Jon Wallenstrom is a co-owner of Alaka‘i Development (AD) and is working to create a smarter future for Hawaii through innovative development. Jon has developed over 15 million square feet over the course of his career in Hawaii and on the mainland. AD is developing multifamily and hospitality projects in Hawaii and most recently completed a 318-unit apartment community, The Element. Blackstone purchased The Element in 2022 for a market-leading price. Alaka’i has recently completed and is operating a 240-key, dual brand Hyatt House/Place hotel.
Prior to forming AD, Jon Wallenstrom was the President of Forest City Hawaii and led 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 Vice President with Archstone Communities, and started his career with JPI. Jon has developed 4,181 workforce multifamily apartments on the mainland primarily in the greater Washington DC area, but his experience extends from Boston to the Carolinas.
Jon holds an AB from Princeton University, sits on, and has sat on numerous Hawaii-based non-profit boards, is a ULI Governor, and very involved in ULI both nationally and in Hawaii.
