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The groundbreaking for a $199 million affordable rental project took place in Kapolei, attended by Lt. Gov. Sylvia Luke, Mayor Rick Blangiardi, and various local officials. This mixed-use project, called Parkway Village at Kapolei, will consist of 405 affordable rental units and will also feature two on-site preschools overseen by Kamehameha Schools.
This affordable project aligns with the state’s and city’s goal to increase housing availability. Governor Josh Green’s administration aims to build 50,000 homes statewide over the next five years, while the city plans to add 21,000 units on Oahu by 2030.
Lt. Gov. Luke emphasized the importance of affordable housing for local residents, stating that it provides struggling working families with a place to live. The Parkway Village project will offer studios to four-bedroom units for tenants earning between 30% to 60% of the area median income.
Rents in this project will start at $597 for a studio at 30% AMI, with a four-bedroom unit at 60% AMI costing $2,123 per month. Additionally, the development will include parking stalls, laundry facilities, and recreation rooms.
One highlight of Parkway Village will be six preschool classrooms operated by Kamehameha Schools and Partners in Development Foundation. Lt. Gov. Luke noted that affordable child care is a critical issue, as it enables individuals to work and provide for their families.
Moving forward, Council Chair Tommy Waters expressed the need for more affordable housing projects to accommodate all income levels. He described Parkway Village as a “wonderful” development, but emphasized that more work is required to address the housing crisis.
The ceremonial groundbreaking involved a Hawaiian blessing led by Kahu Kelekona Bishaw, pastor of Kamehameha Schools. Traditional oo sticks were used to turn the soil symbolically.
The Kobayashi Group, the developer behind Parkway Village, expressed their commitment to address the affordable housing crisis. The company has already completed or is in the process of building 1,249 affordable rental or for-sale housing units on Oahu since last year.
Regarding funding for Parkway Village, the company initially applied for financing but was not approved in 2021. However, they reapplied and received approval in July 2022. The project received funding through various sources, including a rental housing revolving fund loan, low-income housing tax credits, and multifamily tax-exempt bonds.
Construction for the Parkway Village project is set to begin soon, with a scheduled completion date in fall 2025.