Kamehameha Schools’ $90M Kakaako affordable rental project may be completed by 2017

This rendering shows the Keauhou Lane condominium project in Honolulu being developed

This rendering shows the Keauhou Lane condominium project in Honolulu being developed

Kamehameha Schools’ $90M Kakaako affordable rental project may be completed by 2017

Kamehameha Schools’ $90-million Keauhou Lane rental project in the Honolulu neighborhood of Kakaako, is expected to start construction in the first or second quarter of this year and be completed in the second or third quarter of 2017, according to public documents. Keauhou Lane is part of the block that includes Stanford Carr Development’s Keauhou Place

Portland, Oregon-based Gerding Edlen is developing the project on behalf of the state’s largest private landowner.

Carr’s Keauhou Place, which is located on the block at 500 South St. and 500 Keawe St., includes 388 residential units in a 400-foot tower, along with 35 townhome units in a 42-foot mid-rise tower. The project, which includes a rail transit station, has already started construction.

Keauhou Lane, being developed by GE Hawaii Block A2 LLC, includes 209 affordable rental housing units and about 32,300 square feet of restaurant and retail space, according to the project’s recently released draft environmental assessment.

The six-story building will consist of 51 studios, 86 one-bedroom units and 72 two-bedroom units.

All 209 units of the project will be reserved for residents making up to 100 percent of the area median income, which comes out to $1,677 or less per month for a studio, $1,797 or less per month for a one-bedroom unit and $2,157 or less per month for a two-bedroom unit.

The project will involve funding from the Hawaii Housing Finance and Development Corp.

“The project is an essential component in providing critical affordable rental housing inventory within this rapidly growing population center,” the project’s draft EA said. “This project will also fulfill the reserved housing obligation and mix of uses required by the Hawaii Community Development Authority, the state agency regulating development in Kakaako.

Pacific Business News

Kakaako mixed-use development Keauhou Lane to begin construction in August

The Hawaii Community Development Authority has approved two Kakaako residential projects being developed by Hawaii developer Stanford Carr and Oregon-based developer Gerding Edlen

The Hawaii Community Development Authority has approved two Kakaako residential projects being developed by Hawaii developer Stanford Carr and Oregon-based developer Gerding Edlen

Hawaii developer Stanford Carr’s Keauhou Lane Kakaako mixed-use residential project should begin construction in August, the developer said Thursday at an industry event in Waikiki.

Last month, Carr told PBN that the project, which is located on the bloack at 500 South St. and 500 Keawe St. and includes 388 residential units in a 400-foot tower, along with 35 townhome units in a 42-foot mid-rise tower, would start construction in July.

Carr, a panelist at the International Council of Shopping Centers Hawaii Idea Exchange event, gave a presentation about Keauhou Lane.

“Let’s create and define transit-oriented development and mixed-use,” said Carr, noting that a rail transit station will be integrated into the development.

Carr told PBN that his firm, Stanford Carr Development, is near to closing on the project’s construction loan and that it should get its foundation building permit soon.

So far, he said, sales have been good for the project.

Keauhou Lane also includes another project being developed by Oregon’s Gerding Edlen on behalf of landowner Kamehameha Schools.

This project includes 209 residential units in a 65-foot mid-rise building and 39,145-square-feet of ground-floor commercial space.

Both projects are expected to be completed in 2017.

Keauhou Lane is located near Carr’s recently completed Halekauwila Place rental project, which mostly has local occupants, according to Carr, who also pointed out that both the residential and commercial units of the project are 100-percent leased.

Halekauwila Place’s commercial tenants include Uproll Cafe, Kakaako Wine & Sake Collection, a convenience store, hair salon and a soft drink store.
Duane Shimogawa
Reporter
Pacific Business News

Stanford Carr’s Keauhou Lane condo project in Honolulu to start construction in July

This rendering shows the Keauhou Lane condominium project in Honolulu being developed

This rendering shows the Keauhou Lane condominium project in Honolulu being developed

Hawaii developer Stanford Carr’s Keauhou Lane project in the Honolulu neighborhood of Kakaako, which was slated to start construction in late March or early May, is now scheduled to begin construction in July, the developer confirmed to PBN this week.

The project, which is located on the block at 500 South St. and 500 Keawe St., includes 388 residential units in a 400-foot tower, along with 35 townhome units in a 42-foot mid-rise tower.

Carr told PBN that his firm, Stanford Carr Development, is nearing the closure of the project’s construction loan and should be getting a foundation building permit soon.

Sales for the project have been good thus far, he said.

Keauhou Lane also includes another project being developed by Oregon’s Gerding Edlen on behalf of landowner Kamehameha Schools.

That project includes 209 residential units in a 65-foot mid-rise building and 39,145 square feet of ground-floor commercial space. Hawaii Architecture and Hawaiian Dredging Construction Co. Inc. are architects and general contractor for that project.

Keauhou Lane also will include a planned rail transit station.

Alakea Design Group and Richard Matsunaga & Associates are the architects and Hawaiian Dredging Construction is the general contractor for the Keauhou Lane project.

Both projects are expected to be completed in 2017.

Duane Shimogawa
Pacific Business News

Hawaii developer Stanford Carr says ‘stars are aligned’ this real estate cycle

Developer Stanford Carr of Honolulu-based Stanford Carr Development is seen talking about his Keauhou Lane project in this file photo.

Developer Stanford Carr of Honolulu-based Stanford Carr Development is seen talking about his Keauhou Lane project in this file photo.

Hawaii developer Stanford Carr, who has been around for several real estate cycles in the state, describes the current upswing as if the stars are aligned.

In an exclusive interview with PBN this week, the Maui native who has turned into one of the top developers in Hawaii, especially in the residential real estate sector, noted that one of the stars is the pent-up demand of the market.

Other factors include an overall improvement in the economy, high consumer confidence and historically-low interest rates.

In the Honolulu neighborhood of Kakaako where Carr’s Stanford Carr Development is getting ready to start construction on his 388-unit Keauhou Lane residential project, the skyline is dotted with numerous building cranes and several other developers are helping to build up the area between Downtown Honolulu and Waikiki.

“You can look out at the skyline [in Kakaako] and you can correlate these buildings with the different economic cycles,” Carr said as we looked out of his office’s conference room on the 27th floor of the 1100 Alakea building in Downtown Honolulu. “You see Royal Capitol Plaza, Imperial Plaza, Waterfront Towers, Nauru Tower, Hawaiki Tower, One Archer Lane, Hokua, Hokulani, Moana Pacific, Pacifica and 909 Kapiolani.”

He pointed out that the new cycle includes Hawaii developer Marshall Hung’s 801 South St. projects at the site of the former Honolulu Advertiser building, The Howard Hughes Corp.’s slew of towers in Ward Village, Alexander & Baldwin’s Waihonua at Kewalo, the Kobayashi Group and The MacNaughton Group’s ONE Ala Moana and Vida at 888 Ala Moana, OliverMcMillan’s Symphony Honolulu, his Keauhou Lane and others.

When asked when he feels the cycle will begin to taper off, Carr said that the state is okay for the next three years.

“[But] beyond that, ask that question again next year,” he said.

Duane Shimogawa Reporter – Pacific Business News

Stanford Carr’s Keauhou Lane project in Honolulu to start construction in March

KEAUHOU LANE 01Hawaii developer Stanford Carr’s Keauhou Lane project, which includes 388 residential units in a 400-foot high-rise tower, along with 35 townhouse units in a 42-foot mid-rise tower, is slated to start construction in late March or early April, the developer told PBN Tuesday.

Alakea Design Group and Richard Matsunaga & Associates are the architects and Hawaiian Dredging Construction Co. Inc. is the general contractor for the project.

In an exclusive interview with PBN on Tuesday, Carr talked about how he feels the transformation of the Honolulu neighborhood of Kakaako is going, as well as updates on his projects across the state, including Keauhou Lane.

A sales office for the project recently opened at a former U.S. Department of Housing and Urban Development office at Waterfront Plaza in Downtown Honolulu.

“We’re just giving the consumer options,” Carr said of his project. “The people that come in are local families, couples. There must have been 40 people at one time that I’ve seen. It’s exciting and there’s lots of energy [at the sales gallery].”

Sales of Keauhou Lane, which will include a Honolulu rail transit station, are expected to begin the first of January.

“We’re closing on our construction loan [soon], and we’re already going for [building] permits,” Carr said.

The block at 500 South St. and 500 Keawe St., includes a project being developed by Oregon-based developer Gerding Edlen on behalf of landowner Kamehameha Schools.

That project includes 209 residential units in a 65-foot mid-rise building and 39,145 square feet of ground-floor commercial space.

“There’s already pent-up demand from the last four years, starting in 2008,” Carr said of the housing market in Hawaii. “What The Howard Hughes Corp. is offering satisfies a sector, what [Alexander & Baldwin Inc.], us and Marshall Hung are offering also satisfies a sector of the market.

“Hawaii’s got a bright future ahead of itself,” Carr said. “We have seen the cycles of the last 30-plus years. History will repeat itself. There’s a lot more confidence [these days].”

Duane Shimogawa Reporter – Pacific Business News

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