The owner of the 25-storey downtown Honolulu office tower 1132 bishop announced plans today to convert the building to about 500 condominiums with moderate rents.
The owner of the 25-storey downtown Honolulu office tower 1132 bishop announced plans today to convert the building to about 500 residential moderate-rent apartments.
Douglas Emmett Inc. said it plans to make the change over a number of years as office tenants move out of the building in the corner of the bishop and the hotel streets. The company said the first homes should be ready for occupancy next year.
"The Douglas Emmett team focuses on addressing the critical need for workplace rental houses in Hawaii, and we are working hard to get through the planning and allow the process. Bringing hundreds of new residents into the central business district will also contribute significantly to transforming downtown Honolulu into an active 24-hour community. "Mayor Kirk Caldwell endorsed the plan in a statement calling such a transformation of the type of creativity and Commitment to society to help solve Hawaii's chronic shortage of homes affordable to residents with low and moderate incomes. "We need to build more affordable housing for local residents," says Caldwell. ] Douglas Emmett said rental apartments with study, one bedroom and two bedrooms in 1132 bishop will be affordable for households earning as little as 80 percent of Honolulu's median income and up to 120 percent of median income.
Under current income levels, monthly rentals cannot be higher than $ 1,634 for studios, $ 1,750 for one-room units, and $ 2,100 for two-bedroom lower-income units. At the higher income limit, maximum monthly rentals would be $ 2,450 for studios, $ 2,624 for one-room units, and $ 3,150 for two-room units.
The income limits correspond to $ 65,360 on a lower level and $ 98,040 on a higher level to an individual. For a family of four, the respective limits would be $ 93,280 and $ 139,920.