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Condos priced for 'gap group'

Lower-level units at a new Kakaako tower are being offered at below-market prices

By Andrew Gomes

POSTED:
LAST UPDATED: 11:23 a.m. HST, Aug 31, 2010


It's not affordable housing by typical standards, but 124 units in a 489-unit condominium tower under construction in Kakaako are being offered at below-market prices to buyers with moderate incomes.

The developer of Pacifica Honolulu rising at 1009 Kapiolani Blvd. near McKinley High School recently began accepting applications for the restricted units.

Prices range from $350,000 to $466,050 for units with living spaces ranging from 728 to 1,033 square feet mostly along the bottom seven floors of the 46-story tower.

Under state rules, buyers must be Hawaii residents, intend to live in the units and earn no more than 140 percent of the median annual income for Honolulu, which translates to $102,125 for a single person or $114,380 for a family of two or more.

Other restrictions also apply, including one requiring that buyers share a certain amount of equity with the state if the unit is resold. The shared amount ranges from zero to $35,000 depending on the unit.

The offering is part of Hawaii Community Development Authority rules that require high-rise condo developers in Kakaako provide at least 20 percent of units at prices affordable to "gap group" residents who earn too much to qualify for most affordable housing but not enough to afford market-priced units in the area.

Market-priced units at Pacifica initially ranged from $385,000 to $1.2 million for units with 661 to 1,811 square feet of living space.

About 90 of those units are still available at prices from $440,000 to $722,460.

The developer recently began accepting reservations for the restricted units, and as of last week had given out about 300.

Qualified buyers will be allowed to choose units in the order they turn in completed applications. Applications will be accepted starting Sept. 11 at 10 a.m. at the sales office inside Honolulu Design Center at 1250 Kapiolani Blvd.

The unit selection process will begin Sept. 25.

The tower, being developed by San Diego-based OliverMcMillan, is expected to be completed in the fall of 2011.

OliverMcMillan took over the project formerly known as Moana Vista last year after original developer KC Rainbow II LLC encountered financing trouble that led to construction stalling in November 2008.






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