The city is on the verge of building an affordable senior rental project on the edge of Chinatown.
Honolulu Mayor Kirk Caldwell announced Tuesday the decision to enter negotiations with Michaels Development Company on terms and conditions to finalize a development agreement.
Halewaiolu Residences would be located near the intersection of River Street and Vineyard Boulevard (1331 to 1347 River Street) and would include a multicultural community center.
“The proposal by Michaels Development provides what the community asked for and what Oahu desperately needs: long-term affordable housing for our seniors,” Caldwell said. “We owe it to our seniors who have sacrificed so much for the rest of us to make sure that they live their golden years in a way that’s affordable and in a beautiful setting.”
The plan would provide 151 units of rental housing for residents age 62 and over at 80 percent AMI (area median income, $53,700 for a single person) and below, with the majority of units available to seniors with incomes up to 60 percent AMI ($40,260).
The development would feature two mid-rise towers that share an elevator core, more than three levels of parking with a street-level community center and retail space in a style that complements Chinatown’s unique character and sense of place, the city said.
The project is estimated to cost approximately $49 million.
Negotiations are typically completed in four months, after which the administration will formally present a negotiated development agreement to the city council for final review and approval.
If all goes well, Monika Mordasini, Michaels Development Company’s vice president of development, says groundbreaking could occur next year with construction to be completed within a three-year window.