Coastal Rim Properties, Inc

Hawaii agency gives developer extension on permit for Kakaako condo

A total of 101 units are priced as affordable to the households between 80 percent of area median income, or a single person making $53,700 a year, and 140 percent of area median income, or a single person making $93,940 a year. The remaining 52 units are market rate.

The price points of the units range between $230,000 to $525,000, making it one of the most affordable projects in Kakaako.

The Hawaii agency regulating development in the Honolulu neighborhood of Kakaako has granted California developer MJF Development Corp. an extension for a development permit to build his $40 million 803 Waimanu St. residential project in the area.

During it’s regular meeting on Wednesday, the Hawaii Community Development Authority extended the project’s development permit to Aug. 6, 2016, and also directed concerns to the city’s Department of Planning and Permitting regarding parking and infrastructure issues.

Franco Mola, who heads up MJF Development, said the project, which was approved by the HCDA in January 2014 but was under appeal until September of that year, has been very difficult.

“Until we got past that, we weren’t really able to move forward very much,” he said. “We now have a partner and financing through American Savings Bank and we have allocated more units to be affordable. Obviously, lots of things we can do at our pace, but other things we have to wait for.”

The seven-story condo will consist of 153 studio, one- and two-bedroom units and 91 parking stalls located between Waimanu and Kawaiahao Streets near Dreier Street.

The site is currently occupied by a warehouse with light industrial tenants and auto repair shops.

A total of 101 units are priced as affordable to the households between 80 percent of area median income, or a single person making $53,700 a year, and 140 percent of area median income, or a single person making $93,940 a year. The remaining 52 units are market rate.

The price points of the units range between $230,000 to $525,000, making it one of the most affordable projects in Kakaako.

Steven Scott, vice chair of the HCDA board, raised concerns about the lack of parking stalls for the numbre of units being built.

However, Anthony Ching, executive director of the HCDA, said that the project is a good one, especially since it’s near a planned rail transit station.

The project still must clear state Historic Preservation Division review, according to Ching.

“It’s much needed and the activity in Kakaako has been tremendous,” Mola said.