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OCTOBER 2018

Western Real Estate Business Newsletter

Highridge Costa, Coastal Rim Properties Break Ground on $130M Mixed-Use Seniors Housing Project in Hawaii

by David Cohen

KAPOLEI, HAWAII — Gardena, Calif.-based Highridge Costa Cos., in partnership with Honolulu-based Coastal Rim Properties, has broken ground on Kulana Hale, a mixed-use and affordable seniors housing project in Kapolei, near Honolulu. Designed by SVA Architects, Hawaiian Dredging Construction Co. is building the property.

Located at 1020 Wakea St., the $130 million project consists of three components — two 13-story towers and a single-story commercial space — to be built in three phases.

The $64 million first phase will feature 154 affordable apartment units for seniors in a unit mix of 22 studio, 109 one-bedroom and 22 two-bedroom layouts, as well as a one-bedroom manager’s unit. All residential units are equipped with an oven, stove, microwave and refrigerator. Project amenities will include a community meeting room, picnic area, community workspace with high-speed internet access and neighborhood-serving retail space on the ground floor.

The second phase will add a tower with 143 affordable units for families, as well as additional ground-floor retail space. Construction of the second phase is slated to start in 2019.

The final phase will be a single-story retail space to serve the residents and larger community.

“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,” said Hawaii Governor David Ige at the groundbreaking ceremony. “Kulana Hale is a great example of using state funding to attract private investment in our communities.”

The development will be financed with a combination of tax-exempt bonds, tax credit equity and a $10.7 million Rental Housing Revolving Fund Loan from the Hawaii Housing Finance and Development Corp. Citibank will be the construction lender, while Aegon will serve as the tax credit investor.

“Kulana Hale will enrich the lives of many seniors 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 Cos.

 

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