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Developer seeks permission to rent unsold Sky Ala Moana affordable units to 80% AMI renters; council weighs rent‑to‑own and 30‑year requirement
Summary
Avalon Group (Sky Ala Moana) asked the committee to allow unsold affordable-for-sale units to be rented to households at 80% of area median income until they can be sold. The developer said high interest rates and market conditions have slowed sales; 38 of the ordinance units and 24 community-benefit units remain unsold. The Department of Planning
The developer for the Sky Ala Moana interim planned development transit (PDT) project asked the Honolulu City Committee on Zoning and Planning on Oct. 16 to permit unsold affordable-for-sale units to be rented to households earning up to 80% of area median income (AMI) until the units can be sold under the originally required terms.
Spencer Lee, representing the developer, said the project must provide 84 affordable units under the land-use requirements: 42 “ordinance” for-sale units subject to a 30-year affordability period and 42 community-benefit units that offset height and density bonuses and likewise carried long affordability periods. Marketing periods and staged AMI pools have expired; the developer reported 38 affordable ordinance-unit studios and two-bedroom units remain unsold (30 studios, 8 two-bedroom), and 24 community-benefit units remain unsold.
Lee told…
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