Second condo tower on former Honolulu Advertiser site sells out
Bill Cresenzo Reporter – Pacific Business News
The developer of the second affordable condominium tower being built on the site of the former Honolulu Advertiser building said Wednesday that all 410 units have been sold to Hawaii residents.
Marshall Hung of Downtown Capital said that 93 percent of the 410 units in Building B of 801 South St. will be owner occupied.
More than 80 percent qualified as workforce housing buyers, meaning that they earn less than 140 percent of the area median income for Honolulu, which is $134,120, according to the U.S. Department of Housing and Urban Development.
Prices range from $350,000 for a one-bedroom unit to around $700,000 for a three-bedroom unit. Maintenance fees range from $255 to $360.
Downtown Capital said that the buildings don’t have amenities such as pools and gyms, which kept the prices down, and that it received no government subsidies.
The Hawaii Community Development Authority approved the project in December.
On Wednesday, Downtown Capital addressed criticism that the area lacks the roads and infrastructure to support the project, saying that more than $200 million has been invested in the infrastructure in Kakaako since the 1980s.
The company also said that it followed proper notification requirements for the project.
The units in the second 801 South St. tower began selling in March. Construction is slated to begin before the end of the year.