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Work is underway on a new affordable rental project for qualifying seniors and families within Central Oahu's Koa Ridge master-planned community.
A ground breaking was held Nov. 1 for Koa Vista I, a two-phase master-planned development located off Ka Uka Boulevard across from the Waipio Costco that will include 192 senior and family rental apartments in two mid-rise buildings.
According to a recent announcement about the project, the $38.5 million first phase will include a seven-story, 95 unit rental apartment building with a manager's unit, and will serve qualifying seniors between 30% and 60% of the area median income.
Each unit will include a refrigerator and range/oven, cable and high-speed internet access, window coverings and laminated flooring, the announcement noted. Meanwhile, common area amenities include a multi-purpose room, laundry/office space, victory garden and open park.
Construction on the first phase started in July and is scheduled to be complete in late 2024, the announcement noted.
The project is being developed by the nonprofit Homes Hawaii Inc., in partnership with GSF LLC. Mitsunaga Construction, Inc. is the general contractor.
According to GSF LLC, Koa Vista I is being funded by developer equity as well as from a Hula Mae Multi-Family Bond, the Rental Housing Revolving Fund, Low-Income Housing Tax Credits and a First Hawaiian Bank loan.
“This housing development and others will help us reach the state’s goal of housing sustainability for local families,” Wally Inglis, president of Homes Hawaii Inc., said in a statement “We could not have successfully completed this project without significant support from the state Hawaii Housing Finance and Development Corporation, and the City and County of Honolulu.”