California 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