Jon Wallenstrom is a principal with Alaka‘i Development and is working to create a smarter future for Hawaii through innovative development. Alaka’i is advancing a 340-unit apartment community in West Oahu in partnership with the Reinsurance Group of America. Alaka’i is also advancing a mixed-use community in Kakaako, 690 Pohukaina, on the Island of Oahu. 690 Pohukaina will combine rental housing with a public elementary school.
Prior to forming Alaka’i, Jon Wallenstrom was the President of Forest City Hawaii and lead the company’s efforts on several fronts. Forest City developed a 499-unit apartment project on the island of Oahu in Kapolei. Kapolei Lofts is the first class-A apartment project built in the State and integrates a photovoltaic system that generates more than half of the energy used by residents. Alaka’i managed the sale of Kapolei Lofts to Blackstone, taking the project from inception to sale. In addition to traditional development, Forest City placed in service six of the largest solar energy projects in the State. Jon also served as managing member and Chief Operating Officer for Forest City’s Hawaii-based partnership with the Department of the Navy. The $1.7B development was conducted on a portfolio of 6500 homes with the majority being demolished and replaced. In addition to the new construction, hundreds of millions of dollars were spent on historic renovations, energy efficiency, and other improvements.
Jon holds an AB from Princeton University. Read more.
Cayenne Pe’a is a principal and co-founder at Alaka‘i Development, a residential development firm whose mission is to meet the need of Hawaii’s housing shortage by developing quality rental residences. Projects in Alaka‘i Development’s pipeline include The Element, a 340-unit rental community in West Oahu, and a mixed-use rental community with an elementary school in Kakaako, Oahu. The principals of Alaka‘i Development recently completed the lease up of Kapolei Lofts, a 499-unit rental community developed by Forest City Hawaii, and the subsequent sale to The Blackstone Group.
Prior to Alaka‘i Development, Cayenne worked as Director of Finance for Forest City Hawaii, a full-service real estate corporation that performed development, construction, property management, and asset management services with a $2B balance sheet. During her tenure at Forest City, she worked to obtain $120 million in construction and term loans and maintained $1.3 billion in bonds. She led a team that performed analysis for new business, maintained accounting records, and produced financial reports for 6,700 military housing units, a 271-acre master-planned community, and six photovoltaic farms, which included partnerships with both the Department of the Navy and State of Hawaii.
Cayenne holds a Bachelor of Science degree in Accounting from Loyola Marymount University and is a Certified Public Accountant. She is a member of the YWCA Oahu Board of Directors, Make-A-Wish Hawaii Young Leaders Board, and the Urban Land Institute Sustainable Development Product Council. Read more.