Weekend lottery to decide who will buy condos at former Honolulu Advertiser site
Duane Shimogawa | Reporter- Pacific Business News | Mar 22, 2013, 3:36pm HST
The developer of a $200 million high-rise affordable condominium tower planned for the site of the former Honolulu Advertiser building will conduct a lottery on Saturday to decide who will snatch up the units, which are priced between $250,000 and $550,000.
More than 4,000 people have visited the sales office at the corner of Queen and Keawe streets in pursuit of a unit in the 46-story tower at 801 South St., which will feature a mix of studio and one-and-two bedroom units.
The lottery will be conducted at the sales office starting at 10 a.m. Those who turned in eligibility packets are welcome to attend, but they don’t have to be present if their number is chosen.
The results will be posted online at www.801southst.com.
“We are very pleased but frankly not surprised at the robust interest in the units,” Project Developer Marshall Hung of Downtown Capital LLC said in a statement. “This project addresses the critical shortage of housing that Hawaii’s residents can afford in Honolulu’s urban core.”
All of the 635 units are priced as workforce housing units. Bank of Hawaii (NYSE: BOH) will be the lead lender for the construction financing.
The developer expects to sell out quickly, paving the way for a second tower made up of 400 workforce housing units.
The Hawaii Community Development Authority approved the project last December. Construction is expected to begin this summer.
The project team includes Hawaiian Dredging Construction Co., Kazu Yato AIA & Associates Inc. and Marcus & Associates.