Franco Mola, a local Hawaii developer, is hoping to build a 21 story condominium tower in McCully with a total of 180 studio and one-bedroom units. The project, called 'Ohana Hale, would be located on the corner of McCully and South King Street. According to Mola the units would range in price from $250,000 to $440,000 Fee Simple. The majority of the units would be restricted to buyers who earn nor more than 120 percent of Honolulu's median annual income. This equates to $80,000 for a single person, or $92,000 for a couple. Mola stated, "Most of the recent residential condominium developments in urban Honolulu are in the luxury price range. 'Ohana Hale provides more affordable and modest-sized market-rate units to fill the void that is ever-increasing in the urban Honolulu housing market."
However, the McCully-Moiliili Neighborhood Board has raised several objections to the project. Currently there is a height restriction for the area of 150 feet, and Mola is requesting that be raised to 189 feet. Furthermore, Mola is requesting a zoning variance to double the allowable unit density and to reduce the setbacks to increase the building's size. Finally, neighbors note that building a 21 story condominium on the property would greatly change the appearance of the area, which is currently low-rise residential properties and a few commercial buildings. The neighborhood board is willing to support the project, provided that Mola decides to not to request any zoning variances.
Source: Honolulu Star Advertiser, 4-10-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC