The Central Ala Moana Affordable Housing Release
Here we go again, round two for Korean developer SamKoo Pacific as he is building his second tower, The Central Ala Moana. His first was an immediate sale, Kapiolani Residences and is currently being built, expected to be complete at the end of 2018. In the Ala Moana neighborhood there are state requirements with HHFDC but there isn’t a current development agency like the HCDA for Kakaako. From my understanding, the developers need to negotiate with the state/county on how many affordable units they would provide out of their projects. It has been pretty standard to be a 60/40 ratio, from Affordable to Market units. It was this case for Kapiolani Residences and will also be the case for this new development.
Let’s get into the nitty gritty on this one. Below are some details from the sales team on this project, please note that it’s the latest updates but with developments, things change often and on a short notice and are never guaranteed. Please only use this as a guide and reference. To start, here are the price ranges for the affordable and market units:
Affordable Units Studio: $286k+ (parking stall) 1 bed: $396k+ (parking stall) 2 bed: $493k+ (parking stalls) 3 bed: $700k+ (parking stalls) Market Price Units 1 bed: $580k+ (parking stall) 2 bed: $777k+ (parking stalls) 3 bed: $990k+ (parking stalls)
If you’re still here, application pick-up and sales supposedly start November 12th, 2018. You can go online to their website at: http://www.thecentralalamoana.com or walk into their sales center at: