Downtown Capital LLC has announced that the second tower, Building B, of the 801 South Street has sold out. The developer stated that all 410 units have been purchased by local residents and 90 percent of them have stated that they intend to live in their unit. 801 South Street is a "work force" housing project, and requires that at least 75 percent of the units are sold to buyers who earn no more than 140 percent of Honolulu's median annual income. This equates to $84,574 for a single person, $96,656 for a couple or $120,720 for a family of four.
Units in Building B ranged from $352,000 for a one-bedroom unit to $699,000 for a three-bedroom unit. Construction of the second tower is expected to begin by the end of this year and will take about two year to complete. Building A is already under construction.
Source: Honolulu Star Advertiser, 5-29-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
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