Developer Howard Hughes Corp. has requested modifying an approved plan to build a moderate-priced residential tower in Kakaako so that units would be for rent instead of for sale.
The tower dubbed 988 Halekauwila will satisfy much of a state requirement for Hughes Corp. to make 20 percent of all residential units in the company’s Ward Village master plan affordable for residents with moderate incomes.
Hughes Corp.’s master plan involves up to 4,300 residential units in 22 towers on 60 acres that include Ward Warehouse and Ward Centre.
The Hawaii Community Development Authority, a state agency that regulates development in Kakaako, allows the 20 percent of what it refers to as “reserved housing” to be for sale or for rent. However, Hughes Corp. sought and received a development permit from HCDA for 988 Halekauwila as a for-sale condo building.
Under HCDA rules, reserved housing rentals must be affordable to residents earning between 80 percent and 100 percent of Honolulu’s annual median income, which equates to $53,700 to $57,820 for a single person. Also, affordable rents must stay in place for 15 years.
For condos, HCDA rules require units be sold to residents earning no more than 140 percent of the median income, which is $80,948 for a single person.
Public hearings on the requested change are scheduled for April 8 and 22 at 9 a.m. at HCDA’s new offices at 547 Queen St.