Developer plans to start construction on $40M Kakaako condo in January

803 WaimanuCalifornia developer MJF Development Corp. plans to start construction on its $40 million Kakaako condominium mid-rise project in January 2016, to be completed in March 2017, according to public documents recently filed.

The developer said, in the 803 Waimanu St. draft environmental assessment, that it will finance the project by applying for a dwelling unit revolving fund loan through the Hawaii Housing Finance and Development Corp. and through conventional debt and equity.

Additionally, the sale of the condo units will be the “take-out” source, meaning that the revenue will be used to pay off the interim construction financing.

The seven-story condo will consist of 153 studio, one- and two-bedroom units and 91 parking stalls located between Waimanu and Kawaiahao Streets near Dreier Street.

The site is currently occupied by a warehouse with light industrial tenants and auto repair shops.

A total of 101 units are priced as affordable to the households between 80 percent of area median income (a person making $53,700 annually) and 140 percent of area median income (a person making $93,940 annually). The remaining 52 units are market rate.

In March, MJF Development acquired three properties where it plans to build its 803 Waimanu St. project in the Honolulu neighborhood of Kakaako for about $5 million.

The Hawaii Community Development Authority, which oversees the redevelopment of Kakaako, approved the project about a year ago.

MFJ Development is headed up by developer Franco Mola, who is also developing another Honolulu condo project at 929 Pumehana St.

“Ohana Hale” is a 21-story, 180-unit affordable and workforce condo project on a 14,400-square-foot lot.

Duane Shimogawa
Pacific Business News

California developer acquires three Honolulu properties for Kakaako condo project

MJF Development Corp. has acquired three properties where it plans to build a seven-story condominium in the growing Honolulu neighborhood of Kakaako for a total of about $5 million, a spokesman for the California-based developer confirmed to PBN this week.

The 803 Waimanu St. project, which includes 153 market-priced residential units from studios to two-bedroom units, is expected to begin construction later this year and be completed in 2017.

The Hawaii Community Development Authority, which oversees the redevelopment of Kakaako, approved the project about a year ago.

MFJ Development, which is headed up by developer Franco Mola, formed Eight Zero Three Waimanu LLC for the purchase of the three parcels that total about 21,200-square-feet of land and buildings that total about 20,800 square feet, according to public records.

The industrial parcels, which occupy warehouses, are located at 803 Waimanu St., 764 Kawaiahao St. and 802 Kawaiahao St.

The original plan for the project was withdrawn in July, which called for 217 workforce units in a 250-foot tower.

PBN first reported that MJF Development submitted a scaled-down proposal for the 803 Waimanu St. project.

The development also will have a mechanized ground-floor parking system with 92 parking stalls.

The developer also plans to build another condo project at 929 Pumehana St. in Honolulu.

“Ohana Hale” is a 21-story, 180-unit affordable and workforce condo project on a 14,400-square-foot lot.

The building floor area will be about 107,999 square feet.

About 60 percent or 108 of the project’s units will be priced in the affordable range for households earning between 100 percent and 120 percent of the area median income for Honolulu.

There will be studio, one- and two-bedroom units.

MJF Development hopes to start construction on this project sometime this year.

Duane Shimogawa Reporter – Pacific Business News

Developer hopes to start construction on 2 Honolulu condo projects by end of 2015

MJF Development Corp., which plans to develop a couple of residential condominium projects in Honolulu, is hoping to start construction on these projects by the middle to the end of 2015, a spokesman for the California-based developer told PBN.

“Ohana Hale” is a 21-story, 180-unit affordable and workforce condo project on a 14,400-square-foot parcel located at 929 Pumehana St.

The building floor area will be about 107,999 square feet.

About 60 percent or 108 of the project’s units will be priced in the affordable range for households earning between 100 percent and 120 percent of the area median income for Honolulu.

There will be studio, one- and two-bedroom units.

The other project, 803 Waimanu St. in Kakaako, is a seven-story building with 153 market-priced residential units and includes a mix of studios, one- and two-bedroom units.

The original plan, which was withdrawn in July, called for 217 workforce units in a 250-foot tower.

PBN first reported that MJF Development submitted a scaled-down proposal for the 803 Waimanu St. project.

The development also will have a mechanized ground-floor parking system with 92 parking stalls.

Duane Shimogawa Reporter – Pacific Business News

Hawaii agency approves 803 Waimanu condo project in Kaka’ako

Jan 8, 2014, 3:57pm HST
Duane Shimogawa Reporter – Pacific Business News

The Hawaii Community Development Authority has approved California developer Franco Mola's proposal for the 803 Waimanu St. project in Kakaako.

The Hawaii Community Development Authority has approved California developer Franco Mola’s proposal for the 803 Waimanu St. project in Kakaako.

The Hawaii agency in charge of overseeing the redevelopment of Kakaako on Wednesday approved another condominium project — 803 Waimanu St. — for Oahu’s so called Third City.

The Hawaii Community Development Authority unanimously approved the scaled-down project that’s being developed by California developer Franco Mola, by a vote of 7-0, according to a spokeswoman for the HCDA.

The project by Mola’s MJF Development Corp. consists of a 65-foot seven-story building with 153 market-priced residential units and includes a mix of studios, one- and two-bedroom units.

The development also will have a mechanized ground-floor parking system with 92 parking stalls.

The HCDA held an initial public hearing regarding the project on Nov. 6.

PBN first reported that Mola submitted a scaled-down proposal for the 803 Waimanu St. project in August.

Mola’s original plan, which was withdrawn in July, called for 217 workforce units in a 250-foot tower.

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