The developer of the second 801 South St. condominium high-rise in Kakaako said Wednesday that all 410 units in the tower known as Building B have sold out.
Downtown Capital LLC said 100 percent of the buyers are local residents and that 90 percent intend to live in the units.
Colbert Matsumoto, a member of the development team, said in a statement that the "tremendous response" by local residents to the project demonstrates the need and public support for workforce housing.
The development team said it exceeded a state requirement to sell at least 75 percent of the units to buyers earning no more than 140 percent of Honolulu’s median annual income, which equates to $84,574 for a single person, $96,656 for a couple or $120,820 for a family of four. A little over 80 percent of buyers met the income qualification, according to Downtown Capital.
The requirement is tied to workforce housing rules of the Hawaii Community Development Authority that provide such projects with a 100 percent density bonus provided that no government subsidies are used.
Prices in Building B ranged from $352,000 to $699,000 for one- to three-bedroom units.
Downtown Capital began sales March 15.
Some project opponents have criticized HCDA workforce housing rules for allowing developers to create ultra-dense projects that produce largely high-moderate-priced housing for people earning more than the median income.
Gov. Neil Abercrombie said in a written statement that HCDA’s workforce housing rules are effective. "Our vision for the urban core to create a vibrant and sustainable community for kamaaina to live, work and play is succeeding," he said.
Tower construction is scheduled to begin before the end of the year and finish two years later.
The first phase at 801 South St., a 46-story condo that also sold out, is under construction.
