A plan to develop two residential mid-rise buildings on Keawe Street in Kakaako was approved Tuesday by the Hawaii Community Development Authority.

Board members of the authority, a state agency regulating development in Kakaako, voted 5-0 in favor of the roughly $60 million project comprising a 95-unit condominium called 400 Keawe and an 88-unit rental complex called 440 Keawe on 2.8 acres bordered by One Waterfront Towers and Auahi, Pohukaina and Keawe streets.

Construction is projected to start on the seven-story buildings in the fall and finish by the end of next year, according to the developers of the project.

Kamehameha Schools, which owns the project site, is developing the rental portion, and Castle & Cooke Homes Hawaii Inc. is developing the condo portion.

Prices are projected to range from the high-$300,000s to the mid-$700,000s for the condos with one to three bedrooms. Monthly rents for the apartments that include studios to three-bedroom units are estimated to range from $1,100 to $1,700.