Dec 4, 2013, 2:30pm HST
Duane Shimogawa Reporter – Pacific Business News
The state agency overseeing the redevelopment of the Honolulu neighborhood of Kakaako on Wednesday approved a second workforce housing condominium project on the site of the former Honolulu Advertiser building on a vote of 6-0 after hours of public testimony and discussions.
The Hawaii Community Development Authority’s vote to approve the second phase of the 801 South St. project was not unanimous — one board member abstained from voting because he had to leave early and two others were excused.
About 40 people had signed up to testify, while a host of others who didn’t sign up were given a chance to give their say once the people who had signed up finished testifying, said Lindsey Doi, spokeswoman for the HCDA.
The HCDA board, amongst a standing-room only crowd, addressed concerns by some in the public regarding the affordability and other issues of the 410-unit project, which is being developed by Hawaii developer Marshall Hung’s Downtown Capital LLC.
HCDA Executive Director Anthony Ching said that an affordability study recently done by some Kakaako residents on the project does not add up by pointing out that the interest rate that’s used in the study is not what the HCDA has used to analyze the project.
The preliminary prices for the one- and two-bedroom units are between $360,000 and $575,000 with three bedroom units priced below $700,000.
The second proposed tower, which would include an accompanying 10-story parking garage, is part of the 801 South St. project, whose first phase of 635 units is sold out.
Together, the two towers are expected to have a total of more than 1,000 units.
The 801 South St. project is expected to cost $400 million to develop and will create 350 construction jobs.
The second tower or “Tower B” will include a partial demolition of the back portion of the existing Honolulu Advertiser building, which was once used as a soundstage for the CBS crime drama “Hawaii Five-0.”