Stanford Carr, a local developer, has announced that construction for the Halekauwila Place Tower in Kakaako will begin shortly, now that financing has been secured. The $70 million project will be an affordable rental apartment tower in Kakaako and will be limited to tenants earning no more then 60 percent of Honolulu’s median family income. This equates to under $43,000 for a single person and under $63,000 for a couple with two children. Studios in the building will range from 395 to 424 sq ft in size, one bedrooms are estimated to be 535 to 597 sq ft, two bedrooms between 684 and 782 sq ft, and three bedrooms from between 1,093 and 1,511 sq ft. Rents will range from $850 per month for studios to $1,400 per month for three-bedroom units. Developer Stanford Carr stated, “This is truly workforce rentals. It’s been a long and arduous process, but we’re glad to be here. That’s really what’s needed in the marketplace. We are so far behind on (satisfying) the need for this kind of rental units.” Carr predicts that the building will be completed and ready for occupancy in April 2014.
Source: Honolulu Star Advertiser, 1-16-2013, 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
