New, $180 Million Affordable Apartment Project Will Reshape Kapolei Parkway
Mostly Studios, 1-Bedroom, and 2-Bedroom Apartments
The new apartment complex — it doesn’t have a name yet — will sit on a 10-acre parcel of land stretching from the corner of Kapolei Parkway and Kunehi Street to Kapolei Parkway and Wakea Street.
It will consist of three multi-story buildings, a surface parking lot, an outdoor recreation area, and a preschool. Retail/commercial spaces may also be part of the project.
The 404 residential apartments will break out this way, size-wise:
Studios: 76 units (19% of total units)
1-Bedrooms: 109 units (27% of total units)
2-Bedrooms: 154 units (38% of total units)
3-Bedrooms: 41 units (10% of total units)
4-Bedrooms: 24 units (6% of total units)
The building will have approximately 600 parking stalls. The cost of the residential construction is estimated at $84 million.
All of the units will be reserved for people making no more 60% of the area’s median income. A small number will be reserved for those making 30% of median income. Rents will be capped as well, based on a formula developed by the state.
These are the affordable rent guidelines for Oʻahu for 2019. Prices on the left are for a family making 30% of median income, on the right would be for a family making 60% of median income:
Studio: $633 / $1,266
1-Bedroom: $687 / $1,356
2-Bedroom: $813 / $1,628
3-Bedroom: $940 / $1,880
4-Bedroom: $1,048 / $2,097
By the time the project is finished, these rents will be slightly different, but this is in the ballpark.
Changes To Kapolei Parkway
As part of the $180 million project, Wakea St. and Manawai St. will be extended through Kapolei Parkway, where they currently dead end, into the complex. (And presumably connect with those roads into the Mehana development on the makai side of the new complex, though the project details aren’t clear on that.) The cost of the roadwork is estimated at $3.9 million.
The Palailai Mall community park, which runs through Kapolei Lofts, will continue through the new apartment complex.
Who’s In Charge And What Happens Next?
Honolulu-based Kobayashi Group is the developer of the project. The company was one of the developers of Kapolei Commons, and has also developed oceanfront land and luxury condos in the state. Construction is estimated at 25 months, but a few things have to happen before then.
Here’s the current project plan, as outlined in the agreement with the city.
Financing: Feb. 2020 – Feb. 2021
Land Title Transfer: Sept. 2019 – Apr. 2020
Design: Sept. 2019 – Sept. 2021
Permitting: July 2020 – Apr. 2021
Construction: Apr. 2021 – Aug. 2023
Occupancy: Aug. 2022 – Aug. 2023
As you can see, some residents will be able to move in before the project is fully complete.
As you can also see, the land is nothing but brush and rocks for now. We’ll keep you updated as the construction gets underway.