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Kakaako residential project will total $300M

By Kristen Consillio

POSTED:
LAST UPDATED: 04:08 p.m. HST, Jul 26, 2013


Kamehameha Schools and Honolulu developer Stanford Carr plan to break ground late next year on a $300 million residential development project that will include a high-rise tower, townhomes, live-work units, rental apartments and retail space in Kakaako.

The 600-unit project, the fourth piece of the Kakaako redevelopment master plan, includes a 40-story high-rise tower at 555 South St., kitty-corner from Restaurant Row.

The project, which is expected to generate 500 construction jobs, is slated for completion in 2016.

Kamehameha is building about 150 live-work units, rental apartments, as well as ground floor retail space on more than 69,000 square feet of the property, while Carr Development will construct 450 units on roughly 93,000 square feet in the the high-rise tower called Keauhou Place and low-rise town homes. The developer also will build a parking structure lined with townhomes and retail along South and Pohukaina Streets.

Carr said at a press conference Friday that he is investing roughly $250 million in the buildout and land acquisition, with Kamehameha spending about $40 million.

The projects call for nearly 50,000 square feet of recreational space, and in excess of 65,000 square feet of open space, including new landscaped sidewalks.

An estimated 40 percent of the housing units at the mix-used project called Keauhou Lane will be reserved for middle-income families, and range in price from $1,050 to $1,300. Fee-simple units will start in the mid-$300,000 range. To qualify for so-called workforce housing units, renters can earn up to 100 percent of Honolulu’s median income, and fee simple buyers can earn up to 140 percent.

Kamehameha Schools launched two pieces of the Our Kakaako master plan earlier this year.

The first piece is being developed by local development firm Alexander & Baldwin Inc., which is buying the former site of a Comp­USA store at the makai end of South Street from the trust and proposing a tower and low-rise buildings with 470 condominiums.

The second piece is a retail complex with a parking garage dubbed SALT on a block adjacent to The Collection that will be created mostly by renovating old buildings on the site.

Both The Collection and SALT are pending approval by the Hawaii Community Development Authority.

The Kakaako master plan covers 29 acres spread over nine blocks and allows up to 2,750 residential units, seven towers and 300,000 square feet of commercial space.







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mikethenovice wrote:
Oh Good. More high rise residents equals more property income to pay my muni bonds. Life is Good!
on July 26,2013 | 12:44PM
tutulois wrote:
Is this part of the Kam schools love for the aina ? So much lip service to Hawaiian values, and so much hypocrisy.
on July 26,2013 | 01:09PM
allie wrote:
It is all about $$$ hon. Always was
on July 26,2013 | 02:32PM
grantos wrote:
Money to primarily help educate native Hawaiian youth. Always was.
on July 26,2013 | 03:18PM
aomohoa wrote:
I know you think it is OK to say HON, but it is very condescending, no matter what an ignorant person like you thinks. That is the truth.
on July 26,2013 | 08:44PM
Anonymous wrote:
saying "hon" helps him to maintain his persona
on July 26,2013 | 08:54PM
Kaiponohea wrote:
Speaking of hypocrisy, how about you do some research into what's done with that $ before you make comments like that. It funds programs that help to ho‘omau, preserve and protect hundreds of thousands of acres of conservation lands! Anyone who looks at KS' investment and work over the last decade would know that! And it keeps development urban, where it belongs, while also honoring the place and history of the land.
on July 26,2013 | 04:40PM
Mythman wrote:
I suspect they gave up the "Hawaiian" game after being busted including losing out of the Akaka bill and having their guy in DC walk on, Dan, they have just gotten down to business without the window dressing of the Hawaiian thing.....anybody agree or disagree.
on July 26,2013 | 05:28PM
hawnpunch wrote:
Another 40-story EYESORE in da works!
on July 26,2013 | 01:26PM
hawnpunch wrote:
Another 40-story EYESORE in da works!!!
on July 26,2013 | 01:27PM
Opelu wrote:
Is the parcel being sold to Carr or will KS maintain ownership ?
on July 26,2013 | 01:30PM
mcc wrote:
More traffic problems, more infrastructure problems more water main problems all for more taxes!
on July 26,2013 | 01:33PM
aomohoa wrote:
I think these developers should have to pay for all new infrastructure and for any problems they create. They should also have to pay for new schools to be built if needed. Let's just hope if there is commercial there too, that everyone living in the buildings work there too.
on July 26,2013 | 01:47PM
allie wrote:
well put
on July 26,2013 | 02:33PM
aomohoa wrote:
Mahalo:)
on July 26,2013 | 03:02PM
Hapa_Haole_Boy wrote:
When an earlier announcement was made for another Kakaako tower, either by Howard Hughes or KSBE, I forget, someone posted a detailed comment, including links to facts/data/reports, etc., about how HCDA has been beefing up the infrastructure in Kakaako in anticipation of more condos.
on July 26,2013 | 04:02PM
Anonymous wrote:
Kamehameha Schools is ruining the island with overdevelopment as fast or faster than any haole developer.
on July 26,2013 | 02:30PM
syhud wrote:
One simple question. Can Kakaako handle all this development?
on July 26,2013 | 04:56PM
macaroniandcheese wrote:
Well at least this one is "affordable" and geared for local folks.
on July 26,2013 | 05:23PM
Maneki_Neko wrote:
My goodness that is an ugly, ugly building design. For all that money could they not design an attractive complex?
on July 26,2013 | 05:39PM
sahara11 wrote:
Well with the rail coming through the entire area has been destroyed anyway but one thing no one is mentioning is that the glut of highr rises are going to cut out all the nice tradewinds and you can expect the area to get much warmer.
on July 26,2013 | 06:01PM
Wazdat wrote:
Standford Carr is a BAD developer. Its UGLY just like that 5 story townhome/condo in Hawaii Kai...UGLY and NOT for Hawaii.
on July 26,2013 | 07:33PM
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