Kakaako Neighborhood – 803 Waimanu Development Sparks Debate

MJF Development Corp, lead by Franco Mola, is hoping to build a new condominium tower in Kakaako tentatively named 803 Waimanu. Mola hopes to build a 197-unit tower and is requesting the Hawaii Community Development Authority to grant the MJF Development Corp a variance to allow them to build the property 250 feet high. Currently, the lot is zoned for a maximum height of 65 feet. Mola is also requesting for a variance to build the tower 90 feet away from the Imperial Plaza, an existing high-rise condominium, while the current rule calls for a 300 foot gap. According to plans, there will be a portion of the 803 Waimanu building that would be build just 39 feet from Imperial Plaza’s mid-rise tower.

The 803 Waimanu building is going to qualify as “workforce housing” which means at least 75 percent of the units will be offered to occupants earning between 100 percent to 140 percent of Honolulu’s median household annual income. This equates to $68,600 to $96,040 for a single person, or $97,900 to $137,060 for a family of four. Prices will start at $249,000 for a studio with 372 sq feet of space and would be as high as $586,000 for a three-bedroom unit with 1,086 sq feet of space. Under Hawaii Community Development Authority rules, developers who build “workforce housing” may be granted special variances for building their projects. This is due to the fact that it is financially challenging to build affordable housing in Hawaii, where land and development costs are so high.

However, there are many residents in the neighboring Imperial Plaza condominium who are extremely upset with this proposal, as the close proximity of 803 Waimanu would affect views and may create additional noise and traffic. These opponents argue that by granting 803 Waimanu a variance, it would set a precedent for other projects in Kakaako. Provided that a variance is granted by the Hawaii Community Development Authority, Mola hopes to start selling the building in September and start construction by the end of 2013.

Source: Honolulu Star Advertiser, 5-2-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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