Stanford Carr Joins with Kamehameha Schools to Develop $300M Residential Project in Kakaako
Stanford Carr Development and landowner Kamehameha Schools have partnered to construct a $300 million mixed-use residential project in Kakaako, the Pacific Business News reports.
Known as Keauhou Lane, the new project is slated to bring a total of 800 housing units on the block bound by South, Halekauwila, Keawe and Pohukaina streets.
Stanford Carr’s approximately 93,000-square-foot portion of the project will include a 40-story tower called Keauhou Place and a parking structure. The high-rise will consist of 600 residences, 400 of which will be for sale while the other 200 units will be rentals.
Kamehameha Schools’ plans for approximately 69,387 square feet of the property call for a low-rise mixed-use structure featuring 200 workforce apartments and ground-floor retail space.
Approximately 40 percent of the residences at Keauhou Lane will be reserved for middle-income workers. In order to qualify, renters can earn as much as 100 percent of Honolulu’s median income, while fee simple buyers can earn as much as 140 percent.
“I commend Kamehameha Schools and Stanford Carr Development for their efforts to build a residential community for the people of Hawaii and fulfilling our goal of making Kakaako a diverse and accessible environment,” Gov. Neil Abercrombie said in a news release. “Kakaako is a vital component of Hawaii’s economic development plan, where local families will be able to live, work and play in Honolulu’s urban core.”
Combined, the projects will offer about 50,000 square feet of recreational space and more than 65,000 square feet of open space. Construction is expected to begin in 2014 and wrap up in about two years.
“Naming the area Keauhou Lane provides a nice connection to the history of the area,” Stanford Carr Development president Stanford Carr said in a news release. “Keauhou means ‘new era,’ which seemed like a fantastic way to honor the history of the area while maintaining a focus on an urban expression of Hawaii’s lifestyle and island culture.”
Keauhou Lane is part of Kamehameha Schools’ “Our Kakaako” master plan, which includes three other developments: Six Eighty Ala Moana, A&B Properties’ The Collection and the Salt at Our Kakaako retail complex.
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