Honolulu Mayor Kirk Caldwell has signed Bill 68 into law, which will pave the way for the proposed Live Work Play Aiea project. Live Work Play Aiea, which is being developed by Robertson Property Group, hopes to create as many as 1,500 residential units in a five-tower development at the site of the Kamehameha Drive in near Pearlridge Center. The $766 million project will be located next to one of the major hubs of the $5.26 billion Honolulu Rail Project.
Under the agreement with the city, the developer must place a minimum of 30 percent of its residential units in the affordable-housing category. Furthermore, at least half of the affordable units must be on the project site. The rest can be spread out within a half-mile radius of the Pearlridge station or within and of the other transit hubs planned along the 20-mile route of the Honolulu Rail Project. Bill 68 allows for three of the five towers to be as tall as 350 feet, 300 feet and 250 feet respectively. The last two towers are restricted to 150 feet. This is a significant increase from the current zoning which limits the entire area to just 60 feet.
Source: Honolulu Star Advertiser, 5-2-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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