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.”
Los Angeles City Councilmember Curren Price, Jr. and members of the ownership and development team of the $33 million RISE Apartments met on May 12 to celebrate the grand opening of the project that is located at 4050 South Figueroa Street in South Los Angeles.
The new permanent supportive housing community will provide much-needed housing for homeless veterans and other homeless individuals earning 30 to 50 percent of the area median income (AMI) who are transitioning into a supportive housing community.
The five-story structure will have one level of subterranean parking and features 56 studio units and one one-bedroom manager’s unit. In designing the community, special elements were taken into account to address livability, comfort, and safety of the residents, as well as the long-term management of the building.
Units will be fully furnished and include a kitchenette with refrigerator, stove, and microwave. Community amenities will include a community room, a residential courtyard, roof terraces, bike storage, covered parking, onsite management, and laundry facilities. The building will also provide three supportive services/case management offices to be located on the fourth and fifth floors.
In addition to the residential community, there will be 3,400 square feet of community commercial office space. This space will be designated for a community serving non-profit, RISE Financial Pathways, which is dedicated to serving low-income clients by providing training that improves the financial standing of individuals, launches and sustains small businesses, and strengthens neighborhoods.
RISE Housing, LP owns the apartment community. Gardena, California-based Highridge Development Company, LLC, and SRO Housing Corporation of Los Angeles are the developers. The general contractor is Alpha Construction Company, Inc., of Van Nuys. The architectural firm is Egan Simon Architecture of Playa del Rey.
To finance the development, RISE Apartments has been awarded four percent of Low Income Housing Tax Credits from the California Tax Credit Allocation Committee (“CTCAC”) which is paired with $16.2MM in Tax Exempt Bonds from the California Debt Limit Allocation Committee (CDLAC). In addition, RISE has received an award for $9,500,000 million in Proposition HHH funding and $2,500,000 of the City’s Low and Moderate Income Housing Fund (“LMIHF”) from the Los Angeles Housing + Community Investment Department (HCIDLA), $1,008,000 in AHP funds from the Federal Home Loan Bank (FHLB), as well as a commitment for 42 VASH Project Based Vouchers and 14 Project Based Vouchers from the Housing Authority of the City of Los Angeles (HACLA).
“RISE Apartments is one of a handful of permanent supportive housing (PSH) facilities opening in District 9 this year with nearly 900 total units scheduled for completion by 2022,” said Councilmember Curren Price, who represents District 9 where RISE Apartments is located. “While there is no shortage of need in our communities, these upcoming developments create life-changing opportunities for our most vulnerable, including our veterans that will reside at RISE where they will receive the care, attention and support to lift them up to create a more promising future.”
“The RISE Apartments is SRO Housing Corporation's first development outside of downtown Los Angeles and we could not have selected a better partner than Highridge Costa. We are committed to addressing the dire affordable housing needs in Los Angeles and the RISE Apartments is just the beginning,” said Anita Nelson of SRO Housing.
“Given the severe lack of housing for our homeless veterans, we at Highridge Costa take tremendous pride in our ability to create high quality, safe and affordable places to live for those who selflessly served our country. We feel very fortunate that our ‘work’ creates such good for so many lives,” said Michael Costa, President and CEO of Highridge Costa.
“We would like to thank all of the organizations and people who worked together, and the vital roles they played, to develop this affordable apartment community for the homeless, including our deserving veterans. Yet another example of a successful public-private partnership to create affordable housing” said Mohannad H. Mohanna, President of Highridge Costa, Development.
For more information, visit www.housingpartners.com.
Highridge Costa, an innovator for 28 years in the complex field of affordable senior and multifamily housing, has been named the number “2” Best Place to Work Multifamily in the Nation by Multifamily Leadership Magazine. Highridge Costa was also named Number “4” Best Places to Work Multifamily for Women in the Nation.
The multifamily Industry, serving apartments and their residents, contributes more than $3.4 trillion to the US economy annually, supporting more than 17.5 million jobs. Not only do apartment homes drive jobs that strengthen local communities, individuals and families realize the value of renting as a smart choice in today’s economy.
As CEOs and executive teams create culture and innovation around the resident experience, employee engagement is seen as a key driver to meet multiple challenges. The Best Places to Work Multifamily® program recognizes those companies who have established and consistently fostered outstanding workplace environments.
The rigorous assessment process evaluated each company’s employee policies and procedures as well as confidential responses from the company’s employees. The program is part of a long-term initiative to encourage growth and excellence throughout the multifamily apartment Industry and to attract new leaders.
Patrick Antrim, Founder and CEO of Multifamily Leadership, says, “Employee engagement is actually a much more powerful indicator of organizational success than the size of the company, as employee engagement is tied to behavior and higher performance. Next-generation leaders want to know their company is making a positive impact on the world. They want to know the vision and mission of the organization and that the leaders of the organization are going to drive that mission and vision. The Best Places to Work Multifamily® companies have stepped up to play that role and will have a much bigger voice in the future.”
“To us, being honored as the number 2 ranked company of the Best Places to Work validates our efforts to put employees first. We have always wanted to be a place where people enjoy coming to work – and that has been reflected in every action we have taken and policy we have put in place. To be recognized for this is an honor we are very grateful for” said Michael A. Costa, Founder, President and CEO of Highridge Costa.
Highridge Costa, a developer, owner and operator of affordable housing has now completed more than 30,000 units and over 300 affordable communities in 33 states and Puerto Rico that have been designed to integrate seamlessly into rural, suburban and city neighborhoods. All have been financed using Low-Income Housing Tax Credits (LIHTC). Through the years, the company has built an outstanding reputation for building strong working relationships with nonprofit and for-profit organizations, State, and local governments, to create affordable housing solutions that meet their mission of “Changing Lives”.
Highridge Costa is pleased to announce reaching a major milestone in the development of Hale Moena Kupuna, a brand new $130 million affordable senior and family rental community in Kapolei on the island of O’ahu.
The 13-story residential tower in Phase 1, which has been designated for seniors only, has been completed and the first tenants have begun moving into their apartments.
Michaels Management is serving as the property manager and leasing agent for the community. In March, a lottery was used to create a wait list for interested applicants hoping to live in one of the 153 affordable apartment homes in studio, one- and two- bedroom floor plans. Apartments are still available. Seniors aged 62 years or older that make no more than 60% of the area median income are eligible and can start the application process by calling 808-466-0801 or going to #Kapolei #Oahu #AffordableHousing #Kupuna
Hawaii Gov. Ige has spoken about the importance of Hale Moena Kupuna in meeting housing needs in Hawaii. “My administration has been working hard to expand affordable rental housing options across the state for seniors and families who struggle to find homes they can afford,” he said. “Hale Moena Kupuna is a great example of using state funding to attract private investment in our communities.”
Developed by one of the nation’s premier affordable housing developers, Highridge Costa, in partnership with Coastal Rim Properties of Honolulu, Hale Moena Kupuna is a three-phase, mixed-use community for seniors and families that will also feature retail and commercial space.
All three phases of the development are being built along a three-acre block, with the residential apartments in the two 13-towers built to LEED standards, and neighborhood-serving retail on the ground floor.
Among the first high-rise residential projects in Kapolei, Hale Moena Kupuna offers unobstructed mountain and ocean views to its residents, along with on-site parking and outdoor community space on a podium deck. Other amenities will include a community meeting room, picnic area, and a community workspace with high-speed Internet access. All units will come equipped with an oven, stove, microwave and refrigerator.
The development is being financed with a combination of tax-exempt bonds, tax credit equity, and a $10.7 Million Rental Housing Revolving Fund Loan from the Hawaii Housing Finance and Development Corporation (HHFDC). Citibank is the construction lender and Aegon is the tax credit investor.
“We are very excited to announce the completion of the senior tower of our newest affordable community Hale Moena Kupuna, developed in partnership with Hawaii’s State Housing Agency. This first phase of the new community will enrich the lives of many seniors 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 many years to come,” said Michael Costa, President and CEO of Highridge Costa.
“Hale Moena Kupuna is only possible because individuals and organizations across the private and public sectors were motivated to bring real change and improvement to the communities in which they live and work,” said Mohannad H. Mohanna, President and Managing Member of Highridge Costa Development Company, LLC.
Highridge Costa will be holding a groundbreaking ceremony on August 28 for the second phase of the $130 million Kulana Hale Mixed-Use affordable senior and multifamily apartment community in Kapolei. Hawaii Governor David Ige, state and local officials, community leaders and members of the development team will attend.
Kulana Hale Phase II will feature a 13-story tower consisting of approximately 2,300 square feet of ground floor retail space and 143 affordable units for low-income families. The tower will be built over a two-level concrete podium structure that will be connected to the first phase to form a larger parking structure and podium deck. Among the first high-rise residential projects in Kapolei, Kulana Hale will offer unobstructed mountain and ocean views to its residents, all of whom will earn 60 percent or less of area median income (AMI). This phase of the affordable development will be paired with a Phase I tower that will provide much-needed housing for seniors, with a total of 154 affordable apartment units.
Located at 1020 Wakea Street, the complete project consists of three phases located on a single three-acre block. Phases I and II will include two residential towers with ground floor retail, while Phase III will include single-story retail space. Phases I and II are being built to a LEED equivalent standard, representing the development team’s commitment to sustainable communities.
Highridge Costa of Los Angeles, California and Coastal Rim Properties of Honolulu, owned by Franco Mola, are developing Kulana Hale jointly with the help of non-profit Hawaiian Community Development Board. The project was designed by SVA Architects and is being built by Hawaiian Dredging Construction Company.
The development’s second phase is being financed with a combination of tax-exempt bonds, tax credit equity, and a $17.9 million Rental Housing Revolving Fund Loan from the Hawaii Housing Finance and Development Corporation (HHFDC). Citibank will be the construction lender and Royal Bank of Canada will be the tax credit investor.
“My administration has been working hard to expand affordable rental housing options across the state for seniors and families who struggle to find homes they can afford. Kulana Hale is a great example of using state funding to attract private investment in our communities,” said Governor David Ige.
“For over 25 years Highridge Costa has been creating quality new affordable senior and family housing in partnership with states throughout the U.S., 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 many years to come,” said Michael Costa President and CEO of Highridge Costa.
“On behalf of myself and the entire Highridge Costa team, I would like to thank the myriad of contributors who came together to make this exciting community a reality. 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,” said Mohannad H. Mohanna, President and Managing Member of Highridge Costa Development.
About the Developers
Founded in 1994, Highridge Costa specializes in the development, financing, construction and asset management of affordable and mixed-income housing for families and seniors utilizing low-income housing tax credits, as well as other types of public and private financing. The company has been involved in the development and financing of nearly 28,000 units of affordable multifamily housing. For more information, visit www.housingpartners.com.
Franco Mola, owner and president of Coastal Rim Properties, Inc., has successfully developed major projects throughout the Western United States and in the State of Hawaii for more than 30 years. Coastal Rim Properties, Inc. and its affiliated companies have overseen the planning, design, and construction of over 4,300 homes, approximately 500,000 square feet of commercial space, and over 1,000,000 square feet of office space. For more information, visit www.coastalrim.com.
Hawaiian Community Development Board (HCDB) is a non-profit established in 2000 under the leadership of Kali Watson, former Director of the Department of Hawaiian Home Lands (DHHL) and with the support and guidance of a dedicated and knowledgeable Board of Directors of all Native Hawaiians primarily from homesteading communities. The team assembled by HCDB to develop projects in the Hawaiian Home Lands communities consists of highly qualified, experienced professionals with a mutual commitment to our Hawaiian people. For more information, visit www.hawndev.org