projects in the corridor, including affordable and market-rate housing, hotel and retail developments. Our goal is to be thoughtful about how we invest in the area and look for opportunities that contribute to a more connected, vibrant and livable urban community." Visit the Muse Honolulu sales gallery, located at 1388 Kapiolani Blvd., Suite 101, to schedule a private presentation. For more information, visit musehonolulu.com, email [email protected] or call 808-900-8597.

S.Suzuki--JT