A local affordable-housing developer has arranged to buy the former Honolulu Advertiser property in Kakaako, and envisions putting up two moderate-priced condominium towers on the site while preserving the historic News Building.

If realized, the condo project could displace operations of the hit “Hawaii Five-0” TV series beyond its third season now in production. The show uses the property for a variety of functions including as a soundstage.

The tentative plan by Marshall Hung and partner Tradewind Capital Group Inc. is the latest in a string of development efforts proposed for the parcel, but is viewed as stronger than previous plans because of Hung’s experience and partner Tradewind, a local investment firm with ties to Island Insurance Co.

Still, developing the 3.7-acre parcel at the corner of South Street and Kapiolani Boulevard has been challenging, with several failed efforts in the past.

California developer Franco Mola most recently had an agreement to buy the property from former Advertiser owner Gannett Co., and filed plans with the state to develop two affordable-housing towers.

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

Ricky Cassiday, a local housing market analyst, said the property is in a good location for reasonably priced urban housing and that Hung has a good model of low-cost, high-rise development that can be difficult for many developers.

“He’s got it down,” Cassiday said.

Hung has developed several affordable condo towers on Oahu, often with other local partners. His projects include the 251-unit 215 N. King St. tower next to Aala Park downtown, the 269-unit Country Club Village 6 tower in Salt Lake, the 282-unit 1133 Waimanu tower in Kakaako and two towers on Young Street at the site of the old Honolulu police station.

The new project likely would be the biggest for Hung.

The Hawaii Community Development Authority, the state agency governing development in Kakaako, has met with representatives of the developer and understands that as many as 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, in part because the sale of the property has yet to close.

Ching said Hung is considering building “workforce” condos that would allow denser development on the site compared with a higher-priced condo project.

HCDA rules revised in November allow higher density in residential towers if at least 75 percent of units are priced to be affordable to residents earning 100 to 140 percent of Honolulu’s median income based on federal guidelines.

An older HCDA rule requires that at least 20 percent of units in condo towers developed in Kakaako be affordable to residents earning no more than 140 percent of median income, a “gap group” that often earns too much to qualify for most affordable housing but not enough to afford market-priced units.

The income range to qualify for workforce housing equates to $57,890 for a single person or $82,700 for a family of four at 100 percent. At 140 percent the comparable figures are $81,050 and $115,780.

Unit prices could range between $293,000 and $570,000 assuming a 4 percent interest rate on a 30-year mortgage. The median price of previously owned condos sold on Oahu this year is about $310,000.

The density bonus for workforce housing increases a building’s maximum mass on a parcel but not its height. The height limit in Kakaako tops out at 400 feet, though the HCDA is proposing to increase that to 650 feet in as-yet-unspecified areas around two rail stations planned in the vicinity by the city.

If Hung’s project moves ahead, it could displace operations of “Hawaii Five-0,” though it likely would take several years to build two towers on the site.

“Hawaii Five-0” producer Eye Productions Inc. has offices in the historic building, which it also uses for shooting scenes. Warehouse structures on the property serve as a soundstage, sets and a base camp.

Eye Productions has an agreement to use the property through April to finish the show’s third season, according to a CBS spokeswoman in Los Angeles.

Hung has a deal to buy the property but hasn’t completed a sale. A purchase price isn’t publicly known. The city values the parcel at about $27 million for property tax assessment purposes.

The News Building, which opened in 1929, isn’t on any historical register of protected buildings, but qualifies to be listed. Largely because the property is relatively big and at the beginning of a major boulevard, it has been eyed for development several times over the last three decades.

One proposal for two towers plus a third on an adjacent parcel was submitted by prior property owners for HCDA review in 1984, but the plan fizzled.

Gannett, a Virginia-based newspaper chain owner, has envisioned development of the site for more than a decade as part of a plan dating back to 1998 to relocate printing press operations from the Kakaako parcel to Kapolei.

The Kapolei plant opened in 2004, leading Gannett to solicit a partner to redevelop the News Building site in early 2005. A second unsuccessful attempt was made in 2007 to solicit redevelopment proposals. Then in 2008, Gannett began marketing nearly three acres around the News Building for sale.

In 2010, Gannett sold the Advertiser and its printing press — but not the News Building property — to Honolulu Star-Bulletin owner Oahu Publications Inc., which combined the two papers into the Star-Advertiser with offices based at Waterfront Plaza.

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Star-Advertiser reporter Mike Gordon contributed to this story.