Michaels To Start Construction On Affordable Senior Rental Housing Project In Downtown Honolulu
FILED TO:
Halewai`olu Senior Residences will provide 156 one- and two-bedroom affordable rental units
for kupuna
HONOLULU, HI – The Michaels Organization, in partnership with the City and County of Honolulu and the State of Hawaii, held a groundbreaking and blessing ceremony for Halewai`olu Senior Residences located at 1331 River Street in Downtown Honolulu. Scheduled for completion in 2023, the 17-story mid-rise development on a 26,925 square foot parcel owned by the City and County of Honolulu, will provide 156 one- and two-bedroom affordable rental units for kupuna.
“As the need for affordable housing continues to grow, this is an important milestone in providing additional affordable housing for older adults,” said Karen Seddon, Regional Vice President, The Michaels Organization “We’re pleased to work together with the City, State and the community, to create affordable housing that is conveniently located in Downtown Honolulu.”
Construction of the $93.3 million project will be funded using a combination of $48.0 million in
Hula Mae Multi-Family Tax-exempt Bonds (HMMF), $21.3 million in Rental Housing Revolving
Funds (RHRF), a $10.0 million traditional construction loan, and equity from the sale of low income housing tax credits. First Hawaiian Bank is the lead construction lender with participation from American Savings Bank. Hawaii Housing Finance and Development Corporation administers the HMMF and RHRF.
“After years of consideration, I am excited we were able to approve the Halewai‘olu project in our first 100 days in office,” said Mayor Rick Blangiardi. “Halewai‘olu will be a place for our seniors to thrive in a brand new rental property with plenty of space to exercise, meet, and enjoy life. This represents an opportunity for our kūpuna to live in Chinatown, a priority area that is being transformed and revitalized by the City. Thank you to all involved in the project, especially the Honolulu City Council, the State and the Michaels Organization.”
“Housing is one of the biggest expenses for those living in Hawaiʻi, especially for seniors on fixed incomes. This public-private partnership is exactly the kind of project we need for our kupuna, and today’s groundbreaking provides hope for Halewaiʻolu’s future residents,” said Gov. David Ige.
The Halewai`olu Senior Residences complex will serve as a gathering place for kupuna and will feature a courtyard, retail space, recreation deck, laundry room, community garden and dog park. Other amenities will include a social activities center, social services offices, property management offices, storage, computer room, and a mail room. The complex will be located close to public transportation and have vehicle and bicycle parking stalls.
“American Savings Bank is proud to support Halewai`olu, which will provide much needed affordable senior residences in the Downtown Honolulu area,” said Ann Teranishi, president and chief executive officer, American Savings Bank. “This exciting project will further support the revitalization of our neighborhood and enrich the lives of hundreds in our community.”
Halewai`olu Senior Residences will be available to seniors ages 62 and older, with rents starting at $547.00. All of the units will be income restricted from 30 percent Area Median Income (AMI) to 80 percent AMI, as determined annually by the U.S. Department of Housing and Urban Development (HUD). A majority of the units will be reserved for seniors at 60 percent AMI.
Construction will begin this month and is slated for completion in 2023.
About The Michaels Organization:
The Michaels Organization is a national leader in residential real estate, creating award-winning affordable, mixed-income, military, and student housing that enhance the lives of our residents and enrich communities. Serving more than 146,000 residents in 425 communities across 35 states, the District of Columbia, and the U.S. Virgin Islands, The Michaels Organization offers full service capabilities in development, property management, finance, construction, and tax credit syndication.
