Hawaii Governor David Ige, Hawaii Housing Finance and Development Corporation (HHFDC) Executive Director Denise Iseri-Matsubara, and members of the development team ceremonially broke ground recently on the $88 million, 20-story Kokua Senior Living affordable apartment community. The event included a traditional Hawaiian blessing ceremony led by Kahu Kordell Kekoa.
Highridge Costa of Gardena, California and Coastal Rim Properties of Honolulu are developing Kokua Senior Living jointly. The project was designed by SVA Architects and is being built by Hawaiian Dredging Construction Company.
Located at 1192 Alakea Street in downtown Honolulu’s Central Business District (CBD), the community will offer 222 residential studio apartments for rent plus two managers’ units, with studios ranging from approximately 260 to 330 square feet and designated for seniors 55 years and older with household incomes at or below 30 and 60 percent of the Area Median Income (AMI).
Each apartment will have a kitchen with sink and electric cooking range, plus a bathroom with sink, toilet, and shower. Additionally, Kokua Senior Living will meet the most current Americans with Disabilities Act (ADA) and HUD standards, with twelve of the units to be fully accessible.
The project will include a ground floor lobby, five-story parking garage, and a 6th-floor podium level with a landscaped outer deck featuring shaded seating and a lush garden. The podium level will also have common laundry room, lanai space, office space, and the manager/resident services units.
The overall location offers an abundance of amenities for residents within just a half- mile radius, including a hospital, banks, parks, grocery stores, and a bus stop across the street from the building.
The development was financed with a combination of tax-exempt bonds, tax credit equity, and a $35,852,811 Rental Housing Revolving Fund Loan from the Hawaii Housing Finance and Development Corporation (HHFDC). Citibank is the construction lender, RBC is the federal tax credit investor, and Sugar Creek Capital is the state tax credit investor.
“Producing affordable housing has been a top priority for my administration since I first took office in 2014,” said Governor Ige. “The Kokua Senior Living complex marks a new chapter because it provides quality homes at affordable rents in the heart of downtown Honolulu for the kupuna in our community with the greatest need for them. It is through collaborative efforts with private sector housing developers – such as the partnership we formed here with Highridge Costa and Coastal Rim Properties – that we are able to produce in a timely and efficient manner the affordable housing units that our residents deserve.”
HHFDC’s Iseri-Matsubara said, “We are proud to partner with Highridge Costa on this low-income-tax-credit project right in the heart of downtown Honolulu. HHFDC is pleased to have invested nearly $35.9 million in Rental Housing Revolving Fund monies, and allocated $33.7 million in federal and state Low Income Housing Tax Credits. These types of public-private partnerships are so vital in the quest to produce more affordable units for Hawaii’s seniors.”
“For over 28 years Highridge Costa has been creating quality new affordable senior and family housing in partnership with states throughout the U.S., including Hawaii,” said Michael Costa, President and CEO of Highridge Costa. “We are very excited and proud to announce the start of construction on our newest affordable senior community, Kokua Senior Living in Honolulu, that will enrich the lives of many seniors while also being an asset to the State of Hawaii.”
“On behalf of myself and the entire Highridge Costa team, I would like to thank the many contributors who came together to make this exciting community a reality,” said Mohannad H. Mohanna, President and Managing Member of Highridge Costa Development. “Such achievements are only possible when individuals and organizations across the private and public sectors are motivated to bring real change and improvement to the communities in which they live and work.”
“Our lifelong relationship with the great design team at SVA Architects, and more recently our partnership with Highridge Costa, has helped us to together overcome the challenges of creating affordable housing,” said Franco Mola, Owner and President of Coastal Rim Properties, Inc. “Our mantra is to combine great spaces with shopping, medical care and transit amenities that are within walking distance. Finding a workable financial model is essential, so these ideas can become a reality. I am fortunate to be part of this team.”
“Now, more than ever, we need to protect our most vulnerable kupuna and provide them with a safe place to live and thrive,” said AHED Foundation President Scott W. Settle. “The AHED Foundation is extremely proud to be a partner in the development of this long-awaited senior affordable housing project. This project proves that resilience, fortitude and strong partnerships can make a difference for both individuals and our entire community.”
