Hawaii developer Stanford Carr’s plan to develop a $50 million, 128-unit affordable rental project near Ala Moana Center in the Honolulu neighborhood of Kakaako received the approval of Hawaii regulators on Wednesday.
The Hawaii Community Development Authority, which oversees the redevelopment of Kakaako, voted 8-0 to approve the assignment of reserved housing for Alexander & Baldwin Inc.’s Waihonua at Kewalo condominium to Carr, who said that the “Hale Kewalo” project is expected to break ground in about a year.
Carr noted that his company, Honolulu-based Stanford Carr Development, has completed a draft environmental impact statement for the project, and has submitted it to the Hawaii Housing Finance and Development Corp.
Additionally, Stanford Carr Development has submitted its application with the U.S. Department of Housing & Urban Development’s San Francisco Regional Office.
A sewer connection application also has been recently granted, Carr said.
The project will mostly be financed by the sale of state and federal tax credits.
Pittsburgh-based PNC Bank has agreed to purchase the tax credits, said Anthony Ching, executive director of the HCDA.
“This is a significant step, [and] while this seems to be a tortuous path, the production of rental housing units at deep affordability of any quantity is something that is important,” he said.
Hale Kewalo, which will be located at the corner of Piikoi and Kona streets, is targeted at Hawaii residents earning no more than about $40,260 for a single person, or $57,480 for a family of four.
Rental rates have not been finalized, although they may likely range from $500 per month to a little more than $1,389 per month for a three-bedroom unit, depending on unit size and number of bedrooms.
The 128 residences comprise 27 one-bedroom units, 72 two-bedroom units and 29 three-bedroom units. There also will be 77 parking spaces at the project.
The rental project at 404 Piikoi St. is meant to satisfy A&B’s affordable housing requirement for its 43-story Waihonua at Kewalo condominium.
PBN first reported that Carr was taking over the affordable housing development from A&B.
Duane Shimogawa Reporter – Pacific Business News