Artspace to Proceed with Low-Income Artist Housing in Kakaako

The Hawaii Community Development Authority has announced that they have awarded nonprofit developer Artspace with a 65-year lease for a 30,000 sq ft lot on Waimanu Street to build loft-style apartments for low-income artists in Kakaako.  The lease rent will be a nominal amount of $1 per year.  Artspace plans to build an eight story building with a total of 84 rental units. They will be restricted to households earning 30 percent to 60 percent of Honolulu's median income.  That equates to a maximum of $28,750 for a single person to $57,480 for a family of four. Monthly rent will be between $437 to $1,334 per month.

Source: Honolulu Star Advertiser, 12-18-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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