A $200 million high-rise condominium project that would create 635 affordable homes at the former Honolulu Advertiser property in Kakaako was unanimously approved today by the Hawaii Community Development Authority.

The 46-story tower proposed at 801 South St., makai of the historic News Building, will provide a mix of studio, one- and two-bedroom units at prices between $250,000 to $550,000.  Construction and sales are expected to begin in mid-2013 and be finished in 2015.

If demand is strong, the company plans to develop a second high-rise of 400 affordable-housing units on the property adjacent to the tower now being proposed. The overall cost of the two towers would be $400 million.

Developer Marshall Hung, who heads Honolulu-based Downtown Capital LLC, said a lottery will be held for eligible buyers for the first tower and he’s optimistic that it well sell out quickly.

 “Hawaii Five-0,” which has been using the News Building for production, could move into the state’s film studio at Diamond Head for next season. Last month’s cancellation of the ABC drama “Last Resort,” which had been using the film studio, leaves a vacancy in the facility.