Kuilei Place was approved.

So far, 2023 has been a hoot. Not only were developers waiting for the New Year to announce their projects, but state government leaders are doing what they can to expedite permitting and processes to offer more housing to locals. It made perfect sense to feature Kuilei Place in our January report. But before we get to the meat of our report, we wanted to share some highlights of Hawaii's real estate market and the broader economy.

• 30-year fixed mortgage rates in Hawaii have dipped from its highs at the end of last year. You can see all of Oahu's mortgage rates here (updated weekly).
• There was a small decrease in residential building permit value across Hawaii, but the 12-month moving average stayed relatively the same.
• Tomorrow, at 9:30 am HST, the U.S. Federal Reserve (Fed) is expected to announce their decision about raising the Federal Funds rate. While the Federal Funds rate doesn't necessarily dictate what mortgage rates are, it does directly influence HELOCs and short-term loan interest rates in Hawaii.
• Recent national reports show signs that inflation is cooling.

Featured

Kuilei Place

We mentioned Kuilei Place back in our November 2022 edition, but didn't realize how fast this project was moving. According to Civil Beat, it is "the first of a raft of new housing projects being expedited through the approval process to boost housing construction on Oahu." The project was approved by the Honolulu City Council on Tuesday, January 24, 2023.

While the project is not on sale yet, you can expect it to go on sale soon. Broker presentations are being scheduled now. Shortly after that, a formal advertisement will be published in the Star-Advertiser sharing what units are being released.

603 of the 1,005 condo residences will be offered via HHFDC's affordable housing program. If you're interested in purchasing an affordable housing unit, you'll have to enter a lottery. How does that work? Usually, you'll have to fill out an application, sign and notarize an affidavit agreeing that you'll reside there, and submit a pre-approval letter. Every lottery is different, so make sure to stay connected with us to get all the details first.

• # of Buildings: 2 residential towers, 1 parking structure
• Total # of units: 1,005
• # of Affordable condos: 603
  
• # of Market-priced condos: 402
• Pricing: Affordable Housing residences will range from $371,800 to $813,300, while market-price condos range from $705,465 to $1.15 million.
• Floor Plans: 1-bedroom units ranging from 502-661 sqft., 2-bedroom units ranging from 721-1024 sqft., 3-bedroom units ranging from 943-1096 sqft.
• Location: 2601 Kapiolani Blvd, Honolulu, HI 96826. Between Date Street and Kapiolani Blvd. In close proximity to Kaimuki High School and Iolani. Click here to see a map.
• Restrictions: HHFDC requirements for affordable housing units.

Malu Koa West

The newest subdivision in Koa Ridge was announced a few days ago. As you drive into Koa Ridge via the Gateway, you'll arrive at the Village - the center of the community. Future plans include eateries, retail shops, and Hale Lau Koa, a pavillion with a large green lawn where community events will be held. Malu Koa West will be located towards the back of the Village.

• # of condos: 186 condos
• Future Location: In Koa Ridge, next to Walea and The Village.
• Floor Plans: Studios, 1-, 2-, and 3-bedroom units, ranging in size from 528 to 1,297 sqft
• Timeline: Sales open in May, 2023. Completion of the project is scheduled for the end of 2024 or early 2025.
• Amenities: Rooftop lounge suitable, BBQ area, secured access, designated parking, and more.

Kaliu

Kaliu is a new mixed-use development that will be located next to SALT in Our Kakaako. Prospac Holdings Group, the project's developer, recently gave a presentation to the public sharing their vision for project. You can see their new renderings below.

• Total # of units: 340
• # of floors: 40 floors
• Architect: Design Partners Inc.
• Location: Kaliu will be built where the Bike Factory (740 Ala Moana Blvd, Honolulu, HI 96813) is.
• Amenities: Theaters, pool, dog park, bike storage, and more.
  
• Affordable Housing: It's is unknown at this time. Negotiations are still being made.

Updates

New projects coming soon

• Nahele at Hoopili - D.R. Horton is in the process of building out a new low-rise condo community.
• Kahuina - A mixed-use project, next to Alia in Kakaako. It'll offer affordable, workforce, and market housing.
• Pulelehua - A master-planned community between Kaanapali and Napili, Maui. Affordable units are prioritized.
• Koa Waena - An affordable housing project by Peter Savio available to Maui residents only.
• Pakela Ike - A luxury development on Kauai. 24 half-acre homesites in Hokuala.

Proposed

• Elm Street Development - An unnamed project by Twenty Lake Holdings that will be located near Walmart by Ala Moana.
• 1538 Kapiolani Tower - The newest TOD project has its application in review. It'll replace CPB on Kapiolani Blvd.
• 1500 Kapiolani - A delayed development project that will replace Heald College. Rumor has it that it was cancelled, but recent updates emerged that it's searching for investors.
• Villages of Leiali’i Village 1-B Subdivision - A project dedicated to provide 250 single-family homes and multifamily units to Native Hawaiian beneficiaries on Maui.