{"id":1004088551,"date":"2013-12-15T22:38:11","date_gmt":"2013-12-16T06:38:11","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=226040"},"modified":"2020-04-28T03:02:17","modified_gmt":"2020-04-28T11:02:17","slug":"downtown-capital-gains-state-agency-approval-for-second-condo-tower-on-former-honolulu-advertiser-site","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/downtown-capital-gains-state-agency-approval-for-second-condo-tower-on-former-honolulu-advertiser-site\/","title":{"rendered":"Downtown Capital Gains State Agency Approval for Second Condo Tower on Former Honolulu Advertiser Site"},"content":{"rendered":"<p><!--[if gte mso 9]><xml><br \/>\n<o:OfficeDocumentSettings><br \/>\n<o:AllowPNG\/><br \/>\n<\/o:OfficeDocumentSettings><br \/>\n<\/xml><![endif]--><\/p>\n<p><!--[if gte mso 9]><xml><br \/>\n<w:WordDocument><br \/>\n<w:View>Normal<\/w:View><br \/>\n<w:Zoom>0<\/w:Zoom><br \/>\n<w:TrackMoves\/><br \/>\n<w:TrackFormatting\/><br 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5.4pt;\n\tmso-para-margin-top:0cm;\n\tmso-para-margin-right:0cm;\n\tmso-para-margin-bottom:10.0pt;\n\tmso-para-margin-left:0cm;\n\tline-height:115%;\n\tmso-pagination:widow-orphan;\n\tfont-size:11.0pt;\n\tfont-family:\"Calibri\",\"sans-serif\";\n\tmso-ascii-font-family:Calibri;\n\tmso-ascii-theme-font:minor-latin;\n\tmso-hansi-font-family:Calibri;\n\tmso-hansi-theme-font:minor-latin;\n\tmso-fareast-language:EN-US;}\n<\/style>\n\n\n\n\n<p><![endif]--><\/p>\n<p class=\"MsoNormal\"><em style=\"mso-bidi-font-style: normal;\"><span lang=\"EN-US\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/12\/801-South-Street-Condominium-Tower-in-Honolulu.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-226043\" title=\"801 South Street Condominium Tower in Honolulu\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/12\/801-South-Street-Condominium-Tower-in-Honolulu.jpg\" alt=\"\" width=\"202\" height=\"300\" \/><\/a>By Adriana Pop, Associate Editor<\/span><\/em><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">The Hawaii Community Development Authority (HCDA) has approved the construction of a second affordable condominium high-rise on the site of the former Honolulu Advertiser building in Kakaako. The back portion of the facility will be demolished to make room for the new development. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">According to the <em style=\"mso-bidi-font-style: normal;\"><a href=\"https:\/\/www.bizjournals.com\/pacific\/news\/2013\/12\/04\/hawaii-agency-approves-second-tower-on.html\" target=\"_blank\" rel=\"nofollow\">Pacific Business News<\/a><\/em>, Marshall Hung\u2019s Downtown Capital L.L.C. is planning to build a 410-unit residential tower with one-, two- and three-bedroom condominiums. Plans also call for a 10-story parking garage, the newspaper reports. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">The first tower slated to rise at the site will bring 635 affordable condominiums, which have already sold out. Upon completion in 2015, the $400 million, 46-story high-rise at 801 South St. will offer a mix of studio, one- and two-bedroom units. The project is expected to create 350 construction jobs.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">In 2012, Downtown Capital L.L.C. acquired the former Honolulu Advertiser building from Gannett Co. for $23 million. For the past few years, CBS Productions had been using the facility as a sound stage for the \u201cHawaii Five-0\u201d television series. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">In other news, the <a href=\"https:\/\/www.bizjournals.com\/pacific\/news\/2013\/12\/06\/stanford-carr-to-develop-abs.html\" target=\"_blank\" rel=\"nofollow\"><em style=\"mso-bidi-font-style: normal;\">Pacific Business News<\/em><\/a><em style=\"mso-bidi-font-style: normal;\"> <\/em>reports that<em style=\"mso-bidi-font-style: normal;\"> <\/em>the HCDA has also green-lighted Stanford Carr Development\u2019s plan to take over an affordable senior rental project near Ala Moana Center in Kakaako. <span style=\"mso-spacerun: yes;\">\u00a0<\/span><span style=\"mso-spacerun: yes;\">\u00a0<\/span><\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">The new 72-unit development at 404 Piikoi St. is intended to satisfy Alexander &amp; Baldwin Inc.\u2019s affordable housing requirement in return for maximizing the density of the 43-story Waihonua at Kewalo condominium tower currently under construction in the same part of the city. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u201cEssentially, A&amp;B had a partner who could not get financing for the project,\u201d Anthony Ching, executive director of the Hawaii Community Development Authority, told the newspaper.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Stanford Carr\u2019s other developments in Kakaako include the 204-unit Halekauiwila Place affordable rental project and the 600-unit Keauhou Lane residential tower, which is part of Kamehameha Schools\u2019 master plan for the neighborhood. <span style=\"mso-spacerun: yes;\">\u00a0<\/span><\/span><\/p>\n<p class=\"MsoNormal\"><em style=\"mso-bidi-font-style: normal;\"><span lang=\"EN-US\">Photo credits: Downtown Capital L.L.C.<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Hawaii Community Development Authority (HCDA) has approved the construction of a second affordable condominium high-rise on the site of the former Honolulu Advertiser building in Kakaako. The back portion of the facility will be demolished to make room for the new development.<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1588,21742],"tags":[1815],"class_list":["post-1004088551","post","type-post","status-publish","format-standard","hentry","category-honolulu","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Downtown Capital Gains State Agency Approval for Second Condo Tower on Former Honolulu Advertiser Site - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/downtown-capital-gains-state-agency-approval-for-second-condo-tower-on-former-honolulu-advertiser-site\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Downtown Capital Gains State Agency Approval for Second Condo Tower on Former Honolulu Advertiser Site\" \/>\n<meta property=\"og:description\" content=\"The Hawaii Community Development Authority (HCDA) has approved the construction of a second affordable condominium high-rise on the site of the former Honolulu Advertiser building in Kakaako. 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