Another affordable condominium is set to go up in Honolulu in the near future. Kapiolani Residences will be located at 1631 Kapiolani Boulevard. Sandwiched be Kona Street and Kapiolani Boulevard, the future site will be located behind Ala Moana Hotel and steps to Ala Moana Shopping Center and a quarter-mile from the future rail transit station.
The 45-story, 485 unit will be developed by SamKoo Pacific LLC, a subsidiary of SamKoo Development, and will consist of Studios, one, two, and three-bedroom units. Sixty percent of the units will be affordable and 40% will be moderately priced market units. There will also be commercial units fronting Kapiolani Boulevard. Some proposed amenities are a recreation deck on top of the parking garage, bbq area, and a party room. Price ranges for Studios are anticipated to start in the high-$200K’s, 1-bedrooms to start in the mid-$300K’s, and 3-bedroom will start under $600K’s. Units will range in size from approximately 400 Sq. Ft. to 1,230 Sq Ft. Priority will be given to owner occupants. There will also be a 10-year buyback period and shared equity restriction.
Kapiolani Residence will be a good addition to Honolulu’s skyline and much needed affordable housing. The developer anticipates sales to begin late 2016 and has hired Locations LLC as the exclusive broker. Qualifications and eligibility requirements for the affordable units will be governed by Hawaii Housing Finance & Development Corporation. There will be a series of affordable housing seminars to learn more about the project. A second proposed building by SamKoo Pacific will be located nearby but details are not finalized.
Here are the recently released market prices for each unit type:
For more information on Kapiolani Residences, please read our other article titled Kapiolani Residence.
For more information on market unit prices, please go to Kapiolani Residence: Market Unit Launch.
* All figures, facts, information and prices included in this advertisement are approximate and subject to change at any time.