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Monday, September 29, 2014

Stanford Carr To Build Low Income Rental Mid-Rise in Kakaako

Developer Alexander & Baldwin has announced that they will gift a parcel of land located on the corner of Piikoi and Kona Street to developer Stanford Carr for free, in exchange for Carr creating a mid-rise building for low-income residents that would satisfy A&B's requirement for affordable units for their new Waihonua residential tower. Carr's plan would be to build an eleven story building that will tentatively feature 128 units in one-bedroom, two-bedroom and three-bedroom configurations. The project is currently being called Hale Kewalo and is designed for residents earning a maximum of 60 percent of the annual median income in Honolulu, which translates to less than $34,692 for a single person or less than $49,560 for a family of four.  Monthly rents are estimated at about $1,100 for a one-bedroom unit, $1,300 for a two-bedroom unit, and $1,500 for a three-bedroom unit.  The project will remain affordable for at least 30 years, per an agreement with the state.

The land is valued at $4.7 million by the city's property tax assessment office.  Standford Carr stated that the Hale Kewalo project will cost about $50 million to build and construction will start by the end of 2015 provided that his company can arrange for the necessary financing.

Source: Honolulu Star Advertiser, 9-29-2014,
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC