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July 29, 2019

Highridge Costa to break ground on new $130m project in Hawaii

Highridge Costa is set to conduct groundbreaking ceremony for the second phase of the $130m Kulana Hale project in Kapolei, Hawaii.

Highridge Costa is set to conduct a groundbreaking ceremony for the second phase of the $130m Kulana Hale project in Kapolei, Hawaii.

The mixed-use affordable senior housing and multifamily apartment project is located at 1020 Wakea Street in Kapolei, Hawaii.

The Phase II building will feature a 13-story tower with 2,300ft² of ground-floor retail space and 143 apartments for low-income families.

The 13-storey tower will be built over a two-level concrete podium structure. It will join the 154-unit first-phase senior housing tower to provide a bigger parking structure and podium deck.

The third phase of the project will include a single-storey retail space.

Highridge Costa CEO Michael Costa said: “For over 25 years, Highridge Costa has been creating quality new affordable senior and family housing in partnership with states throughout the US, including Hawaii.

“We are very excited and proud to announce the groundbreaking of the second phase in our newest mixed-use affordable senior and multifamily community, Kulana Hale in Kapolei, Hawaii, developed in partnership with the Hawaii Housing Finance and Development Corporation.

“Kulana Hale will enrich the lives of future residents living with low and very low incomes while being an asset that both the State of Hawaii and Highridge Costa will be proud of for years to come.”

The project is being funded with a combination of a $17.9m Rental Housing Revolving Fund Loan from the Hawaii Housing Finance and Development Corporation (HHFDC) and tax-exempt bonds, as well as tax credit equity.

The project is a joint undertaking of Highridge Costa and Coastal Rim Properties, owned by Franco Mola.

Royal Bank of Canada will be the tax credit investor while Citibank will be the lender for the construction.

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