Around 4,000 or more households could be moving into an already dense but mostly commercial area near Ala Moana Center over the next several years as part of a swelling pipeline of high-rise plans by developers.

The most recent plan is a twin-tower condominium with 980 units on Keeaumoku Street announced last week by Cuzco Development U.S.A.

Cuzco is the latest in a growing line of companies capitalizing on transit-oriented development, or TOD, incentives offered by the city in an effort to increase the number of people living within a short walk of Honolulu rail stations.

A station planned between Oahu’s largest shopping mall and Kapiolani Boulevard would serve as one end of the city’s rail line, and has been the strongest magnet so far for higher-density development among 20 station sites stretching to East Kapolei.

Cuzco became the ninth property owner within a half-mile of the Ala Moana station site to publicly announce plans for a residential tower project. Two of the developments include hotel components, and at least two more projects are expected in the area based on land acquisitions.

“There are more projects on the Kapiolani-Ala Moana corridor than anywhere else on Oahu, and that includes Kakaako,” said Steve Sombrero, president of local commercial real estate firm Cushman &Wakefield Chaney Brooks. “It’s an exciting time.”

This real estate gold rush has been driven by the extra density the city is allowing for new buildings within a half-mile of planned rail stations, and these density bonuses are the biggest around the Ala Moana station.

Sombrero also said the appeal has to do with Kapiolani being a wide street lined with giant monkeypod trees.

“That’s a beautiful boulevard,” he said, adding he believes it could turn into a corridor that rivals urban shopping areas such as Ginza in Tokyo, Manhattan in New York and maybe even Champs Elysees in Paris.

While such a transformation may be hard to visualize, there is no doubt developers see opportunity in the area. Companies from Korea, China, California and Hawaii have paid hefty prices — almost $50 million in one case — for old low-rise commercial building sites and empty lots where they plan to build mainly residential towers with retail and open public spaces below.

Still, it’s largely uncertain whether all the announced development plans will be carried out, and if so, how fast.

So far, only one of the nine projects is under construction: the 485-unit Kapiolani Residence nearing completion mauka of the Ala Moana Hotel.

The developer of Kapiolani Residence, an affiliate of Korea-based SamKoo Development, anticipates starting construction on a second tower called The Central Ala Moana with 513 units early next year about two long blocks farther Ewa.

In September, ProsPac Holdings Group LLC, a firm with ties to China, began selling condo units in its planned Azure tower that features 330 condos and 78 rental apartments slated for the corner of Keeaumoku and Makaloa streets.

Local development firm Avalon Development has yet to obtain city approvals for a tower project fronting Kapiolani immediately makai of Walmart, but anticipates having a firm plan soon and starting presales for 700 to 800 condo units early next year.

Two projects by California-based Salem Partners received city approvals last year, but the developer has yet to file condo documents that would allow sales. These projects are the Manaolana Place tower at the corner of Kapiolani Boulevard and Atkinson Drive with 125 homes and 109 hotel rooms to be managed as a Mandarin Oriental property, and a 444-unit condo-­hotel tower at 1500 Kapiolani Blvd., where a former Heald College building stands.

A building with 78 rentals for seniors also is part of the 1500 Kapiolani project and is planned on an adjacent site on top of the Walgreens parking garage.

Commercial real estate brokerage firm CBRE Inc. announced earlier this year that Salem was seeking to sell the 1500 Kapiolani site or form a joint venture for carrying out the project under which Salem would retain a 5 percent to 15 percent stake.

Two other towers called Hawaii Ocean Plaza and Hawaii City Plaza also have been approved.

Less certain are projects from two companies that acquired real estate on Kapiolani. In 2015, Qinghua International Holdings bought land at 1340 Kapiolani Blvd., next to the Hawaii Ocean Plaza site, and told the city it was interested in developing 250 residences. And last month, the Evers­hine development firm that built the twin-tower Moana Pacific condo in Kakaako purchased a site between Kapiolani Residence and the Manaolana Place site for what is expected to be a tower project.

Sombrero said he’s certain more projects are ahead for the area, including some at Ala Moana Center atop parking decks bordering Macy’s. Developers previously produced two luxury condo complexes, Park Lane and One Ala Moana, on other parts of the mall’s parking areas, and Sombrero said he expects more of the same.

Some existing residents in the area worry all the planned development will create traffic nightmares. But city officials are confident many of the new residents will use cars sparingly in favor of mass transit. Ala Moana Center already hosts a critical mass of bus connections, and the rail line is projected to begin operating there in late 2025.

Harrison Rue, the city’s TOD administrator, said he has been happily surprised by how many developers responded to rules and incentives created in 2014 for building up communities around rail station sites in advance of the rail line operating.

“That’s working as desired,” he said. “We’re pleased that there is a significant amount of housing production coming up.”