HONOLULU, Hawaii (HawaiiNewsNow) - Affordable housing developer Peter Savio is planning to break ground this summer on a $100 million workforce housing development in Kihei.
Called Kihei Wailani Village, it will be made up of 81 homes ― both townhouses and single family homes. The two-, three-, or four-bedroom units will range in price from $329,000 to 638,000.
“We have to find a way back to creating a local market for local buyers,” he said.
“I’ve always wanted to go back to Maui and if we are successful with this project and we believe we will be, I hope to do a number of projects, all affordable, all the local market, all below market.”
He says the first homes will be ready in the first quarter of next year.
Only Maui residents in certain income brackets can buy.
“The law says 18 year or older, you have to own no other home and you have to be a resident of Maui and that’s good because Oahu just says a resident of Hawaii,” said Savio.
“If a guy from the mainland wants to buy, he’s not going to qualify.”
Savio says the homes are roughly $100,000 under market without any government funding. If the home is re-sold within 25 years, it must stay in the affordable range.
He says his goal is making more housing that local people can truly afford.
“Oahu, Maui and Kauai have become an international market. Housing prices are usually tied to the people in the community,” said Savio.
“The only island that has a local market anymore is the Big Island,” he added.
Starting Friday, interested Maui buyers can go to www.kiheiwailanivillage.com to sign up and a lottery will be held later this year.