KAPOLEI, Hawaii–(BUSINESS WIRE)–Highridge Costa will hold 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 development team members will attend.
Kulana Hale Phase II will feature a 13-story tower with 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 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 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 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.
“RBC Capital Markets is delighted to partner with Highridge Costa Housing Partners and to celebrate breaking ground at the Kulana Hale Phase II development in Kapolei, Hawaii,” a company statement said. “This is RBC’s first LIHTC investment in Hawaii, and we would like to thank the Hawaii Housing Finance & Development Corporation for its support in this important development for the community.”
“It has been a long journey, and I would like to thank our partners, specifically, the Hawaii Housing Finance and Development Corporation and the Department of Planning and Permitting, for all their efforts to help process and approve this complex project. We would not be here without the help of our local government agencies and our community leaders,” said Coastal Rim Properties, Inc. President and Owner Franco Mola.
“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 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.