Affordable Options for Kupuna
- Jun 17, 2015
Franco Mola’s California-based Coastal Rim Properties Inc. is planning a January construction start for Kulana Hale II at Kapolei, a mixed-use residential and retail project on West Oahu. Construction is scheduled for completion by July 2018.
According to the Pacific Business News, the $111.5 million development will be built in three phases on approximately three acres of vacant land in downtown Kapolei. The property is currently owned by Goodwill Industries of Hawaii Inc.
The first component of the project will bring a 13-story residential tower with a floor area of 41,131 square feet. It will include 154 affordable senior rental units and ground-floor retail space. The apartments will be reserved for senior households earning between 30 percent of area median income (which amounts to $20,150 annually for a single person) and 60 percent (or $40,260 annually for a single person).
The next phase of the development will add a second 13-story, 44,310-square-foot high-rise with 143 affordable and market-rate condominium units, above more ground-floor retail space. About half of these residences will be reserved for buyers in the 140 percent area median income range and below (equivalent to a single person’s annual income of $93,940 or less).
The third phase of the project will consist of a single-story retail building of 46,788 square feet.
Developer Franco Mola is also building two condominium projects in Honolulu: the 153-unit, 65-foot building at 803 Waimanu St. and the 180-unit Ohana Hale high-rise at 929 Pumehana St.
Photo credit: www.coastalrim.com