Jul 26, 2013, 2:58pm HST Updated: Jul 26, 2013, 3:19pm HST
Duane Shimogawa | Reporter- Pacific Business News
Developer Stanford and Kamehameha Schools on Friday formally announced plans for Keauhou Lane in Kakaako, a project that includes a 40-story tower consisting of 600 residential units as well as a low-rise mixed-use residential project with 200 workforce rental apartments.
The $300 million project, which will be located on the site of a surface parking lot along South Street, adjacent to Carr’s Halekauwila rental project and bounded by Halekauwila and Pohukaina streets as well as South and Keawe streets, includes a variety of housing options such as rental apartments, lofts, townhomes, a high-rise tower and live-work space and retail shops and a neighborhood grocery store.
Carr’s Stanford Carr Development would develop the 600 units in the tower, while Kamehameha Schools would develop the workforce rental apartments.
An estimated 40 percent of the housing units at Keauhou Lane will be reserved for middle-income workers. To qualify for a unit, renters may earn up to 100 percent of Honolulu’s median income and fee-simple buyers may earn up to 140 percent to qualify, Carr and Kamehameha Schools said.
Carr’s portion — 400 for-sale units and 200 rental units — will take up about 93,000 square feet of “Block A” of Kamehameha Schools’ “Our Kakaako” master plan, which includes 29 acres on nine city blocks, seven residential towers that include 2,750 units and 300,000 square feet of commercial space.
It also will include a parking structure for residents of Keauhou Lane to use.
Kamehameha Schools’ portion includes 69,387 square feet of property with live-work units, rental apartments and ground floor commercial space.
Combined, the projects will have about 50,000 square feet of recreational spaces, as well as more than 65,000 square feet of open spaces.
Alakea Design Group is the project’s architect and a contractor has yet to be chosen, Carr said.
Keauhou Lane, which is named after a historical private lane that once ran through the property, is the fourth project announced by Kamehameha Schools as part of its Kakaako master plan.
These projects include the Six Eighty Ala Moana rental development, A&B Properties’ “The Collection” and the Salt at Our Kakaako retail complex.
Groundbreaking and construction for the Keauhou Lane project, which may be connected to a Honolulu Authority for Rapid Transportation rail transit station, are targeted to start in mid to late 2014 with an expected completion date of 2016.
Next up for the development is submitting a development permit application with the state, which should happen in the next 30 days, Carr said.