Halekauwila Place - Affordable Housing Rentals in Kakaako

Halekauwila Place is a brand new mid rise condominium building in Kakaako will feature a total of 204 affordable housing rental units.  In order to be eligible to live at Halekauwila Place, a household may not earn more than 60 percent of Honolulu's median family income, or $40,260 for a single person or $57,480 for a family of four. Monthly rents will range from $956 for a studio to $1,389 per month for a three-bedroom unit.  Amenities will include a computer lab and a community room.  Internet, Wi-Fi, TV, and phone service will come bundled for $60 per month.  There will also be some commercial space on the ground floor that will be occupied by a hair salon, a wine and sake store, and a retailer that will sell dog accessories.  Developer Stanford Carr noted that more than 1,000 rental applications had been received and are currently being reviewed.

Source: Honolulu Star Advertiser, 4-2-2014, 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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Kamehameha Schools Plans Seven Condominium Towers in Kakaako

Kamehameha Schools has unveiled their plan to create a total of 2,750 units in seven high-rise condominium towers in Kakaako as well as 300,000 sq ft of commercial space.  Out of those seven towers, three of them would be built as luxury buildings fronting Ala Moana Boulevard.  The other four buildings would be a mixture of rentals and fee-simple units for middle-income families.  Kamehameha School's director of real estate development, Paul Kay, stated, "What we did specify in our overall master plan is that we would develop a diverse mix of products and that we were going to touch every income group.  To do a true master-plan community, you really do have to provide a broad variety and mix of housing types. The point is to have them across the entire district. Certain blocks just lend themselves much better to moderate and workforce housing, and some of them just naturally lend themselves to a higher end."

Below are the projects that have been announced by Kamehameha Schools.

SALT Retail Complex - Kamehameha Schools has already announced the building of a retail complex called SALT, which would be created by renovating old buildings in the neighborhood.

The Collection - Land has also been sold to developer Alexander & Baldwin, who proposes to build a high-rise tower and a low rise building with a total of 470 units called The Collection.  Alexander & Baldwin are still awaiting approval from the Hawaii Community Development Authority before proceeding with the project.

555 South Street - Developer Stanford Carr has announced that he will be developing a 40-story building at 555 South Street.  The tower will have a total of 600 units and Carr hopes to get approval and start building by the end of 2014.  The property will be mixed use and will feature the high-rise condominium, low-rise townhouses, live-work units, rental apartments and rental spaces.  555 South Street will cost about $300 million to develop.

Keauhou Place - Developer Stanford Carr plans to build another tower called Keauhou Place, which would have 450 units.  The building would be a mixed-use project with both rental units and fee simple units reserved for middle income units.  Plans call for rental units priced between $1,050 to $1,300 per month and units for sale starting in the high $300,000 range.  In order to qualify to rent one of the units, a tenant would have to earn less than 100 percent of the median income of Honolulu.  In order to buy a unit, the buyer would have to earn a maximum for 140 percent of the median income of Honolulu.

Halekauwila Place - Carr will also be building another tower called Halekauwila Place, which would be an affordable rental apartment tower next to Mother Waldron Park.  All units in the building will be rentals and none will be for sale.

Source: Honolulu Star Advertiser, 7-27-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Halekauwila Place – An Affordable Rental Apartment Tower in Kakaako

Stanford Carr, a local developer, has announced that construction for the Halekauwila Place Tower in Kakaako will begin shortly, now that financing has been secured. The $70 million project will be an affordable rental apartment tower in Kakaako and will be limited to tenants earning no more then 60 percent of Honolulu’s median family income. This equates to under $43,000 for a single person and under $63,000 for a couple with two children. Studios in the building will range from 395 to 424 sq ft in size, one bedrooms are estimated to be 535 to 597 sq ft, two bedrooms between 684 and 782 sq ft, and three bedrooms from between 1,093 and 1,511 sq ft. Rents will range from $850 per month for studios to $1,400 per month for three-bedroom units. Developer Stanford Carr stated, “This is truly workforce rentals. It’s been a long and arduous process, but we’re glad to be here. That’s really what’s needed in the marketplace. We are so far behind on (satisfying) the need for this kind of rental units.” Carr predicts that the building will be completed and ready for occupancy in April 2014.

Source: Honolulu Star Advertiser, 1-16-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com