Jon Wallenstrom is a principal with Alaka‘i Development (AD) and is working to create a smarter future for Hawaii through innovative development. Jon has developed over 14 million square feet over the course of his career in Hawaii and on the mainland. AD is developing multifamily and hospitality projects in Hawaii.
Prior to forming AD, 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 $2B development was conducted on a portfolio of 6700 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.
Prior to moving to Hawaii, Jon was among the busiest multifamily developers in the mid-Atlantic where, in reverse chronology, he had his own company, was a Regional Vice President with Archstone Communities, and started his career with JPI.
Jon holds an AB from Princeton University.
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 318-unit rental community in Ho’opili, and a mixed-use rental community with an elementary school in Kakaako, Oahu. The principals of Alaka‘i Development most recently developed Kapolei Lofts, a 499-unit rental community which was subsequently sold by Forest City Hawaii 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 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. In 2017, Cayenne was named one of 10 “Women to Watch” by Pacific Business News. She was also honored as a member of Pacific Business News’ 2018 Class of 40 under 40. She is a member of the YWCA Oahu Board of Directors, Make-A-Wish Hawaii Young Leaders Board, the Urban Land Institute Sustainable Development Product Council, and Pacific Century Fellows Class of 2020. Read more.