POSTED: 11:29 a.m. HST, Jul 26, 2013
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.