Affordable rental project near rail line ramps up after financing milestone

HONOLULU (HawaiiNewsNow) - Construction has started on a new 18-story affordable housing project in Halawa.

Halawa View II will have 450 parking stalls and more than 300 units for low-income families.

“We are excited. We were waiting for all the paperwork to get signed so we could actually start,” said Mike Betz, vice president and district manager of Nordic PCL.

“Half of the team that’s on that project actually lives in Aiea, lives in the neighborhood.”

The affordable housing project is being built at the existing Halawa View Apartments.

It’s right across from the Arizona Memorial. Above, you can see the rail line and it’s less than half a mile from the new Halawa rail transit station or a 10-minute walk.

It’s a key project for transit-oriented development.

“It’s really good planning, good smart planning to plan for denser affordable housing near a rail station,” said Sharon Gi, vice president of the Hunt Development Group.

“I think it’s a little bit of if you build it and they will come. I think there’s a lot of potential in this area and I think it’s going to look drastically different maybe 5 or 10 years from now,” said Betz.

Pacific Development Group, Hunt Development Group and Hunt Capital Partners announced on Wednesday the project had secured more than $93 million in federal and state tax credits.

“It’s just a big milestone,” said Gi.

Here’s what the monthly rental rates will be (based on the current market):

• Studio unit: $500-$1,200
• One bedroom: $510-$1,250
• Two bedrooms: $574-$1,500
• Four bedrooms: $1,400 - $1,800

“This was awarded tax credits on the basis of apartments being made available to households making 30% to 60% of area median income,” said Gi. “This really drives the affordability ... (and) gets at the people who need this kind of housing.”

Five units will be for chronically homeless or those referred by U.S. VETS.

The project is scheduled to be completed in summer 2025.

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