A local affordable housing developer has arranged to buy the former Honolulu Advertiser building in Kakaako, and envisions building two towers of affordable condominiums on the site while preserving the historic News Building.

The plan by Marshall Hung and partner Tradewind Capital Group Inc. is the latest in a string of development efforts for the 3.7-acre property.

California developer Franco Mola previously had an agreement to buy the property from former Advertiser owner Gannett Pacific Corp., and filed preliminary plans with the state to develop two affordable-housing towers on the site at 605 Kapiolani Blvd.

But Mola’s deal fell through, and Hung stepped in.

The Hawaii Community Development Authority, the state agency governing development in Kakaako, has met with representatives of the developer and understands that as many a 1,000 units may be part of Hung’s proposal, according to agency executive director Anthony Ching.

A representative of the development team declined to confirm or discuss details of the plan, because a sale of the property has yet to close.

No purchase price is being disclosed. However, the city for property tax purposes values the parcel at about $27 million.

If Hung’s project moves ahead, it could displace operations of the “Hawaii Five-0” TV series, which uses the site for offices and filming. However, it likely would take several years to build the two towers on the site. 

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 Star-Advertiser reporter Mike Gordon contributed to this story.