A groundbreaking ceremony was held in West Oahu Friday for a project being developed exclusively for renters.

Once completed, Kapolei Lofts will consist of 499 rental homes on a 17-acre lot at the corner of Kapolei Parkway and Wakea Street.

It is being developed by Forest City Hawaii with assistance from Kapolei Properties at a cost of $140 million.

“We’re going to build an extraordinarily special place. We have nine-foot ceilings, we have walk-in closets, we have lanais sized for outdoor dining. We have a beautiful central park where people will be able to kick a soccer ball, read a book, recreate,” said Jon Wallenstrom, Forest City Hawaii president. “What I’m not going to say is prices start at a million dollars and condominium fees are $2,000 a month.”

“It’s a rental property for the people. You’re not going to see absentee owners here coming from the mainland. These are people from Hawaii and from Kapolei and to me, that is what this is all about,” said Brad Myers, Kapolei Properties president.

Kapolei Lofts is described to offer the benefits of modern, contemporary living with resort-style amenities in a master-planned community.

Units will range from 400-sq.-ft. studios to 1,200-sq.-ft., three-bedroom apartments. Rental rates have yet to be determined but promise to be “competitively priced.”

The first new rental homes will open for occupancy in the fall. Applications will be available for pre-leasing this summer.

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