The Hawaii Community Development Authority has given their approval to create a 46 story tower at 801 South Street in Kakaako. This $200 million project is expected to create a total of 635 affordable units priced between $250,000 for a studio and $550,000 for a two-bedroom unit. If there is enough demand, a second tower with an additional 400 units could be build for another $200 million. Sales and construction of the first tower is expected to begin in the middle of 2013 and the project should be ready for occupancy in 2015.
In order to qualify to purchase in this building, a household would have to earn less then $82,700 for a single person and $115,780 for a family of four. This designates the property as “workforce housing”. Developer Marshall Hung announced that he would use a lottery system for all eligible buyers. Hung added, ”With the average price of a single family home on Oahu at $600,000 and climbing fast, coupled with a stagnant household median income, we believe our project will give local residents priced out of the current market an opportunity to purchase or rent a high-quality condominium in urban Honolulu they can afford.”
Source: Honolulu Star Advertiser, 12-6-2012, 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
