HONOLULU (KHON2) — The city unveiled a new affordable housing project on Tuesday.

It is an apartment complex at 754 McCully street.

Mayor Kirk Caldwell says the complex’s location puts it close to downtown Honolulu, Waikiki and the University of Hawaii.

“It’s small,” said Honolulu Mayor Kirk Caldwell. “Only 10 units, pretty darn nice, of which eight are one-bedroom units and two are two-bedroom units. The one-bedroom is about, the rent’s going to be $1,200. For a two-bedroom, $1,500.”

“When we found this property, it was, a person purchased it and wanted to speculate it, fix it up and then rent the units out at very high market rates,” said Sandra Pfund, Department of Land Management director. “We would be losing out on affordable housing in our neighborhood.”

Caldwell said the city bought the property for $4 million and completed the project in May.

More than 100 people signed up to rent one of the 10 units.

Four people have already moved in.

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