Stanford Carr’s Halekauwila Place affordable rentals on track for March completion

Feb 13, 2014, 2:12pm HST UPDATED: Feb 13, 2014, 3:53pm HST
Duane Shimogawa Reporter-Pacific Business News

Hawaii developer Stanford Carr’s $70 million, 204 affordable rental project in Kakaako, Halekauwila Place, is scheduled to be completed in March, the state agency overseeing the redevelopment of the Honolulu neighborhood said Thursday.

The Hawaii Community Development Authority said it provided gap financing for construction of the project, which will have rents that range in price from $956 a month for a studio to $1,389 a month for a three-bedroom unit.

The units are available to tenants making less than 60 percent of the area median income in Honolulu, or about $36,000 to $41,000 a year for a single person, the HCDA said.

The project is being financed through three separate sources, including $25 million from the U.S. Department of Housing and Urban Development through PNC Bank, $28 million through the issuance of low-income tax credits and $17 million from subordinate gap financing from the HCDA.

Halekauwila Place is considered the first phase of the 690 Pohukaina project, which will include a workforce housing component that targets people who earn up to 140 percent of area median income.

Interested applicants can contact the leasing company and get more information through the Halekauwila Place website.

Stanford Carr’s Kakaako condo project would add 600 residential units, commercial space

Jul 23, 2013, 7:01am HST
Duane Shimogawa  |  Reporter- Pacific Business News

Stanford Carr Development is planning to build a mixed-use high-rise residential project in Kakaako that would include 600 residential units, including townhomes, live-work units, rental apartments and ground floor commercial space.

This map shows the location of Stanford Carr Development's planned 600-unit mixed-use project in Kakaako.

This map shows the location of Stanford Carr Development’s planned 600-unit mixed-use project in Kakaako.

It will be located in an empty parking lot along South Street, adjacent to Carr’s Halekauwila rental development and bounded by Halekauwila and Pohukaina streets as well as South and Keawe streets.

The project involves landowner Kamehameha Schools and the Hawaii Community Development Authority, the state agency charged with overseeing development in areas such as Kakaako.

A Honolulu Authority for Rapid Transportation rail transit station is located right near this planned development but Carr declined comment on the prospects of it being a part of the new residential project.

“We’re trying to integrate everything,” Carr told PBN. “We challenged ourselves to go before agencies and say, ‘let’s collaborate.’”

PBN first reported this planned development, which will most likely include a neighborhood grocery store as one of its ground-floor commercial components.

Carr told PBN that the project is expected to include a total of 600 units, with 400 units for sale and 200 rental units.

Gov. Neil Abercrombie, Paul Kay, director of real estate development for Kamehameha Schools, and Carr are expected to make an official announcement regarding the project on Friday.

The development is part of Kamehameha Schools’ “Our Kakaako” master plan, which includes 29 acres on nine city blocks, seven residential towers that include 2,750 units and 300,000 square feet of commercial space.

This map shows the location of Stanford Carr Development’s planned 600-unit mixed-use project in Kakaako.