Developer Downtown Capital LLC has announced that that they will beginning sales for the second tower of their 801 South St. project. According to their press release, the sales office will open on Saturday, March 15, 2014 and prospective buyers will be selected by lottery. There will be a total of two lotteries. The first lottery will be on March 29, and interested parties must submit their names and information by March 28. The second lottery would be held on April 12. For the first 60 days, only buyers earning no more than 140 percent of Honolulu's median income would be able to purchase at 801 South Street Building B. This equates to $84,574 for a single person, $96,656 for a couple, or $120,820 for a family of four. However, after 60 days, if there are still units available, buyers and investors regardless of income are allowed to purchase units.
Building B will feature a total of 410 units with prices ranging from $352,000 to $699,000 for one-bedroom, two-bedroom and three-bedroom units. The units in Building B will be larger and priced slightly higher than the units in Building A, which featured studios, one-bedroom and two-bedroom sizes priced between $250,000 to $500,000. However, they still fall under the Hawaii Community Development Authority's definition of "workforce housing". Marshall Hung, the principal of Downtown Capital, stated, "We have grown increasingly concerned that too much housing now being built can only be purchased by upper-income households and by wealthy out-of-state individuals and that very few new projects are being built for the working middle-class families in our community."
Not everyone is happy with these two towers being built at 801 South Street. Residents from Royal Capital Plaza, a neighboring condominium tower, filed a lawsuit stating that Building B is too close to their property and the prices are too high to be considered affordable.
Construction for Tower B is expected to begin this summer.
Source: Honolulu Star Advertiser, 3-14-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
