“The remaining 400 market rate rental units are an exciting new offering that provides more people who work in Waikiki a place to live in Waikiki,” OliverMcMillan's Director of Development Kris Hui said.
A 260-foot tall tower will be built on top of a two story, 38,000 square foot retail space. Some 450 units will be located in the tower, while an additional 50 units will be redeveloped in an existing apartment complex on the Diamond Head side of Kanekapolei street.
Studios, one, two and three-bedroom units are planned for the building, each ranging anywhere from 350 to 1,100 square feet.
Oliver McMillan enters a 65-year ground lease with landowner Queen Emma Land Company for the project.
The project is slated to begin construction in 2019 after environmental assessments and proper permitting. Developers hope to have the project finished by 2021.
Developers also say they will preserve a historic banyan tree on the property.