The Hawaii Community Development Authority has approved a proposal by developer Hunt Cos to convert a former military barrack at the old Barbers Point Naval Air Station in Kalaeloa into affordable rental apartments. Hunt Cos stated that they plan to start construction on October 1, 2014 and will turn the 204 vacant studios into 100 one-bedroom units that will rent for approximately $1,300 per month. The developer expects to spend about $10 million in the renovation project and will reserve the units for those residents who earn no more than 140 percent of Honolulu's median income. That equates to $57,820 for a single person and $74,340 for a family of three. Planned amenities will include a fitness and recreation room, a barbecue area and a lounge. There will also be 157 car parking spots provided.
Hunt Cos stated that this will be the initial piece of a complete redevelopment of the former Navy base. The larger plan, if approved, would be to add 4,000 homes, 3.5 million sq ft of commercial buildings and 60 acres of open spaces including parks to the former Barbers Point Naval Air Station. The project is being called Ho'ala Kalaeloa, which translates to Renew Kalaeloa, and is expected to take several decades to complete.
Source: Honolulu Star Advertiser, 9-10-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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