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Wednesday, April 2, 2014

Sales to Commence Soon for Rycroft Terrace, the Pagoda Hotel Condominium Conversion

Developer Peter Savio has announced that sometime towards the end of this month his company will be selling 162 units in the Rycroft Terrace, a condominium conversion of part of the Pagoda Hotel.  The units will be classified as affordable housing and will start at $123,480 for a fee-simple studio up to $274,950 for a two-bedroom unit.  Qualified buyers would have to put down as little as 5 percent down payment, provided that they make less than 100 percent of the median income.  Monthly maintenance fees will range from $231 to $559. The conversion will help to satisfy a requirement of Kamehameha Schools to create a certain number of moderate-income housing units for their 2,750 residence project in Kakaako. Officially, Rycroft Terrace is about a half-mile outside of Kakaako, but the Hawaii Community Development Authority gave their consent in 2012.  

Source: Honolulu Star Advertiser, 4-2-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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