Howard Hughes Corp. withdraws petition for reserved units at Kakaako residential project

This rendering shows The Howard Hughes Corp.'s planned 424-unit, mostly affordable condominium at 988 Halekauwila, part of the developer's Ward Village master-planned community.

This rendering shows The Howard Hughes Corp.’s planned 424-unit, mostly affordable condominium at 988 Halekauwila, part of the developer’s Ward Village master-planned community.

The Howard Hughes Corp. is temporarily withdrawing its petition dealing with reserved housing units on its 424-unit residential tower planned for 988 Halekauwila in Honolulu’s Kakaako neighborhood as part of the first phase of its Ward Village master plan.

The Howard Hughes Corp. (NYSE: HHC) said that 375 of the total number of units will be offered at prices lower than the market-rate luxury condo towers.

“Ward Village is dedicated to helping fulfill the housing needs of our neighborhood, [and] we have listened to the community and have heard great demand for more affordable options, including rentals at lower income levels,” Race Randle, senior director of development for the Texas-based developer, said in a statement. “In response to this message from our community, we have asked for clarification of [Hawaii Community Development’s] rules to better understand what options are available.”

He also said that “due to the misunderstanding of our request, we have decided to temporarily withdraw it so that we can further clarify our intentions to the appropriate stakeholders.”

“This rule clarification in no way changes our commitment to build 375 reserved housing units at 988 Halekauwila, nor does it change our strong commitment to creating a diverse community at Ward Village with an array of housing options and price points, including affordable and market-rate housing,” Randle said.

The developer noted in its second quarter earnings report that it is finalizing plans for this project, and that as of June 30, it has spent $3.8 million on developments costs on the project, which will be located on what is the former site of the Kanpai Bar & Grill and the current California Rock ‘N Sushi.

The project also will include six levels of parking and about 23,000 square feet of retail space.

Duane Shimogawa Reporter – Pacific Business News