404 Ward Avenue Condominium Building Update

The Howard Hughes Corporation is planning to build a 400 foot tower at 404 Ward Avenue in Kakaako.  The building's official name has not been announced yet, but tentative plans call for a total of 424 units, out of which 375 units would be reserved for residents earning between 100 to 140 percent of Honolulu's median income.  This would satisfy a requirement set forth by the Hawaii Community Development Authority to create housing for the "moderate income" group, or those who earn too much to qualify for low-income housing but who do not make enough to pay for market-priced housing.  This translates to a maximum annual income of about $85,000 for a single person or approximately $120,000 for a family of four.  Unit prices would range from between $400,000 to $700,000 in 404 Ward Avenue.

Howard Hughes Corp is requesting a variance from the Hawaii Community Development Authority to build the tower at 404 Ward Avenue just 120 feet away from the existing Kauhale Kakaako tower.  The rule currently states that a new building's broad side should be 300 feet away from an existing building's broad side.  The Hughes Corp is also requesting that they be allowed to build the tower's garage to 75 feet instead of the current limit of 65 feet to maximize the building's small footprint.  The HDCA will review the permit applications for another month and will make their decision by July 17, 2013.

Source: Honolulu Star Advertiser, 6-20-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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