Details revealed behind OliverMcMillan's newest Hawaii mixed-use tower

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OliverMcMillan/Queen Emma Waikiki Apartment Project
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·        -Needs Waikiki Special District Permit, Planned Development Apt. Permit
·         -Possible name: “OM Kuhio @ Waikiki
·        - Site zoning: Apartment/Mixed Use
·         -65 year ground lease to start in 18 months
·        -20%, or 100 units of the 500 total apartment units to be “affordable” at 80% AMI
·         -2.52 total acres of land involved (Food Pantry site, old Perry Smorgy’s site, 3 small walk-up apts (Waikiki Regents, Beachside 1 & 2, Queen Emma Apts).
·         -Project sites borders Walina St., Kuhio Ave. and Kanekapolei St.
·         -The 3 small walk-up apts (total 54 units) will be renovated and comprise of half of the affordable housing in the new project
·         -27-story tower on Food Pantry/old Perry Smorgy’s site to include studios (350 sf), 1bd, 2bd, 3bd (1,100-1,200 sf)
·         -Sample affordable rents: $1,466/mo. (studio), $1,570 (1 bd.)
·         -To include rooftop amenity deck (gym, pool, BBQs, Sky Social Lounge)
·         -Developer is 6 months into the project
·         -2 years to do outreach/design/entitlements
·         -Summer 2019 to start 65 year ground lease with Queen Emma
·         -Construction to take 2 years, possibly open by 2021
·         -OM will manage the apartments
·         -This is OM’s first apartment rental project in Hawaii; they specialize in multi-family on the Mainland
·         -Not using any govt. subsidies for the project
·         -To include 40,0000 sf of retail along Kuhio Ave. (2 floors)
·         -2nd floor of retail will be a neighborhood grocery store
·         -1st floor will be neighborhood retail – not luxury (coffee, ice cream, pharmacy)
·         -Will have units in the podium as well as parking
·         -1 level of parking is designed to redeveloped into unit spaces in the future
·         -Will preserve large banyan tree on the property
·         -Hasn’t hired general contractor yet
·         -Website: OMKuhio.com (not much there right now)


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