On Oʻahu, a 43-story condo tower under construction on Kapiʻolani Boulevard in Mōʻiliʻili is about a year and a half away from completion. It's a mix of market-rate units and those meeting affordable housing guidelines.
The Kuilei Place project is aimed at local residents, and it’s already almost sold out.
The four remaining units are among about 400 that are market priced, from $800,000 to $1.3 million.
The other 600 units are in contract under affordability guidelines set by the state that restrict sales to owner-occupants. Those were reserved for buyers who earn between 80% and 140% of the area median income. That works out to be between $123,000 to $215,000 for a family of four.
Prices for those units range from $370,000 for a one-bedroom to a little over $800,000 for a three-bedroom unit. They are restricted to owner-occupants for 10 years and are under a shared-equity program for 10 years as well.
The project is replacing a collection of 19 low-rise apartment buildings along the makai side of Kapiolani Boulevard between University Avenue and South King Street.
When it’s finished, it will have 1,005 units in three buildings across three acres with amenities that include what the developer calls a resort-style pool.
Alana Kobayashi Pakkala is the CEO of the project's developer, Kobayashi Group. She says the project was developed holistically as a market-rate building, so the affordable units are not separated.
She says the difference is that the market-rate units may be larger and may have better views.
