A $38 million affordable housing complex aimed at local artists that’s being built in the Honolulu neighborhood of Kakaako is starting construction in March and will take two years to complete, according to a final environmental assessment recently filed with the Hawaii Office of Environmental Quality Control.
The 84-unit Ola Ka Ilima Artspace and Lofts rental complex, which recently received $1.425 million in federal tax credits and $712,500 in state tax credits from the Hawaii Housing Finance and Development Corp., will offer one-, two-, and three-bedroom units in two eight-story buildings that will form a courtyard.
The property at 1025 Waimanu St. is currently owned by San Diego-based OliverMcMillan and the Hawaii Community Development Authority, the state agency overseeing the redevelopment of Kakaako.
The project, which will enter into a 65-year lease with the HCDA, is expected to be completed in March 2017.
Duane Shimogawa Reporter – Pacific Business News