Developer looking to build affordable housing project in Downtown Honolulu

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A California-based developer that has three residential projects in the works on Oahu, including two in Honolulu, may be looking to develop another such project in Downtown Honolulu.
Franco Mola's Coastal Rim Properties, which is the developer behind the planned 803 Waimanu Street and 929 Pumehana Street projects in Honolulu, as well as another project in Kapolei, filed a sewer connection application Tuesday to check sewer capacity on a Downtown Honolulu surface parking lot that went on the market earlier this year.
The 12,842-square-foot lot at the corner of Alakea and Beretania streets, owned by Chicago's Next Realty, is currently being used as a nearly 40-stall parking lot.
The possible development scenarios for the parcel include building a residential, hotel, office, retail or parking garage.
Coastal Rim's permit includes a job description for "MCXCII Tower" for applicant "Alakea Affordable Housing," a company formed by Coastal Rim.
The BMX-4-zoned lot currently has a total assessed value of $3.9 million. In 2014, Next Realty purchased the lot for $5.75 million, which amounted to $447.75 per square foot.

Comments

  1. Mirka InvestFebruary 27, 2022 at 2:39 AM

    A traditional affordable housing developer, whose models tend to be vertical in nature to emphasize top line, we welcome more participation in our projects.
    hawaii affordable housing developer

    ReplyDelete

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