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JULY 2019

Multifamily Press

Groundbreaking Set for Second Phase of $130 Million Kulana Hale Mixed-Use Affordable Senior and Multifamily Apartment Community

by Staff

Highridge Costa will be holding a groundbreaking ceremony on August 28 for the second phase of the $130 million Kulana Hale Mixed-Use affordable senior and multifamily apartment community in Kapolei. Hawaii Governor David Ige, state and local officials, community leaders and members of the development team will attend.

Kulana Hale Phase II will feature a 13-story tower consisting of approximately 2,300 square feet of ground floor retail space and 143 affordable units for low-income families. The tower will be built over a two-level concrete podium structure that will be connected to the first phase to form a larger parking structure and podium deck. Among the first high-rise residential projects in Kapolei, Kulana Hale will offer unobstructed mountain and ocean views to its residents, all of whom will earn 60 percent or less of area median income (AMI). This phase of the affordable development will be paired with a Phase I tower that will provide much-needed housing for seniors, with a total of 154 affordable apartment units.

Located at 1020 Wakea Street, the complete project consists of three phases located on a single three-acre block. Phases I and II will include two residential towers with ground floor retail, while Phase III will include single-story retail space. Phases I and II are being built to a LEED equivalent standard, representing the development team’s commitment to sustainable communities.

Highridge Costa of Los Angeles, California and Coastal Rim Properties of Honolulu, owned by Franco Mola, are developing Kulana Hale jointly with the help of non-profit Hawaiian Community Development Board. The project was designed by SVA Architects and is being built by Hawaiian Dredging Construction Company.

The development’s second phase is being financed with a combination of tax-exempt bonds, tax credit equity, and a $17.9 million Rental Housing Revolving Fund Loan from the Hawaii Housing Finance and Development Corporation (HHFDC). Citibank will be the construction lender and Royal Bank of Canada will be the tax credit investor.

“My administration has been working hard to expand affordable rental housing options across the state for seniors and families who struggle to find homes they can afford. Kulana Hale is a great example of using state funding to attract private investment in our communities,” said Governor David Ige.

“For over 25 years Highridge Costa has been creating quality new affordable senior and family housing in partnership with states throughout the U.S., including Hawaii. We are very excited and proud to announce the groundbreaking of the second phase in our newest mixed-use affordable senior and multifamily community, Kulana Hale in Kapolei, Hawaii, developed in partnership with the Hawaii Housing Finance and Development Corporation. Kulana Hale will enrich the lives of future residents living with low and very low incomes while being an asset that both the State of Hawaii and Highridge Costa will be proud of for many years to come,” said Michael Costa President and CEO of Highridge Costa.

“On behalf of myself and the entire Highridge Costa team, I would like to thank the myriad of contributors who came together to make this exciting community a reality. Such achievements are only possible when individuals and organizations across the private and public sectors are motivated to bring real change and improvement to the communities in which they live and work,” said Mohannad H. Mohanna, President and Managing Member of Highridge Costa Development.

 

About the Developers

Founded in 1994, Highridge Costa specializes in the development, financing, construction and asset management of affordable and mixed-income housing for families and seniors utilizing low-income housing tax credits, as well as other types of public and private financing. The company has been involved in the development and financing of nearly 28,000 units of affordable multifamily housing. For more information, visit www.housingpartners.com.

Franco Mola, owner and president of Coastal Rim Properties, Inc., has successfully developed major projects throughout the Western United States and in the State of Hawaii for more than 30 years. Coastal Rim Properties, Inc. and its affiliated companies have overseen the planning, design, and construction of over 4,300 homes, approximately 500,000 square feet of commercial space, and over 1,000,000 square feet of office space. For more information, visit www.coastalrim.com.

Hawaiian Community Development Board (HCDB) is a non-profit established in 2000 under the leadership of Kali Watson, former Director of the Department of Hawaiian Home Lands (DHHL) and with the support and guidance of a dedicated and knowledgeable Board of Directors of all Native Hawaiians primarily from homesteading communities. The team assembled by HCDB to develop projects in the Hawaiian Home Lands communities consists of highly qualified, experienced professionals with a mutual commitment to our Hawaiian people. For more information, visit www.hawndev.org

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