The city is on the verge of signing a development agreement with a nonprofit organization that is designed to transform the former Aiea sugar mill site into an affordable rental housing complex for seniors.

City officials and others involved with the project, including the nonprofit developer EAH Housing, were on hand today at the property to announce the 140-unit complex, which will be called Halewiliko Highlands, or “house of sugar.”

The project is designed to charge rents affordable to seniors – those 62 and older – earning no more than 60% of the area median income. Some of the units will be reserved for those earning 50% and 30% of median income.

Based on today’s medians, that would mean rents would range from $571 to $1,170 for the studio and one-bedroom apartments, Mayor Kirk Caldwell said.

“We owe it to our seniors to address this huge demand (for affordable housing),” Caldwell said.

The City Council is scheduled to vote on a resolution Wednesday that will give the city the authority to sign the development agreement with EAH.

Councilman Ron Menor, who heads the panel’s zoning, planning and housing committee, said he expects the full council to adopt the resolution unanimously.

If all goes according to plan, construction at the 3.44-acre site next to the Aiea Public Library is expected to begin in 2021, with completion in 2023.

Watch the Facebook live video from today’s press conference.