Article Courtesy of: Duane Shimogawa Pacific Business News
A rendering of the 7000 Hawaii Kai rental project, which began pre-leasing this week
Pre-leasing began Monday for 7000 Hawaii Kai, a 269-unit rental project being developed by Honolulu-based Avalon Development Co. LLC, the head of the firm told PBN. The $165 million long-planned project, originally called the Hale Ka Lae condominium, began construction in October and is slated to be completed by the summer of 2016, Christine Camp, president of Avalon Development told PBN.
Located at 7000 Hawaii Kai Drive, the project’s landowner, South Korea’s Hanwha Engineering Construction Corp., secured $100.7 million in financing for the development in December. It will include two, three- and four-bedroom units, with 54 out of the 269 units in the affordable range.
The cost to develop the project is pegged at $108 million, but with the land cost penciled in, the total cost of it is $165 million, Camp previously told PBN.Avalon was contracted in December 2013 by the landowner to develop, redesign and obtain financing for the project.
Honolulu-based firms Design Partners Inc. and Hawaiian Dredging Construction Co. were chosen to be design and build the project, respectively. Rents for the affordable portion of the project will range between $1,475 per month to $2,200 per month, while rents for the market-rate units will range from $2,200 per month to $3,700 per month. The rents include maintenance fees.
Please join us for another public outreach meeting in our new location: Koko Head District Park, 423 Kaumakani Street, Honolulu, HI 96825. This is mauka of the Public Library heading toward the crater. Follow the Hawaii Kai Strong signs to the main building. The program will start at 7:00 p.m. and is all about Detection, Warning and Response to disasters. There is also an opportunity to become trained as a Red Cross Volunteer to assist in a shelter during a disaster. If you are interested in this 3-hour training, please reply to this email firstname.lastname@example.org and I will send you a link to sign up. I will also discuss this at our meeting, but there is a process to signing up as a volunteer that should be started soon. I sent our specific information to those who have already expressed an interest in this training. The training session will be held on April 15 here in East Honolulu.