Kamakee Vista was recently purchased by Stanford Carr and a California based partner, Standard Communites for 35 million dollars of the remaining 130 million dollar portfolio of the states affordable rental units. This project will feature low-income housing as rental units in Kakaako located on the corner of Queen St. and Kamakee. This project among many going on in the Kaka’ako district is set to begin remodeling in 2021.The renovations will alone will cost approximatley 14 million to expand on the 28 story building to 226 affordable rental units.
This trend continues to play out in the private developers being able to have faster and higher quality upgrades to projects. The state of Hawaii still lacks housing in our urban core and projects such as this when only upgrading existing buildings seem to be more cost and time efficient for all parties involved with the state now not having to upgrade it themselves. This will be crucial for residents and developers moving forward to provide adequate housing in a timely fashion.
Click here to read the article. https://www.staradvertiser.com/2020/11/16/hawaii-news/state-finalizes-sale-of-affordable-housing-tower-for-35-million/?HSA=5a7b629bfb9e65f060b712259a0124c00f5ef437