The Hawaii Community Development Authority has given developer Franco Mola approval to build a condominium at 803 Waimanu Street in Kakaako. Under the final proposal, the building will be a total of seven stories high and will have a total of 153 units. This significantly different from the first proposal made in May 2013 of a 27-story tower with 192 units. Mola stated, "This has been a long, arduous project for us. It's not what we wanted, but we can live with the result."
Residents and owners of the adjacent Imperial Plaza condominium have been very concerned about the development of 803 Waimanu. Despite the concessions made by Mola to reduce the height of the building and to preserve most of the view channels, the close proximity of the new building has raised concerns over traffic, sewer capacity, and general city infrastructure. Mola added, "I think we designed a building that one, meets the rules, and two, is a good neighbor." Sales of the building should begin in the spring of 2014. The building will be classified as affordable, which mean geared towards people earning no more than 120 percent of Honolulu's median income. This equates to about $82,320 for a single person or $94,080 for a couple.
Source: Honolulu Star Advertiser, 1-9-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
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