Halekauwila Place, Rycroft Terrace to add more than 400 housing units

By Catherine Cruz
Published On: Apr 01 2014 07:30:04 PM HST
Updated On: Apr 01 2014 08:32:47 PM HST

We are just weeks away from hundreds of families getting a new chance to rent or own in the Kaka'ako and Ala Moana area.

HONOLULU -

The first residents will move into Halekauwila Place in two weeks.  

Click here to watch Catherine Cruz's report.

More than a thousand people applied for a chance to rent studios, one, two and three bedroom units.

And there are the first townhomes attached to the 19-story tower---a concept that other developers are planning around their Kakaako high-rises.

"We have five town houses that line the Diamond Head side of our parking structure. There are three bedroom-two bath townhouses for families who dont want to live in the high-rise tower and they are fronting Mother Waldron Park," said developer Stanford Carr.

Those townhomes will be available by lottery.

The affordable rentals, 204 to be exact, are thanks to the State Housing Finance and Development Corporation, the U.S. Housing and Urban Development and the Hawaii Community Development Authority.

Rents will go range from $956 for a studio, to less than $1,400 for a three-bedroom unit.

The building features a solar-powered water heater and includes a parking garage for residents and the general public at municipal rates.

The views are wide open but some will be partially blocked by future towers.

Pohukaina 690 will rise up on the makai side, as will Kamehameha's Keahou Lane on the ewa side.

A second project is to come on line later this month.

It's a condo conversion of Rycroft Terrace.  It is the first project of affordable units outside of the Kakaako district boundaries tied to Kamehameha schools.

Local families know the project as the Pagoda Hotel annex. It is still being operated as a hotel. But in three weeks you will be able to buy a fee simple unit here.

"This is a partnership between Peter Savio and Kamehameha Schools in order to fullfill the reserve requirements and it makes sense for everybody,” said HCDA executive director Tony Ching.

The 162 units in this five-story project have been described as extremely affordable.

All with the exception of the studios will offer parking.

"This unit is a two bedroom it will be priced at about $274 thousand dollars and buyers will need about $13,000 for a down payment," said developer Peter Savio.

It’s an offering aimed at residents making 30 percent of the area median income, something Savio says that the market hasn't seen in about 20 years.

"The last project we did up the street--- Holomua--we had four thousand people the first weekend. So we are expecting a very strong demand. These are actually half the price of the other units," Savio said.

It is expected that residents be able to move into Rycroft Terrace in Oct.

These two projects will add to the mix of market and high-end units in Kakaako.

Expect to see additional offerings in Kakaako of three and four bedroom units as well as micro-units which are smaller spaces for smaller budgets.

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