COURTESY IMAGE
Artist's rendering of Ward Village
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Developer Howard Hughes Corp. has requested modifying an approved plan to build a moderately priced residential tower in Kakaako so that the 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. To date, two luxury towers are under construction while four more towers are approved for development but have yet to break ground.
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 offered either for sale or for rent. However, Hughes Corp. sought and received a development permit from the HCDA in 2013 for 988 Halekauwila as a for-sale condo building.
Under HCDA rules, reserved housing rentals must be affordable to residents earning between 80 and 100 percent of Honolulu’s median annual 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.
Hughes Corp. officials have said the design of the building would not change. Construction previously was anticipated to begin by the end of this year, subject to the developer obtaining financing.
Public hearings on the requested change are scheduled for April 8 and 22 at 9 a.m. at the HCDA’s new offices at 547 Queen St.
