400 and 440 Keawe Street Projects In Kakaako Approved

The Hawaii Community Development Authority has given their approval for both 400 Keawe St and 440 Keawe Street in Kakaako.  The two mid rise buildings will be a 95-unit condominium project and an 88-unit rental complex respectively, and will be located on the square block that is currently bordered by One Waterfront Towers, Keawe St, Auahi St, and Pohukaina St.  400 Keawe St will be developed by Castle & Cooke Homes Hawaii, while Kamehameha Schools will develop the apartment complex.  There will also be some retail space and a restaurant located between the two buildings.

According to Castle & Cooke, prices are expected to range from the high $300,000s to the mid-$700,000s for one to three bedroom units.  Twenty of the 95 units will be restricted to buyers earning no more than 130 percent of Honolulu's median income.  Executive Vice President of Castle & Cooke, Bruce Barrett, commented, "We think there's a lot of demand for these price points. We have a project that differentiates itself. It's on a smaller and more human scale."

Source: Honolulu Star Advertiser, 6-11-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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Update on 400 Keawe Project in Kakaako

Castle & Cooke Homes Hawaii Inc and Kamehameha Schools are planning to develop two residential midrise buildings in Kakaako.  The first building, which is being developed by Castle and Cooke, is tentatively being called 400 Keawe and will feature a total of 95 condominium units.  The second building, developed by Kamehameha Schools, will be located at 440 Keawe and will be an 88-unit rental complex.  The 2.8 acre project is bordered by One Waterfront Towers, Auahi Street, Pohukaina Street and Keawe Street.

The condominium building (400 Keawe) will feature one to three bedroom units priced in the $400,000s to the $700,000s.  The rental building (400 Keawe) will feature units ranging from studios to three-bedrooms and will rent from between $1,100 to $1,700 per month.  The rental building will be reserved for middle-income residents earning between $52,000 for a single person to $84,000 for a family of four.

At a public hearing, reactions to the proposed project were relatively positive.  A few residents in the One Waterfront Tower expressed concerns that the top two floors of the Keawe Street project would have full views of One Waterfront's recreation deck and block the deck's makai views.  Furthermore, it is claimed that temperatures on One Waterfront Tower's recreation deck could rise to 135 degrees during the hottest months due to the fact that tradewinds would be blocked by the two Keawe street mid-rise buildings.  Owners of One Waterfront Tower noted that they have just spent $2.3 million renovating their recreation deck and this new project would severely constrict enjoyment of the deck.

Source: Honolulu Star Advertiser, 5-1-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
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400 Keawe Introduction - Collaboration Between Castle & Cooke and Kamehameha Schools

Kamehameha Schools introduced their new plan to collaborate with Castle & Cooke Homes Hawaii Inc, to build two mid-rise buildings in Kakaako.  The project, called 400 Keawe, will feature a 95-unit condominium mid-rise that will be built by Castle & Cooke, and an 88 unit rental apartment mid-rise to be built by Kamehameha Schools.  An existing office building in the block will also be converted for retail use.  It is estimated the 400 Keawe project will cost $60 million to build.

The Castle & Cooke section will feature one to three bedroom units with between 670 sq ft to 1,400 sq ft in size. Tentatively, the prices will range from $400,000 Fee Simple to $700,000 Fee Simple.  Out of the 95 units, a total of 20 units will qualify as moderate-priced housing under the rules created by the Hawaii Community Development Authority. There will also be approximately 10,000 sq ft of retail space on the first level of this building.  Executive vice president for Castle & Cooke, Bruce Barrett, commented, "Our Kaka‘ako is a growing, vibrant community, and 400 Keawe will be an integral part of the entire master plan."

The apartments being created by Kamehameha Schools will be rented out to middle-income tenants and will feature various sizes of units ranging from studios to three-bedrooms. There will be income limits imposed on renters, ranging from approximately $52,000 for a single person to $84,000 for a family of four.  Rents will range from $1,100 to $1,700. If approved by the HCDA, construction for both buildings will begin by the end of 2014 and will be completed by early 2016.  There will be several public hearings on the two buildings where residents and the community can voice their opinions.

Source: Honolulu Star Advertiser, 2-27-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Update on Kamehameha School's Plan for Kakaako

Kamehameha Schools has announced that they will be working with local developer Castle & Cooke Homes Hawaii Inc. to build a new mid-rise building on the block on the east side of One Waterfront Towers. Under the proposed plan, Castle & Cooke will develop a total of 183 condominium and apartment rentals along with some commercial space on that parcel. The current tenants, which include Alu Like, Ka Ulu-koa, J's BBQ and Hawaiian Beauty Products Ltd. have already received notices that they may have to relocate soon for this development.

The master plan of Kamehameha Schools calls for the complete redevelopment of nine blocks within Kakaako.  When completed, there will be a total of 2,750 new housing units and 300,000 sq ft of new commercial space.  The Collection, a 470 unit condominium tower complex, has already been approved for development, as has a retail complex called SALT.  Kamehameha Schools is also seeking permission to build a 209-unit mid-rise apartment building next to a 40-story condominium and mid-rise tower building called Keauhou Lane.  This project is currently being considered by the Hawaii Community Development Authority.

Source: Honolulu Star Advertiser, 2-25-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com