Los Angeles-based developer Pacrep has released plans to build what would reportedly be Waikiki's first new high-rise hotel since 2008. The company published a draft environmental assessment Monday with the first details of the 34-story 2121 Kuhio Tower.

The $275 million project would include both hotel and condo units, the Honolulu Star-Advertiser reported.

"There is a need for additional hotel product in Waikiki," the assessment said. "The project will provide additional lodging services to help Waikiki remain the state's largest and most popular visitor destination."

An average condo unit in the project would sell for over $654,000, according to the Star.

"Pacrep bought the site from another developer, K3 Owners LLC, which floated a plan in 2004 to build a 300-foot tower (91-meter)," the Star reported. "But K3's plan fizzled amid financial and real estate market troubles that began around the time of the project's anticipated launch in 2007 or 2008."

The developer still needs City Council approval for the 350-foot (107-meter) 2121 Kuhio Tower, which exceeds current height limits by 50 feet (15 meters).