According to Downtown Capital LLC, the developer for the 801 South Street condominium, there a total of 500 prospective buyers who have signed up for the lottery to purchase a unit in the second tower. Plans for Tower B shows that there will be a total of 410 units in one bedroom, two bedroom and three bedroom configurations, priced between $352,000 and $699,000. Both towers are being developed as "workforce housing" which means that they are reserved for households earning no more than 140 percent of Honolulu's median income. This equates to $84,574 for a single person, $96,656 for a couple, or $120,820 for a family of four.
Downtown Capital stated that they will be reserving at least 75 percent of the units in Tower B for "work force housing" buyers. Construction is expected to begin by the end of this summer.
Source: Honolulu Star Advertiser, 3-29-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
