Non-Profit AHED Foundation, Form Partners, Highridge Costa Selected to Build Apartments in Kaka'ako

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632 units at Pohukaina Commons in Honolulu to be reserved for families earning 30 to 100 percent of Area Median Income

HONOLULU - eTradeWire -- Following a highly competitive application process, the non-profit Affordable Housing and Economic Development Foundation (AHED), Form Partners and Highridge Costa Development Company have been selected by the Hawaii Housing Finance and Development Corporation (HHFDC) to build Pohukaina Commons, a new high-rise apartment community in the Kaka'ako district of downtown Honolulu.

Located near Mother Waldron Park, the community will be built in two phases and include 632 affordable and workforce rental apartments reserved for families earning 30 to 100 percent of Area Median Income (AMI).  A significant share of the units will be targeted towards the "missing middle" of essential workers and their families who do not qualify for low-income housing but are still unable to find affordable housing in the state.

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Major funding for the first phase was made possible with a $67.5 million loan from the state's Rental Housing Revolving Fund (RHRF), which will be combined with other financing including Hula Mae Multi-Family revenue bonds, federal tax credits, and state tax credits to build the $220 million tower.

The first phase of the 632-unit community on the makai side of the site will feature a 30-story tower with 434 apartments above a nine-level parking structure. In addition, a large amenities deck on top of the parking structure will feature canopy trees and trellis structures for shade, raised community garden beds, a shaded keiki play area, fitness center, indoor community rooms, a bark park and dog wash, swimming pool, BBQ areas and ample space to view the sunset.

The second phase on the mauka side fronting Keawe Street will feature a 20-story tower with 198 apartments above the nine-story parking structure.  A mix of studios, one-, two- and three-bedroom units will be offered in both phases.

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The second tower will also offer its own outdoor plaza and viewing deck on the fifth level as well as approximately 4,500 square feet of retail space on the ground level in a shaded arcade, with the corner at Pohukaina and Keawe forming a natural, open-air plaza suitable for special events and activities.

The site is owned by the state, which will provide a ground lease for 75 years.  Once occupied by a Pohukaina School campus which closed decades ago, there are also plans for a future school building in between the taller tower built in the first phase and the park.

The first phase is expected to start construction in the second quarter of 2024 and be completed in the third quarter of 2026.  Timing for the construction of the second phase will be announced at a later date.

Michael L. Costa

Source: Highridge Costa
Filed Under: Real Estate

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