Pre-leasing began Monday for 7000 Hawaii Kai, a 269-unit rental project being developed by Honolulu-based Avalon Development Co. LLC, the head of the firm told PBN.
The $165 million long-planned project, originally called the Hale Ka Lae condominium, began construction in October and is slated to be completed by the summer of 2016, Christine Camp, president of Avalon Development told PBN.
Located at 7000 Hawaii Kai Drive, the project’s landowner, South Korea’s Hanwha Engineering Construction Corp., secured $100.7 million in financing for the development in December.
It will include two, three- and four-bedroom units, with 54 out of the 269 units in the affordable range.
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, Camp previously told PBN.
Avalon was contracted in December 2013 by the landowner to develop, redesign and obtain financing for the project.
Honolulu-based firms Design Partners Inc. and Hawaiian Dredging Construction Co. were chosen to be design and build the project, respectively.
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.
Duane Shimogawa Reporter – Pacific Business News