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 apartment community in Kakaako, 690 Pohukaina, on the Island of Oahu. 690 Pohukaina is a mixed-use project that will implement rental housing with a public elementary school. In addition to residential focused development, Alaka’i is developing a 52 MW photovoltaic farm with 174 Power Global, a Hanwha Company.
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. The $147M apartment community, Kapolei Lofts, is the first class-A apartment project that has been built in the State and integrates a 2.8-megawatt photovoltaic system that generates more than half of the energy used by residents. Kapolei Lofts recently sold to Blackstone for approximately $197M. 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. Three of the four phases closed under Jon’s tenure and the project’s size quadrupled to approximately $1,7B under development. The 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 and other improvements.
Prior to moving to Hawaii Jon led Archstone Communities Trust’s development efforts in the mid-Atlantic region. As Archstone’s regional Vice President, Jon developed over $650 million in luxury apartment communities and has developed over $870 million along the eastern seaboard. Jon started Archstone’s Washington, DC office in late 1997 and by 1999 had one of the deepest development pipelines in Washington, DC. Jon’s experience extends to all of Washington’s submarkets, as well as the Boston, Philadelphia, and Richmond markets. Jon has developed over 4,000 multi-family homes in the Mid-Atlantic region. Prior to joining Archstone, Jon was with JPI Development where he helped open their Washington DC office.
Jon holds an AB from Princeton University, advanced his Princeton degree by studying at Oxford.