The developer of Hale Kewalo plans to break ground on the project on Thursday, more than three years after receiving approval from the Hawaii Community Development Authority for the 128-unit affordable rental project near Ala Moana Center in Honolulu.
Stanford Carr Development is developing the project at the corner of Piikoi and Kona streets, which will satisfy Alexander & Baldwin Inc.’s (NYSE: ALEX) affordable housing requirement for the 43-story Waihonua at Kewalo condominium nearby, which was completed in 2015.
The project, which was originally supposed to begin construction in 2016 and then pushed to last year, is being financed by low-income housing tax credits. It will have one-, two- and three-bedroom units for tenants earning 30 percent to 60 percent of area median income, which would be between $21,990 and $43,980 for a single person, $25,110 and $50,220 for a couple or $31,380 and $62,760 for a family of four.
Swinerton Builders is the general contractor on the project.