Construction is slated to begin next month on the Keauhou Lane midrise apartment rental housing project in Kakaako reserved for residents with moderate incomes.

The developer of the 209-unit complex announced the timetable for breaking ground Monday, following acquisition of public financing assistance in September and approval of a state development permit in mid-2014.

Gerding Edlen, a Portland, Ore.-based development and investment firm, is building Keauhou Lane in partnership with landowner Kamehameha Schools on 1.6 acres bordered by Pohukaina, Halekauwila and Keawe streets.

The $90 million, six-story project will also feature retail and restaurant space along an interior pedestrian promenade that will be integrated with an adjacent residential condominium tower called Keauhou Place which is already under construction, and a planned city rail station.

“Keauhou Lane is a dynamic project,” Brent Gaulke, a partner at Gerding Edlen, said in a statement.

To qualify for an apartment, applicants cannot earn more than 100 percent of Honolulu’s annual median income — $67,100 for a single person or $95,800 for a family of four.

Projected monthly rents range from $1,450 for 300-square-foot studios to $2,157 for two-bedroom apartments with 632 to 745 square feet of living space. Of the 209 units, there are 47 such studios and 72 two-bedroom units.

There are also four 400-square-foot studios for $1,550 a month and 86 one-bedroom units with 451 square feet of living space for $1,797 a month.

Rent includes electricity, water and sewer but no parking, though about 180 parking spaces in the adjacent tower will be available to apartment residents for an extra fee. The tower also will contain 100 stalls for the retail stores and restaurants of Keauhou Lane.

Gerding Edlen anticipates it will begin to seek tenants for Keauhou Lane in spring 2017 in preparation for the project opening in summer 2017.

The rental rates, which can be adjusted as Honolulu’s median income changes, are tied to the project for 15 years under a requirement by the Hawaii Community Development Authority, a state agency that approved the project as satisfying part of an affordable-housing requirement in a Kamehameha Schools master plan to develop up to 2,750 homes on nine blocks in Kakaako.

The trust and Gerding Edlen also committed to keeping rents affordable for an additional 15 years in return for a $5 million low-interest loan and an excise tax exemption on construction expenditures and residential tenant rental income from the state.

For the second 15-year term, tenants may earn no more than 120 percent of the median income, which currently equates to $80,520 for a single person to $114,960 for a family of four.

“Keauhou Lane adds to the diversity and vibrancy of Our Kakaako and helps fill the void of affordable rentals in urban Honolulu,” said Walter Thoemmes, managing director of commercial real estate for Kamehameha Schools, in a statement.

When construction starts, Keauhou Lane will become the fifth residential project rising on three adjacent blocks within the Kamehameha Schools master plan called Our Kakaako.

The other four are:

> Keauhou Place, a 450-unit tower being developed by Stanford Carr.

> The Collection, a roughly 450-unit tower being developed by Alexander &Baldwin Inc.

> 400 Keawe, a 95-unit midrise condo being developed by Castle &Cooke Homes Hawaii Inc.

> 440 Keawe, an 88-unit rental apartment midrise being developed by Kamehameha Schools.