HCDA previews Kakaʻako housing plans, 99‑year leasehold pilot and financing options

The Hawaiʻi Community Development Authority on Jan. 8 presented staff plans to pursue additional rental housing in the Kakaʻako Community Development District, including a pilot 99‑year leasehold condominium option and a proposed mid‑300‑unit rental project on an HCDA parcel in Kakaʻako.

Deepak Nupani, a program specialist with HCDA, told the authority the agency has drafted a request for qualifications to select a developer and expects to seek board authorization next month to issue that RFQ. Staff described the concept as a rental project aimed at the “gap” market — households earning roughly 80% to 140% of area median income (AMI) — rather than only deeply subsidized units at 60% AMI or below.

The proposal under study includes a parcel in Kakaʻako that staff said is about 1,000 square feet and a building program the developer estimates could total about 350–360 units. Staff reported average development costs in analysis are running roughly $620,000 to $650,000 per unit. Price points under discussion would generally target 90% to 140% AMI, with one‑bedroom prices described as “mid $400,000” and larger family units in the “mid $800,000” range, depending on configuration and market factors.

Why it matters: HCDA staff said building on authority‑owned land can sustain affordability for longer terms than private land because the public land lease model…