HCDA Green-Lights Stanford Carr’s New Affordable Apartment Complex in Honolulu
- Jan 19, 2015
Hawaii regulators have approved a $50 million, 128-unit affordable rental project proposed by developer Stanford Carr near Ala Moana Center in Honolulu’s Kakaako neighborhood.
According to the Pacific Business News, the upcoming development is meant to satisfy Alexander & Baldwin Inc.’s affordable housing requirement for its nearby 43-story Waihonua at Kewalo condominium tower.
Scheduled to break ground in about a year, Carr’s 11-story Hale Kewalo complex at the corner of Piikoi and Kona streets will feature 27 one-bedroom units, 72 two-bedroom units and 29 three-bedroom units. The project will cater to Hawaii residents earning between 30 and 100 percent of the area median income (which is less than $40,260 or $57,480 for an individual and family of four, respectively). Monthly rents are expected to range between $500 for a one bedroom and a little more than $1,389 for a three bedroom.
Unanimously supported by the HCDA, Stanford Carr took over A&B’s reserved housing assignment at the end of 2013. “Essentially, A&B had a partner who could not get financing for the project,” Anthony Ching, executive director of the Hawaii Community Development Authority, the state agency overseeing the redevelopment of Kakaako, told PBN.
Carr’s other developments in Kakaako include the 204-unit Halekauiwila Place affordable apartment project (pictured), which opened last year, and the 600-unit Keauhou Lane residential tower, which is part of Kamehameha Schools’ master plan for the neighborhood and is expected to break ground in the spring.
Photo credit: Alexander & Baldwin