Finishing touches in the kitchens include solid wood cabinetry, granite countertops and Energy Star appliances.
The first building of the Lokahi Apartments complex in Kailua-Kona was ready for residents to move in during mid-September. A 306-unit, $65 million affordable housing rental community, Lokahi is a project by private developer Pacific Housing Advisors (PHA), which specializes in affordable housing projects across the country, including 25 projects in Hawaii. The general contractor is Metcalf West Construction LLC.
Construction on the project began in December 2008, and completion of all 18 buildings is expected by the end of 2010. The residential development includes a mix of studio, one-bedroom and two-bedroom units set within a garden-style environment encompassing 10 acres. Units include solar water heating, laminate floors, granite countertops, solid wood cabinetry and Energy Star appliances. Common area amenities will include outdoor recreational areas, playground equipment, a barbecue area and 460 parking stalls.
The project is being funded through the sale of state and federal affordable housing tax credits, the issuance of $33.5 million in tax-exempt bonds, an $11.75 million Rental Housing Trust Fund loan from the Hawaii Housing Finance Development Corp., and construction and permanent financing through Citibank.
“Lokahi Apartments is a prime example of a successful private-public development that created construction jobs in West Hawaii and provides the community with high-quality, affordable rental housing,” says Makani Maeva, director of PHA.
