The Hawaii Community Development Authority has announced that they have selected Forest City Enterprises Inc. to be the developer to build a rental apartment tower in Kakaako. The property will be built at 690 Pohukaina Street near downtown Honolulu, and the tentative plan is to build a 650 foot tall tower with 804 rental units. Forest City had a backup plan of building two smaller 400 foot towers if approval to build a mega tower is not given.
The project is expected to cost $293 million and there are some very specific rental requirements already in place. A total of 390 of the units will be considered to be affordable and be given to tenants with no more than 120 percent of Honolulu’s median income. Another 390 units would be restricted to tenants earning no mote than 140 percent of the city’s median income. The remaining units would be rented to anyone regardless of their social-economic position. Forest City announced that they would also build 24 luxury penthouse apartments for rent.
Assuming that permitting moves according to schedule, the project would start construction in 2016 and be completed in 2019.
Source: Honolulu Star Advertiser, 12-13-2012, 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
