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.
