Developer Marshall Hung of Downtown Capital LLC, has put in a request with the state to build a second workforce housing tower on a 3.7 acre site located on the corner of South Street and Kapiolani Boulevard. Construction for the first tower, named 801 South Street, has already started after the vast majority of the 635 units have been put into escrow. 801 South Street had a total of 635 units in studio, one bedroom and two bedroom configurations. The second tower that is being proposed would have an additional 410 units, and would feature slightly larger units, one to three bedrooms, and would be priced between $360,000 to $700,000 Fee Simple.
However, the Historic Hawaii Foundation has raised a significant objection to the construction of the second tower. The historic News Building currently sits on the site, and approximately half of the building would have to be demolished in order to build a 788-stall parking garage. Executive director for the Historic Hawaii Foundation, Kiersten Faulkner, stated, “It’s an incredibly significant historical and architectural treasure in the center of the civic area.” Marshall Hung responded by noting that the News Building is not on any state or federal registries of historic building, but also added, "“We’re sensitive to the community.”
Source: Honolulu Star Advertiser, 8-25-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
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