May 20, 2013, 10:02am HST Updated: May 20, 2013, 4:41pm HST
Duane Shimogawa | Reporter- Pacific Business News
The Howard Hughes Corp. plans to build a mostly affordable 415-unit residential high-rise in Kakaako across from Sports Authority, which would include a total of 525,535-square-feet of floor area with commercial space and parking, as well as 25,650-square-feet of recreation space.
Anthony Ching, executive director of the Hawaii Community Development Authority, told PBN that 375 of the 415 units will be affordable, meaning that a family of four with an income between $87,000 and $120,000 will be able to purchase a studio, one-bedroom or two-bedroom unit.
The Howard Hughes Corp. (NYSE: HHC) hopes to break ground on the project, which will be near a rail transit station, sometime next year, he said.
The Dallas-based developer is scheduled to present its plan to the HCDA on June 19, which is part of Howard Hughes’ revised plans for an urban master planned community in Kakaako called “Ward Village” which includes four separate blocks that will eventually double the retail, dining and entertainment space in what is being called Honolulu’s “Third City.”
This condominium project is the first project proposed for “Land Block 5” of the neighborhood master plan. It’s located at 404 Ward Ave., a block that includes the two-story building that has housed Kanpai Bar & Grill, which closed earlier this year, and Tio’s Garage and Taco Station and Dixie Grill Bar-B-Que & Crab Shack before that.
The HCDA expects to make a decision regarding the project on July 17.
David Striph, senior vice president of Hawaii for The Howard Hughes Corp., did not immediately return messages Monday seeking comment, but through a spokeswoman said that a press conference announcing the project was planned Tuesday and that the company would present its plan to the HCDA in June.
Ward has an approved master plan that allows for up to 9.3 million total square feet of mixed-use development, including more than 4,000 residential units and about 1.5 million square feet of retail and other commercial space, David Weinreb, CEO of Howard Hughes, told shareholders in a letter in March.
He said that Ward Village has development rights for 22 high-rise towers in an urban master-planned community setting. Ward Village’s transformation is scheduled to happen throughout the next decade.
Separately, A&B Properties Inc., a subsidiary of Alexander & Baldwin Inc. (NYSE: ALEX) is scheduled to officially present its plans on June 19 to the HCDA for a $200 million mixed-use residential high-rise project on the former CompUSA site in Kakaako called “The Collection,” which should have more than 460 condominium units.
The HCDA expects to make a decision regarding the project on Aug. 7.