HONOLULU (KHON2) — A groundbreaking ceremony was held on Thursday, Sept. 16, for a $88 million affordable rental tower for seniors in downtown Honolulu.
The Kokua Senior Living complex located at Alakea and South Beretania streets will feature 220 studio units for seniors 55 years and older who meet certain criteria.
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Gov. David Ige, Hawaii Housing Finance and Development Corporation’s (HHFDC) Executive Director Denise Iseri-Matsubara, and members of the development team were part of the groundbreaking event.
Honolulu-based Coastal Rim Properties is partnering with California-based Highridge Costa on the project, which is slated to be completed in August 2023. The project was designed by SVA Architects and is being built by Hawaiian Dredging Construction Company.
The 20-story building will be located in downtown Honolulu’s Central Business District (CBD), and the community will offer 222 residential studio apartments for rent, plus two manager’s units, with studios ranging from 260 to 330 square feet.
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Seniors must have annual household incomes between 30% to 60% of the area median income (AMI). For those at or below 60% AMI, rent is expected to be roughly $1,269. For those at or below 30% AMI, it’s expected to be approximately $634.