Redevelopment plans for new Waikiki property to include Affordable housing

Waikiki will have a new Housing rental project, if OliverMcMillan gets his plan approved. OliverMcMillan is the developer of Pacifica Honolulu and Symphony Honolulu. The developer is partnering with Queen Emma Land Company to redevelop 2.5 acres of land on the corner of Kuhio Avenue and Kanekapolei Street.

About the new Waikiki Tower

The Waikiki project consist of 450 units in a high rise tower located at the demolished Makittii Hawaii restaurant, and the renovation of 50 rental units. The rental units will be located in four existing apartments on the Diamond Head side of Kanekapolei Street. The project will also include retail on Kuhio Avenue with 38,000 square feet of retail space on two-levels.

Units in this new Waikiki condo project will have a mix of studios, one-bedroom and three-bedroom units. The interior square feet will range from approximately 350 to 1,100 square feet.

Waikiki Affordable housing rental

The planned new Waikiki condo project will have 20% of its units (100 units) designated as affordable housing rentals. Affordable housing rentals in Hawaii are intended for households earning up to 80% of this areas median income.

Queen’s Health Systems

The developer will enter into a 65 year land lease with the proceeds going to Queen Emma Land Company, to support the Queen’s Health Systems and their missions.

When will it be ready?

It is anticipated that completion of this new Waikiki condominium development will be in late 2021. A two year planning and pre-development process will be needed before building can start.

More information about Waikiki real estate and condos?

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