Rental Apartments Planned for Hawaii Kai

The condominium project previously known as Hale Ali'i and Hale Ka Lae in Hawaii Kai will now be developed as an apartment complex.  Christine Camp, the president and CEO of Avalon, who is representing the developer, stated that the project will now be called 1700 Hawaii Kai and will feature 269 luxury rental units in the midrise project.  Camp noted that 87 percent of all homes in Hawaii Kai are occupied by owners and stated, "We felt what was lacking in Hawaii Kai was rentals for families. That was a compelling market reason to build housing for rent." The two and three bedroom units will rent from between $2,200 to $3,700 per month.

There will also be 54 units in the development that will be reserved for households earning less than 80 percent of the median income in Honolulu or approximately $61,350 for a couple and $76,650 for a family of four.  Rents for these affordable units will be no more than $1,820 for a two-bedroom unit or $2,682 for a three bedroom unit. The project is expected to start by the end of this year and will be completed by the second quarter of 2016.

Source: Honolulu Star Advertiser, 9-16-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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