$130M Hawaii Senior Housing Project Moves Forward
Highridge Costa and Coastal Rim Properties are set to break ground on a 143-unit affordable apartment building as part of the mixed-use Kulana Hale community.
Kulana Hale. Image courtesy of Highridge Costa
Highridge Costa and Coastal Rim Properties are moving ahead with the second phase of a $130 million affordable senior and apartment community in Honolulu County, Hawaii, with a groundbreaking ceremony scheduled for late August. The planned 13-story tower will provide 143 affordable units for low-income families, and is being financed by a blend of tax-exempt bonds, tax credit equity, and a loan from a state fund.
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The overall project, Kulana Hale, is located at 1020 Wakea St. in the planned community of Kapolei, about 15 miles from Honolulu. The development consists of three phases on a single three-acre block. Phases I and II will comprise two residential towers with ground-floor retail, while Phase III will be a one-story retail property. The Phase I tower, which broke ground in September of last year, will include 154 affordable apartment units for seniors.
The residences in Phase II will be restricted to families earning no more than 60 percent of the area median income (AMI) and will offer unobstructed mountain and ocean views. The building will also come with 2,300 square feet of ground-floor retail space.
Aloha state lends a hand
Highridge Costa and Franco Mola’s Coastal Rim Properties are developing the community jointly with help from the nonprofit Hawaiian Community Development Board. Designed by SVA Architects, the project is being built by Hawaiian Dredging Construction Co. Phases I and II will adhere to a LEED-equivalent standard.
The Hawaii Housing Finance and Development Corp. will provide a $17.9 million Rental Housing Revolving Fund loan to support the Phase II financing. Citibank will be the construction lender while Royal Bank of Canada serves as the tax credit investor.
The Michaels Org. last month received a $40.6 million loan for Keahumoa Place Apartments, an upcoming 320-unit apartment project in Ewa Beach, 5 miles away from Kulana Hale. Expected to be completed in 2021, the master-planned community will provide affordable homes for 65 years.
