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The original plan for the project was withdrawn in July, which called for 217 workforce units in a 250-foot tower.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

Company Disclaimer: Information is deemed reliable but not guaranteed.