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