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KS Managing Director of Commercial Real Estate Walter Thoemmes and his team are prepping for next week’s opening of The Flats at Puʻunui, a low-rise condominium on KS land in Kaka‘ako. The units will rent for $1,375 to $2,400 per month and are reserved for applicants who earn median incomes.

Applications available for Kaka‘ako rental units

Sept. 15, 2016

Tenant applications are now being accepted for The Flats at Pu‘unui, a low-rise condominium on Kamehameha Schools land in Kaka‘ako. The units will rent for $1,375 to $2,400 per month and are reserved for applicants who earn median incomes.

Reserved housing is a key component to building a diverse community and is part of KS’ 2008 Kaiāulu ‘o Kaka‘ako Master Plan. The addition of The Flats at Pu‘unui brings the number of reserved housing units in the urban area to 456, out of the 550 units proposed in the plan.

The development at 440 Keawe St. includes 88 apartments:  40 studios, 16 one-bedroom units, six one-bedroom/den units, eight two-bedroom units and eight three-bedroom units.

According to KS Managing Director of Commercial Real Estate Walter Thoemmes, the project is rooted in the smart urban growth principles of integrating mixed-use elements and building projects near transit stations and jobs.

“There will always be a need for housing, especially for Hawai‘i’s hard-working families and professionals,” says Thoemmes. “ The Flats at Pu‘unui  is the third major construction project of the Kaiāulu ‘o Kakaʻako Master Plan, which identifies key components to increase reserved housing opportunities in Honolulu’s urban core.”

The project is part of a redevelopment block extending from Auahi to Pohukaina streets. It encompasses  Castle & Cooke’s  400 Keawe Street condo; approximately 10,000 square feet of in-line commercial space;  a two-story, 24,000-square foot building formerly used by Alu Like; a common area green space courtyard and an iconic water feature.

The Flats at Pu‘unui is a Kaloko‘eli Properties project and is managed by Locations Property Management. All units are furnished with a refrigerator, stove/oven, microwave, and individual room climate controls. The building includes 188 parking stalls for both residential and commercial use, and is pet-friendly with breed restrictions.

“The Flats at Pu‘unui adds to the diversity of the growing community of Our Kaka‘ako, while addressing the ongoing need for rental housing geared towards working professionals,” says Ian Bigelow, vice president of Property Management at Locations.

“As many of the new developments hit the sales market, we haven’t seen the same type of inventory being created for renters, so this is a welcome addition.”

All renters at The Flats at Pu‘unui are subject to eligibility, income and asset restrictions and must occupy their units. The project fulfills a portion of the Hawai‘i Community Development Authority’s reserved housing requirement for KS’ Kaiāulu ‘o Kaka‘ako Master Plan.

For more information, visit flatsatpuunui.com.



TAGS:
ourkakaako, commercial real estate, cred, kakaako

CATEGORIES:
News Briefs, Newsroom, Department News, CRED News

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