Developers Lend Lease and Forest City Enterprises Inc. have both submitted bids to build a 650-foot residential tower in Kakaako located on state owned land located between Keawe Street, Pokukaina Street and Mother Waldron Park. The Hawaii Community Development Authority has asked both companies to submit preliminary proposals as to what they would build if they were given the contract
Lend Lease has stated that they would like to build two residential towers with a total of 1,002 units within them. One building would be 650 feet tall and contain 605 units while the second one would be approximately 400 feet tall and contain 397 units. Per Lend Lease’s proposal, half of the units would be reserved for people or families earning between 100 percent and 140 percent of Honolulu’s median income. Lend Lease stated, “Creating a residential sub-community of 2,000 residents near the proposed Halekauwila transit station will create a vibrancy that has been missing for decades since the time the area was an authentic residential neighborhood.”
Forest City would build only one 650-foot tower which would contain 804 total units with approximately half of them meeting the same workforce housing income limits that Lend Lease’s development would follow. Forest City offered a second proposal which would build three towers on the two acre lot. However, the biggest difference would be that all of Forest City’s unit would be rentals. Jon Wallenstrom, an official for Forest City, stated, “We’re really focused on the workforce housing. It’s important to bring significant workforce housing into the core of Honolulu.”
Source: Honolulu Star Advertiser, 10-25-2012, 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
