The Hawaii Community Development Authority has announced that they have given approval to Kamehameha Schools, allowing the proposed conversion of the Pagoda Hotel to count towards a required number of affordable housing units in Kakaako. Kamehameha Schools plans to build a total of 2,750 new homes/condo units in seven high rise buildings in Kakaako over the next eight to twelve years. In order to satisfy state regulations, 550 of these units would have be considered affordable for moderate-income residents.
Kamehameha School had stated earlier this summer that they would convert one of the two buildings at the Pagoda Hotel into a 162 unit property to be renamed Rycroft Terrace. The fee-simple units would be priced between $118,000 to $263,950 per unit and thanks to the Hawaii Community Development Authority’s ruling, would count towards the 550 affordable units. A total of 66 of the units are studios between 304 to 321 sq ft in size. 76 of the units are one-bedroom and would be between 495 to 616 sq ft in size. 20 units have two bedrooms and would be between 649 to 737 sq ft in size.
Source: Honolulu Star Advertiser, 8-9-2012, 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
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
