Get Ready For The Next Two Affordable Housing Projects
Are you looking for a Fee Simple affordable housing project in a new construction building? If you missed out on The Central Ala Moana's affordable housing release, you may just be in luck. There are two new projects that will both have an affordable housing component. Those two projects are: Sky Ala Moana and Ililani in Kakaako.
Of the two new projects, Sky Ala Moana will be announced and opened to the public first. Then Ililani will occur later in the year and is expected to launch after the middle of the year but may end up going into the 3rd to 4th quarter. For Sky Ala Moana, market and investor sales will occur before the affordable housing sales. Ililani is expected to follow in a similar order where they focus on selling the market units first, then the affordable units (This is to prevent potential buyers from trying enter the affordable lottery, then if they do not get in, they buy a market unit).
A Quick Comparison of the 2 new projects
However, Sky may be appealing if the maintenance fees are significantly lower. Sky's market units are $0.95 a sq. ft, but the affordable units will be cheaper since they do not have access to the amenity deck. The downside other than the fact that majority of the affordable units (71%) are studios, is the fact that it will be in the East/Diamond head tower of Sky which will be the hotel tower. This tower is set for phase 2 which means it will be constructed after the first residential tower on the West/Ewa side of the complex.
If you are looking for the next affordable housing project, then one of these new projects may be may be for you. Don't forget to sign up today to get the latest information below!