HCDA Approves Keauhou Lane Project in Kakaako

The Hawaii Community Development Authority has voted to approve the Keauhou Lane project in Kakaako. According to Stanford Carr, the local developer who is in charge of the tower portion of the project, the complex will feature a 43-story tower with 388 condominium units as well as a six-story rental building with 209 apartments.  There will also be a total of 35 town homes and additional restaurant and retail space on the ground floors.  Keahou Lane will be built adjacent to a planned city rail station, making it the first transit-oriented-development project in Honolulu.  Carr stated, "It's going to be urban living at its best."

Several owners living in One Waterfront Tower are concerned that Keauhou Lane would significantly block views for their building and therefore decrease property values.  Other residents argue that the 400 ft tower of Keauhou Lane would block tradewinds and therefore result in higher temperatures on their recreation deck.

Source: Honolulu Star Advertiser, 5-1-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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Keauhou Lane Project Update

The Keaukou Lane project in Kakaako has moved through the initial public hearing stage without any real challenges or problems.  Developer Stanford Carr stated that the project will feature a 43-story condominium tower with 388 units.  There will also be a mid-rise town home complex featuring 35 town homes and several other mid-rise buildings that will have a total of 209 rental apartments.  All in all, there will be 632 residential units, parking for 1,038 cars, and 39,000 sq ft of restaurant and retail space.  The 4.2 acre block is bordered by South St., Pohukaina St., Helekauwila St., and Keawe St.

There will be two additional public meeting on April 12th and April 15th.  The Honolulu Community Development Authority is scheduled to make a final decision on April 30th.

Source: Honolulu Star Advertiser, 3-20-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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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
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Proposed Mid-Rise Building in Kakaako Will Feature Rentals for Moderate Income

Kamehameha Schools has announced a proposal with developer Gerding Edlen to create a mid-rise rental building in Kakaako for those Hawaii residents who have moderate income.  By state definition, moderate income would mean households earning up to $67,000 for a single person and up to $96,000 for a family of four.  The plan would be to have a total of 209 units in the six-story building in size configurations ranging from studios to two-bedrooms.  Rents could be as much as $1,677 per month for a studio, $1,797 per month for a one-bedroom, and $2,157 per month for a two-bedroom.

The mid-rise building is being called Keauhou Lane, and will be part of a larger project called Keauhou Place, which will also feature a 40-story condominium tower being developed by Stanford Carr.  Keauhou Place will sell a total of 450 Fee Simple units for families earning up to 140 percent of the median income, or $94,000 for a single person and $134,000 for a family of four.  Prices for these units will start in the high $300,000s.

Keauhou Lane will have to go through public hearings before being officially approved. Once approved, construction should begin in the beginning of 2015 and be completed by sometime in 2016.

Source: Honolulu Star Advertiser, 2-8-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Kamehameha Schools Plans Seven Condominium Towers in Kakaako

Kamehameha Schools has unveiled their plan to create a total of 2,750 units in seven high-rise condominium towers in Kakaako as well as 300,000 sq ft of commercial space.  Out of those seven towers, three of them would be built as luxury buildings fronting Ala Moana Boulevard.  The other four buildings would be a mixture of rentals and fee-simple units for middle-income families.  Kamehameha School's director of real estate development, Paul Kay, stated, "What we did specify in our overall master plan is that we would develop a diverse mix of products and that we were going to touch every income group.  To do a true master-plan community, you really do have to provide a broad variety and mix of housing types. The point is to have them across the entire district. Certain blocks just lend themselves much better to moderate and workforce housing, and some of them just naturally lend themselves to a higher end."

Below are the projects that have been announced by Kamehameha Schools.

SALT Retail Complex - Kamehameha Schools has already announced the building of a retail complex called SALT, which would be created by renovating old buildings in the neighborhood.

The Collection - Land has also been sold to developer Alexander & Baldwin, who proposes to build a high-rise tower and a low rise building with a total of 470 units called The Collection.  Alexander & Baldwin are still awaiting approval from the Hawaii Community Development Authority before proceeding with the project.

555 South Street - Developer Stanford Carr has announced that he will be developing a 40-story building at 555 South Street.  The tower will have a total of 600 units and Carr hopes to get approval and start building by the end of 2014.  The property will be mixed use and will feature the high-rise condominium, low-rise townhouses, live-work units, rental apartments and rental spaces.  555 South Street will cost about $300 million to develop.

Keauhou Place - Developer Stanford Carr plans to build another tower called Keauhou Place, which would have 450 units.  The building would be a mixed-use project with both rental units and fee simple units reserved for middle income units.  Plans call for rental units priced between $1,050 to $1,300 per month and units for sale starting in the high $300,000 range.  In order to qualify to rent one of the units, a tenant would have to earn less than 100 percent of the median income of Honolulu.  In order to buy a unit, the buyer would have to earn a maximum for 140 percent of the median income of Honolulu.

Halekauwila Place - Carr will also be building another tower called Halekauwila Place, which would be an affordable rental apartment tower next to Mother Waldron Park.  All units in the building will be rentals and none will be for sale.

Source: Honolulu Star Advertiser, 7-27-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com