Honolulu Mayor Kirk Caldwell announced Monday that the Halewai'olu Senior Residences will be constructed near the corner of River Street and Vineyard Boulevard.
When complete, it will have 151 affordable rental units, and 135 of the units will be available for seniors with incomes of $40,000 or less. The one and two bedroom units will be long term rentals for seniors who are 62 and older.
The building will also have a three story parking garage and plenty of recreation space including activity rooms and a pet park.
The City Council must still approve the deal.
The estimated time frame for construction is estimated at around three years, with groundbreaking scheduled to begin sometime in 2016.