First-time buyers crowd seminars on The Central tower near Ala Moana

Technically, they’re not for sale yet, but condominiums in a planned tower next to Ala Moana Center are in high demand, and potential buyers are facing long odds in getting one of the designated affordable units.

Since Nov. 10, more than 3,000 people have picked up applications for 310 condos representing the moderately priced and government- subsidized portion of The Central Ala Moana project. That’s a roughly 1-in-10 chance to purchase an affordable home in the tower between Kona Street and Kapiolani Boulevard through a lottery expected in late January.

Not all the applications will necessarily be returned or result in purchase bids, in part because buyers have to meet certain income and other limitations. However, more applications are being given out every day, so it’s hard to know just how intense the competition will be to buy one of the affordable homes priced from $286,000 to $708,000 for studios to three-bedroom units.

“I’m hopeful,” said Nancy Bernal, who took a tour of the sales office Thursday.

Bernal, a 34-year-old political analyst who was born and grew up on Oahu and lives with her parents and her sister’s family in Kalihi, was interested in a one-bedroom affordable unit but figured a studio with around 400 to 450 square feet of living space is probably more in her price range.

“It’s a nice size,” she said. “I’m not disappointed by that.”

Tracie Newman, a 32-year-old renter in Kakaako earning a master’s degree in business administration, said she was attracted to The Central because she likes the Kakaako-Ala Moana area. “I would be happy here,” she said. “I would like to stay in the area.”

Timothy Yi, president of the tower’s development firm, SamKoo Pacific, said he was pleased but not surprised by the turnout since applications were first made available at an informational seminar at the Ala Moana Hotel on Nov. 10 and at the sales office two days later.

“There is a tremendous demand for this type of affordable housing in Hawaii,” he said, noting that about 1,000 people showed up to the initial seminar with some waiting two or three hours to get in. “We’re glad we hit the right market.”

A second seminar was held Nov. 11, and two more sold-out events are scheduled for today with 500 seats each.

Stephen and Caroline Bischoff attended the Nov. 11 seminar with their son, Kyle, a bank vice president who hopes to make an affordable unit his first home purchase. The couple on Thursday took a look at the model displays in the sales office without their son because he was working.

“He has to work so he can afford this,” Caroline Bischoff said.

SamKoo, which is slated to finish construction on a similar, sold-out tower a couple of blocks away called Kapiolani Residence by the end of the year, is developing both condos under a state statute that provides financial and zoning breaks in return for making 60 percent of a housing project affordable to residents earning moderate incomes.

For The Central, 310 units in the 512-unit tower are reserved for residents earning no more than 140 percent of Honolulu’s annual median income, including 69 units for households earning between 80 percent and 100 percent of the median income.

Honolulu’s median income this year is $81,700 for a single person, $93,300 for a couple and $116,600 for a family of four.

The 202 market-priced units cost $580,000 to $1.4 million. Though they have the same interior finishes as the affordable units, market units are mostly on higher floors with makai views, larger living spaces and upgraded appliances.

Amenities for the whole 43-story tower include a pool, a grill area with cabanas, a fitness center, a dog park and a children’s play area, all mainly situated atop an adjacent 11-story parking structure.

SamKoo reported that prospective buyers picked up about 1,000 information packets for market units, which will be sold through a first-come, first-served online reservation process. Yi said interested buyers will be emailed the date and time market units become available to reserve.

“Basically everyone will have an equal chance,” Yi said. “Sort of like buying Bruno Mars tickets (online).”

For the affordable units, SamKoo and the broker for the project, Century 21 iProperties Hawaii, have been holding seminars to educate prospective buyers about the income qualifications and other requirements that include not owning another home, residing in the unit for at least 10 years and sharing appreciation with the state upon an initial resale.

In return for making 60 percent of the tower affordable, SamKoo was allowed to build the tower taller and more dense than allowed under zoning rules while also receiving waivers on about $13 million in fees, including a park dedication fee.

The company, an affiliate of a Korean firm, expects

to start construction on the tower in the spring and finish in 2021.