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

Stanford Carr’s $50M Honolulu affordable rental project approved

Developer Stanford Carr of Honolulu-based Stanford Carr Development talks about his Keauhou Lane project in this file photo. His Hale Kewalo project affordable rental project gained regulatory approval Wednesday.

Developer Stanford Carr of Honolulu-based Stanford Carr Development talks about his Keauhou Lane project in this file photo. His Hale Kewalo project affordable rental project gained regulatory approval Wednesday.

Hawaii developer Stanford Carr’s plan to develop a $50 million, 128-unit affordable rental project near Ala Moana Center in the Honolulu neighborhood of Kakaako received the approval of Hawaii regulators on Wednesday.

The Hawaii Community Development Authority, which oversees the redevelopment of Kakaako, voted 8-0 to approve the assignment of reserved housing for Alexander & Baldwin Inc.’s Waihonua at Kewalo condominium to Carr, who said that the “Hale Kewalo” project is expected to break ground in about a year.

Carr noted that his company, Honolulu-based Stanford Carr Development, has completed a draft environmental impact statement for the project, and has submitted it to the Hawaii Housing Finance and Development Corp.

Additionally, Stanford Carr Development has submitted its application with the U.S. Department of Housing & Urban Development’s San Francisco Regional Office.

A sewer connection application also has been recently granted, Carr said.

The project will mostly be financed by the sale of state and federal tax credits.

Pittsburgh-based PNC Bank has agreed to purchase the tax credits, said Anthony Ching, executive director of the HCDA.

“This is a significant step, [and] while this seems to be a tortuous path, the production of rental housing units at deep affordability of any quantity is something that is important,” he said.

Hale Kewalo, which will be located at the corner of Piikoi and Kona streets, is targeted at Hawaii residents earning no more than about $40,260 for a single person, or $57,480 for a family of four.

Rental rates have not been finalized, although they may likely range from $500 per month to a little more than $1,389 per month for a three-bedroom unit, depending on unit size and number of bedrooms.

The 128 residences comprise 27 one-bedroom units, 72 two-bedroom units and 29 three-bedroom units. There also will be 77 parking spaces at the project.

The rental project at 404 Piikoi St. is meant to satisfy A&B’s affordable housing requirement for its 43-story Waihonua at Kewalo condominium.

PBN first reported that Carr was taking over the affordable housing development from A&B.

Duane Shimogawa Reporter – Pacific Business News

Stanford Carr prepares to launch newest project

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This architect’s rendering previews the look of the Keauhou Lane residential high-rise.

Stanford Carr Development is slated to start construction on its Keauhou Lane project in Kakaako in late March or early April of 2015.

The project includes 388 residential units in a 400-foot high-rise tower and 35 townhouse units in a 42-foot mid-rise tower. Alakea Design Group and Richard Matsunaga & Associates are the architects and Hawaiian Dredging Construction Co. Inc. is the general contractor.

In an exclusive interview with PBN this week, Stanford Carr, president and founder of the Hawaii-based firm that bears his name, talked about how the transformation of Kakaako is going, as well as updates on his projects across the state.

A Keauhou Lane sales office opened recently in a former U.S. Department of Housing and Urban Development office at Waterfront Plaza.

“We’re just giving the consumer options,” Carr said of his project. “The people who 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.”

Sales of Keauhou Lane, which will be near a Honolulu rail transit station, are expected to begin in early 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 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.], we 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].”

The entire development will be located on the site of a surface parking lot adjacent to Carr’s Halekauwila rental project and bounded by Halekauwila, Pohukaina, South and Keawe streets.

Combined, the projects will have about 50,000 square feet of recreational space and more than 65,000 square feet of open space.

Carr’s portion will take up about 93,000 square feet of “Block A” 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.

Gerding Edlen’s portion includes 69,387 square feet of property with live-work units, rental apartments and ground-floor commercial space. The six-story building will have a mix of studios, one-bedroom and two-bedroom units.

Duane Shimogawa Reporter – 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

HCDA approves another condo tower for Kakaako

A rendering of the proposed Keauhou Lane project in Kakaako.

A rendering of the proposed Keauhou Lane project in Kakaako.

HCDA approves another condo tower for Kakaako

By Andrew Gomes

The Hawaii Community Development Authority, the state agency regulating development in Kakaako, voted 8-0 Wednesday to approve the Keauhou Lane project, which features a 43-story condo tower, 632 residential units, parking for 1,038 cars and about 39,000 square feet of restaurant and retail space on a 4.2-acre block bordered by South, Pohukaina, Halekauwila and Keawe streets.

Wednesday’s vote is the final approval the project needs from the HCDA. The developer still needs building permits and expects to start construction next year.

The land is owned by Kamehameha Schools. Stanford Carr, a local developer, is in charge of the tower and parking portion of the Keauhou Lane project. The 43-story tower at Keauhou Lane is designed with 388 condos. Another 35 town homes would line the parking garage along South and Pohukaina streets.

The project also includes apartments and retail space, which are being developed by Portland, Ore.-based Gerding Edlen and will feature 209 rentals in four six-story buildings on the Keawe Street side of the block.

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.

Developers will discuss plans for two Kakaako condo projects

Feb 12, 2014, 6:15am HST
Staff: Pacific Business News

Portland-based Gerding Edlen Development will develop a 209-unit workforce housing project adjacent to Stanford Carr Development's Keauhou Lane project on South Street in Kakaako.

Portland-based Gerding Edlen Development will develop a 209-unit workforce housing project adjacent to Stanford Carr Development’s Keauhou Lane project on South Street in Kakaako.

The Hawaii Community Development Authority has scheduled public hearings in March and April for two planned Kakaako residential projects that sit on the same parcel.

One is at 500 South St. — Hawaii developer Stanford Carr’s Keauhou Lane project — and the other is at 500 Keawe St. — Oregon-based developer Gerding Edlen’s project.

The first public hearing at 9 a.m. Wednesday, March 19, will give developers an opportunity to officially present their plans.

The second hearing, which is scheduled for 9 a.m. Wednesday, April, will give the public another opportunity to voice their opinions about the project with the possibility of the HCDA making a decision at that time.

Both hearings will take place at the HCDA’s office at 461 Cooke St. in Honolulu.

The request is for a joint development permit for two separate mixed-use residential, commercial/retail development projects being built at the same time by Carr and Gerding Edlen.

Keauhou Lane’s portion of the project includes a mix of 388 residential units, which will have one-, two- and three-bedroom units in a 400-foot high-rise building, along with a mix of 35 townhouse units that will have two- and three-bedroom units in a 42-foot mid-rise tower, as well as 2,854 square feet of ground-floor commercial space, 1,038 square feet of vehicle stalls in a 72-foot parking structure, about 13,000 square feet of open space and 31,400 square feet of recreation space.

The Gerding Edlen project, which is being developed on behalf of landowner Kamehameha Schools, includes a mix of 209 residential units that will have studio, one- and two-bedroom units in a 65-foot mid-rise building, 39,145 square feet of ground-floor commercial space, four loading stalls, about 13,600 square feet of open space and 11,500 square feet of recreation space.

Off-street parking for the project is expected to be provided in a parking podium constructed as part of the Keauhou Lane development with facilities such as loading areas, open space and recreation space being shared between both projects.

Keauhou Lane is requesting a modification from the Mauka Area Rules to increase the podium’s height to about 72 feet and cause a partial obstruction of the South Street view corridor.

Gerding Edlen is asking for a modification from the same rules to increase the podium’s height to about 65 feet

Castle & Cooke to develop condo project in Kakaako on Kamehameha Schools land

Dec 6, 2013, 2:25pm HST UPDATED: Dec 6, 2013, 2:40pm HST

Duane Shimogawa Reporter – Pacific Business News

Castle & Cooke Inc. will join Hawaii developers such as Alexander & Baldwin Inc. and Stanford Carr Development in developing a residential condominium project in Kakaako as part of landowner Kamehameha Schools’ “Our Kakaako” master plan.

Anthony Ching, executive director of the Hawaii Community Development Authority, the state agency charged with redeveloping Kakaako, confirmed to PBN that Castle & Cooke would build reserved housing units along Keawe Street between Pohukaina and Auahi streets, Diamond Head of Waterfront Towers.

Castle & Cooke, which is best known for building single-family residential projects, such as Mililani and the recently approved 3,500-home Koa Ridge project, both in Central Oahu, would be stepping into somewhat unchartered waters with this condo project.

“Castle & Cooke being interested shouldn’t be surprising,” Ching said. “Everyone needs to produce inventory to sell. You have to put stuff in the pipeline.”

He also pointed out that the demand for housing is at a fever pitch and that more inventory is greatly needed.

“Urban Honolulu is going to be an attractive area,” Ching said. “Many of our local developers are not into luxury, maybe mid-market or low market.”

The parcel currently has several businesses on it, including Volcanic Rock Gym.

Kamehameha Schools recently presented the plan to the Ala Moana/Kakaako Neighborhood Board.

Larry Hurst, chairman of the board, told PBN that the planned project isn’t a high-rise, and instead consists of six stories.

“It’s a good thing,” he said. “They’re looking for a variance on their parking structure.”

Kamehameha Schools did not immediately responded to a request for comment by PBN.

But Bruce Barrett, executive vice president of Castle & Cooke Homes Hawaii, told PBN that the developer is in discussions with Kamehameha Schools for the Keawe Street project.

“Discussions are ongoing and we expect to be able to make a formal announcement within the next 60 days,” he said in an email statement to PBN.

The Kamehameha Schools’ Kakaako master plan, which includes nearly 30 acres and nine full-block parcels with 2,750 residential units and commercial space, is beginning to take shape.

In September, PBN first reported that MK Development, a joint venture of well-known Hawaii developers the Kobayashi Group and The MacNaughton Group, is purchasing six acres in Kakaako to develop two luxury mixed-use housing projects totaling about 500 units.

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