400 Keawe Introduction - Collaboration Between Castle & Cooke and Kamehameha Schools

Kamehameha Schools introduced their new plan to collaborate with Castle & Cooke Homes Hawaii Inc, to build two mid-rise buildings in Kakaako.  The project, called 400 Keawe, will feature a 95-unit condominium mid-rise that will be built by Castle & Cooke, and an 88 unit rental apartment mid-rise to be built by Kamehameha Schools.  An existing office building in the block will also be converted for retail use.  It is estimated the 400 Keawe project will cost $60 million to build.

The Castle & Cooke section will feature one to three bedroom units with between 670 sq ft to 1,400 sq ft in size. Tentatively, the prices will range from $400,000 Fee Simple to $700,000 Fee Simple.  Out of the 95 units, a total of 20 units will qualify as moderate-priced housing under the rules created by the Hawaii Community Development Authority. There will also be approximately 10,000 sq ft of retail space on the first level of this building.  Executive vice president for Castle & Cooke, Bruce Barrett, commented, "Our Kaka‘ako is a growing, vibrant community, and 400 Keawe will be an integral part of the entire master plan."

The apartments being created by Kamehameha Schools will be rented out to middle-income tenants and will feature various sizes of units ranging from studios to three-bedrooms. There will be income limits imposed on renters, ranging from approximately $52,000 for a single person to $84,000 for a family of four.  Rents will range from $1,100 to $1,700. If approved by the HCDA, construction for both buildings will begin by the end of 2014 and will be completed by early 2016.  There will be several public hearings on the two buildings where residents and the community can voice their opinions.

Source: Honolulu Star Advertiser, 2-27-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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