That's the question a number of Hawaii Kai residents are asking. Work has begun at 7000 Hawaii Kai Drive, at the site formerly home to the planned Hale Alii, then Hale Ka Lae projects.
In a reprint from Hawaii News Now's Ben Gutierrez, it is noted that the new project intends to produce 269 rental units averaging $2,500 a month. Additional information from the Hawaii Kai Neighborhood Board's September 2014 minutes indicate that market units will range from $2,200 to $3,700 and that 54 affordable units (for those earning up to 80% of median income) will be available from $1,500 to $2,200.
The Neighborhood Board meeting minutes also indicated that the current plan is for a 90-foot building with larger setback to compensate for the higher height. The entry and exit point will be across from Ainahou Street and the developer plans to offer lessees two parking spaces per unit.
Hawaii Kai single family home prices remained nearly the same as the previous year, increasing to an even $1,000,000 from $999,999. The ratio of sales price to asking rose to 95.3 percent, although days on market rose to 35 days from 19 days a year ago. Still, the time on market remains low and represents a significant number of cash purchasers. In October 2014, there were 88 homes in Hawaii Kai for sale, an increase of 47 percent from the year before.
For more information, contact your licensed realtor or the Honolulu Board of Realtors.
The Hawaii Kai Towne Center has been sold to ValueRock Realty Partners, the California-based real estate investment firm which owns and manages more than 600,000 square feet of retail properties across Hawaii. Kamehameha Schools continues to own the land on which it sits. Windward Mall is also up for sale under the same type of arrangement.
Source: Pacific Business News, November 26, 2014