By Adriana Pop, Associate Editor
Construction on a 269-unit Hawaii Kai residential rental project that was initially planned as a luxury condominium complex was set to begin on Friday, with a groundbreaking ceremony.
According to the Pacific Business News, Honolulu-based Avalon Development Co. is planning the construction of two 10-story apartment buildings and a parking structure on nearly four acres of land at 7000 Hawaii Kai Drive.
The new development, which entails a total investment of $165 million, will bring a mix of 215 market-rate units and 54 affordable residences.
The owner of the land is Hanwha Engineering and Construction, a South Korean developer who originally planned the Hale Ka Lae condominium complex at the site. Plans were shelved in late 2011, and last year the company contracted Avalon Development to develop, design and obtain financing for the rental project, now called 7000 Hawaii Kai.
Construction on the complex is scheduled to be complete during the second quarter of 2016. Monthly rents for the market-rate two-bedroom, two-bathroom units and three-bedroom, two-bathroom units are expected to range between $2,200 and $3,700. Meanwhile, the affordable component of the project, which includes two-bedroom and three-bedroom apartments reserved for residents earning up to 80 percent of the area median income, is expected to lease for between $1,475 and $2,200 per month.
Amenities at 7000 Hawaii Kai will include a clubroom with full kitchen, a library, a secondary dining/meeting room, a media/performance room with kitchenette, a music practice room/conference room, a fitness center, a business center, commercial laundry facilities, a dog wash area and an expansive lawn area.
“Not only did we help a troubled project come back to life, we have given some significant benefit to the community with these rentals,” Avalon president & CEO Christine Camp told the newspaper. “We may help bring back young families to the place where they grew up.”
Design Partners Inc. is the project’s architect, and the builder is Hawaiian Dredging Construction Co.
Photo credit: Travis Thurston via Wikimedia Commons
For our most recent Hawaii office, retail and industrial market snapshot, click here.