HONOLULU (HawaiiNewsNow) - The owner of one of Honolulu’s most recognizable office buildings unveiled plans on Tuesday to convert most of the property into hundreds of workforce rental apartments.
Douglas Emmett, Inc., which owns Bishop Place, says the first of about 500 new affordable apartments is scheduled to open in 2020.
“We are working hard to get through the planning and permitting process so we can begin the conversion,” said Douglas Emmett President and Chief Executive Officer Jordan Kaplan.
The company says they plan to convert the 25-story property located at 1132 Bishop Street into rentals for families ‘in the 80 percent to 120 percent Average Median Income range.’ The conversion will include studio, one bedroom and two bedroom apartments.
This story will be updated.