Lottery to be held for Kaka'ako condominium
Updated On: Mar 08 2013 11:21:35 AM HST
Developers of a high-rise project in Kakaako unveiled a sales plan Friday that includes a lottery so possible homeowners won’t be forced to camp out for condominiums.
The 46-story tower proposed at 801 South Street will feature a mix of studio, one and two bedroom units at prices between $200,000 to $600,000. The Hawaii Community Development Authority in December approved the project. Construction will begin this summer.
“This project addresses the critical shortage of housing that Hawaii’s residents can afford in Honolulu’s urban core,” said developer Marshall Hung of Downtown Capital LLC. “We are excited about delivering quality housing in Kakaako in support of Governor Abercrombie’s pledge to make Kakaako a ‘live, work and play’ community.”
Seventy five percent of the 635 units in 801 South St are designated “workforce housing” meaning they are priced for households earning 140 percent of area median income and below. All financing must be from private sources.
The site is prime real estate that was formerly used by The Honolulu Advertiser.
Prospective buyers in 801 South St can visit the sales office in a trailer located at the corner of Queen and Keawe Streets [MAP] starting Saturday, March 9, at 10 a.m.
Packets will be distributed. A lottery for eligible buyers will be held on March 23.
“We anticipate a lot of interest and want to make it fair so folks don’t have to camp out in the sign-up process,” said Jason Nishikawa, project broker for Marcus and Associates.
Scott Kuioka, vice president of Tradewind Capital Group, Inc., expects a quick sell out, paving the way for a second tower consisting of 400 workforce housing units.
“This represents an opportunity for middle income buyers to purchase a home within walking distance to many workplaces in Kakaako and downtown,” Kuioka said.
Derek Lock, project manager for Downtown Capital LLC, noted 801 South St will have energy efficient features that will reduce the cost of operations. Maintenance fees are expected to range between $225 for studios to $300 for two-bedroom units.
“That’s a deal compared to the majority of maintenance fees charged by other downtown condominium projects,” Lock said.
The individual units are also being built green, with operable windows and lanai doors for natural ventilation, split air conditioners in each unit to minimize power consumption and double pane glass exterior windows and doors to defuse heat and reduce noise.
“Our goal is to deliver an energy efficient project that helps the environment and saves residents money,” said Andrew Holt, project engineer for Hawaiian Dredging Construction Company.
Many of the features, including granite counter tops, can be viewed at the sales office starting Saturday.
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