A lottery to determine the buyers for condos in a new 46-story Honolulu high-rise was held on Saturday. The winners were announced today. The developer of a $200 million high-rise affordable condominium tower planned for the site of the former Honolulu Advertiser building conducted the lottery because more than 4,000 people were vying for just 635 units.
“We are very pleased but frankly not surprised at the robust interest in the units,” Project Developer Marshall Hung of Downtown Capital LLC said in a statement. “This project addresses the critical shortage of housing that Hawaii’s residents can afford in Honolulu’s urban core.”
The unit prices at 801 South St. range from $253,200 to $501,300. Pursuant to the Development Permit issued by the Hawaii Community Development Authority, owner occupant households with incomes of 140% or less of annual area median income will be given priority to purchase a unit during the initial 60 days of the sales program. The priority income in 2013 for a family of four is $120,820 or less.
The tower features a mix of studio and one-and-two bedroom units. All of the 635 units are priced as workforce housing units. The Hawaii Community Development Authority approved the project last December. Construction will begin this summer. The project team includes Hawaiian Dredging Construction Co., Kazu Yato AIA & Associates Inc. and Marcus & Associates. Bank of Hawaii is the lead lender for the construction financing.
“The project is designed to meet the critical shortage of affordable housing in the urban core of Honolulu,” said Hung. “With our design and construction team sharing this affordable housing goal, this community need can be fulfilled.”
Downtown Capital intends to develop another high-rise of 400 affordable-housing units on a property adjacent to the site of the current project.
In August of 2012, the company purchased the former Honolulu Advertiser building from Gannett Co. for $23 million. The only current tenant is CBS Productions who has been using the building as a soundstage for the “Hawaii Five-0” television series.