The Hawaii Community Development Authority (HCDA) announced that Stanford Carr’s affordable 204-unit Halekauwila Place apartment high-rise in Honolulu’s Kakaako neighborhood would be complete in March.
According to the Pacific Business News, financing for the$70 million project includes $25 million from the U.S. Department of Housing and Urban Development through PNC Bank, $28 million in low-income tax credits, as well as subordinate gap funding from the HCDA in the amount of $17 million.
Rents at Halekauwila Place will range from $956 a month for a studio to $1,389 a month for a three-bedroom unit. The residences will be available to tenants earning up to 60 percent of Honolulu’s median income, which is between $36,000 and $41,000 a year for a single person.
The Halekauwila affordable rentals are considered the first phase of the 690 Pohukaina mixed-use project in Kakaako, which includes two additional residential towers, one of which is slated to become the tallest building in Hawaii.
Plans for the state-owned parcel at 690 Pohukaina St. call for 300 for-sale workforce units available to buyers earning up to 140 percent of the city’s median income, as well as 500 market-priced housing units, a parking structure, a business incubator, commercial space and offices for the state’s library system and Friends of the Library. Forest City Hawaii expects to begin construction on the buildings in 2015 or 2016 and complete the project by 2019.
Stanford Carr is also developing the 40-story Keauhou Place residential tower in Kakaako. The new high-rise will be part of Kamehameha Schools’ Keauhou Lane mixed-use development and will include 400 condominiums, 200 apartments and ground-floor commercial space. Kamehameha Schools’ portion of the project consists of a low-rise mixed-use structure with 200 workforce apartments and ground-floor retail space. Construction on the buildings is scheduled to begin in mid- to late 2014 and be complete in 2016.
Photo credits: www.halekauwilaplaceapartments.com