Downtown Capital Gains State Agency Approval for Second Condo Tower on Former Honolulu Advertiser Site
The Hawaii Community Development Authority (HCDA) has approved the construction of a second affordable condominium high-rise on the site of the former Honolulu Advertiser building in Kakaako. The back portion of the facility will be demolished to make room for the new development.
According to the Pacific Business News, Marshall Hung’s Downtown Capital L.L.C. is planning to build a 410-unit residential tower with one-, two- and three-bedroom condominiums. Plans also call for a 10-story parking garage, the newspaper reports.
The first tower slated to rise at the site will bring 635 affordable condominiums, which have already sold out. Upon completion in 2015, the $400 million, 46-story high-rise at 801 South St. will offer a mix of studio, one- and two-bedroom units. The project is expected to create 350 construction jobs.
In 2012, Downtown Capital L.L.C. acquired the former Honolulu Advertiser building from Gannett Co. for $23 million. For the past few years, CBS Productions had been using the facility as a sound stage for the “Hawaii Five-0” television series.
In other news, the Pacific Business News reports that the HCDA has also green-lighted Stanford Carr Development’s plan to take over an affordable senior rental project near Ala Moana Center in Kakaako.
The new 72-unit development at 404 Piikoi St. is intended to satisfy Alexander & Baldwin Inc.’s affordable housing requirement in return for maximizing the density of the 43-story Waihonua at Kewalo condominium tower currently under construction in the same part of the city.
“Essentially, A&B had a partner who could not get financing for the project,” Anthony Ching, executive director of the Hawaii Community Development Authority, told the newspaper.
Stanford Carr’s other developments in Kakaako include the 204-unit Halekauiwila Place affordable rental project and the 600-unit Keauhou Lane residential tower, which is part of Kamehameha Schools’ master plan for the neighborhood.
Photo credits: Downtown Capital L.L.C.Tags: Acquisitions/Dispositions, affordable housing, Alexander & Baldwin, CBS Productions, Condo, Co-op, HOA, Consumer, Developers, Development, Downtown Capital LLC, economy, Finance/Investment, Hawaii Community Development Authority, Honolulu Advertiser, Honolulu affordable, Honolulu condominium, Honolulu Lead Story, Investors, leasing, Local, Managers, Marshall Hung, multi-family, National, Owners, Policy, Professional, Regional, Residential, Senior, Stanford Carr Development, Waihonua at Kewalo