Honolulu-based Avalon Development Co. LLC is set to begin construction Friday on a $165 million Hawaii Kai residential rental project that was first planned as a luxury condominium project by a South Korean developer, and has had starts and stops during the last several years.
The cost to develop the project is pegged at $108 million, but with the land cost penciled in, the total cost of it is $165 million, Christine Camp, president and CEO of Avalon, told PBN.
Originally called the Hale Ka Lae condominium, the project at 7000 Hawaii Kai Drive, which includes two 10-story buildings and a parking structure on nearly four acres of land, is now being called 7000 Hawaii Kai.
There will be a total of 269 units at both market-rate and affordable rates.
Avalon Development was contracted in December by the landowner, South Korea-based Hanwha Engineering and Construction, to develop, redesign and obtain financing for the project. The developer is holding a groundbreaking ceremony on Friday at 10:30 a.m. at the 7000 Hawaii Kai Drive site.
Rents for the affordable portion of the project will range between $1,475 per month to $2,200 per month, while rents for the market-rate units will range from $2,200 per month to $3,700 per month. The rents include maintenance fees.
The developer said that it should finish the project in about 16 months, which would mean the second quarter of 2016.
Duane Shimogawa Reporter – Pacific Business News