The Hawaii Community Development Authority has voted 6-0 in favor of issuing the non-profit Artspace to build an eight story building in Kakaako. Under Artspace's proposal, their building will feature a total of 84 rental lofts that will serve as housing for artists. Monthly rents will range from $437 to $1,334 per month and will target those households earning between 30 percent to 60 percent of Honolulu's median income ($20,150 for a single person or $40,260 for a family of four on the low end). "Art" for the Artspace project is defined broadly and can include literature, photography, architecture, singing, dancing, film-making and acting. Even technicians, administrators and teachers who support art can qualify. The quality of the art produced will not be a factor in deciding occupancy. The building should be finished by the end of 2016.
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.
Artspace, a Minneapolis-based nonprofit developer, hopes to build an eight-story building in Kakaako for artists to live in. The project, called Ola ka 'Ilima Artspace Lofts, will feature a total of 84 units and will cost $37 million to build. The Hawaii Housing Finance and Development Corp has approved $2.1 million in tax credits: $1.4 million in federal tax credits and $712,500 in state tax credits to help the project along. The credits can be claimed annually for the next 10 years, giving them a face value of $21 million. Artspace can in turn sell these credits to investors to help raise capital. Greg Handberg, the senior vice president of properties for Artspace, stated, "This is the critical financing step in this project. This is the hurdle. We're off to the races."Under their proposal, the lofts would be affordable for 65 years and restricted to households earning 30 to 60 percent of Honolulu's median income. This equates to a maximum of $28,750 for a single person or $57,480 for a family of four. Rent would range from about $437 per month to $1,334 per month. Artists will receive a preference for tenancy, and this could cover a wide range of areas including literature, photography, architecture, singing, dancing, filmmaking, acting, and the teaching of art. Artspace hopes to begin construction next year and finish by late 2016.
Source: Honolulu Star Advertiser, 7-25-2014, www.staradvertiser.comPosted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®Global Executive Realty, LLCwww.myhawaiihomesearch.comwww.myhawaiicondo.comwww.myhawaiidreamhome.com
