Another exciting new development will hit Kaka’ako in Honolulu, Hawaii very shortly. Part of the 60-acre Howard Hughes master planned community, Ke Kilohana was recently introduced to Oahu Brokers.
Introducing Ke Kilohana
Model at the Ward Village Sales Gallery
So far what we’ve learned is that the location of the building will be in the former Dixie Grill (also formerly Tio’s Garage & Taco Station and Kanpai Bar & Grill) site on the corner of Halekauwila Street and Ward Avenue. It will be a part of Ward Village, which will feature walkable neighborhoods, a 4-acre park just one block away, Whole Foods, and live entertainment, as well as community events such as patio brunches, yoga, and movie nights. The Kaka’ako rail station will literally be across the street.
Ke Kilohana will be at the former Dixie Grill – 988 Halekauwila
Ke Kilohana itself will consist of 424 units between 1 to 3-bedrooms, in a 43-story high-rise. There will be 49 market-priced units (no pricing yet), but the exciting news is that the remaining 375 units will be reserved units for those Hawaii residents that qualify. Pricing for the reserved units is projected to be between the $300,000s to $500,000s. Yes, in my opinion it’s still expensive; however, not compared to other similar properties in the area.
What is a Reserved Housing Unit?
These are properties priced under market value. There are State of Hawaii income as well as asset restrictions, depending on household size. These units are geared toward first-time homebuyers or someone who hasn’t owned a home in over 3 years. There is something called a Buyback with the State if you decide to sell prior to the agreed upon term, which in this building will be either 2 or 5 years (some Buybacks are for 10 years).
What Are the Features of Ke Kilohana?
This building will be pet-friendly, as most of the new developments are. It will have an Amenity Deck on the 8th floor, as well as a co-workspace/meeting room, fitness room with a play area for children, and “sky lanais” in lieu of unit lanais. There will be 1 commercial property on the ground floor, which is Longs Drugs, with its own dedicated parking.
I’m Interested, What’s the Next Step?
A showroom is slated to open in January 2016, but workshops for the reserved units will be ongoing. For more information on the income and asset limits, financing questions, or to sign up for a workshop, go to the Ke Kilohana website, or contact me.