In a decisive move to tackle the ongoing housing crisis, Honolulu Mayor Rick Blangiardi has signed Bill 3 (2024) into law, enhancing incentives for developers to construct much-needed rental housing projects across the city. This new legislation aims to address the persistent challenges faced by the housing market, including high construction costs and supply chain disruptions.

Bill 3, which was unanimously approved by the Honolulu City Council on August 7, significantly increases post-construction grant amounts for privately financed rental housing projects. The updated incentives are designed to make these projects more financially viable amidst a complex construction environment characterized by elevated interest rates and escalating construction expenses.

Under the new law, developers will receive increased financial support as follows:

Mayor Blangiardi highlighted the importance of this legislative action in a social media post, stating, “Today, we signed into law Bill 3 (2024), which greatly enhances incentives to developers to help generate rental housing projects amid an ongoing housing crisis that is impacting cities nationwide. This bill will create rental properties on the market that are actually affordable for hard-working people who want their own place to live and the dignity that comes with that.”

The Mayor emphasized that this new bill builds upon the framework established by Bill 1 (2021), the first piece of legislation from his administration aimed at addressing housing affordability. “Bill 3 increases the incentives initially provided under our administration’s very first piece of legislation, Bill 1 (2021),” Mayor Blangiardi noted. He also expressed gratitude to the Honolulu City Council for their role in crafting this innovative solution, stating, “I am proud of our leadership team and deeply grateful to our partners at the Honolulu City Council for developing creative solutions to a challenging issue that impacts all of us.”

The ordinance is effective immediately, marking a significant step forward in Honolulu’s efforts to alleviate the pressures of the housing crisis and provide more affordable living options for its residents.

In a stunning addition to Hawaii’s luxury real estate market, 4498 Pahoa Avenue has been officially listed by Sachi Hawaii, offering a rare opportunity to own a piece of architectural excellence. This remarkable property has earned acclaim as an AIA Hawaii Award-winner, setting a new standard for classical-contemporary design that harmoniously blends with the natural beauty of Hawaii.

The residence stands as an example of Frank Lloyd Wright-influenced design principles, masterfully combining urban sophistication with the serenity of island living. Upon entering, guests are immediately struck by the vaulted ceilings that elevate the grand living area, creating an expansive and inviting atmosphere. This openness seamlessly transitions into a chef’s gourmet kitchen, designed for both effortless entertaining and intimate gatherings.

One of the most captivating features of this home is its exceptional indoor-outdoor integration. The design promotes a fluid transition between the interior spaces and the lush exterior, allowing residents to enjoy Hawaii’s year-round pleasant climate with ease. This seamless connectivity is complemented by a step-free layout, ensuring accessibility and comfort throughout the property.

The home’s flexible three-bedroom floor plan includes a luxurious primary bedroom suite reminiscent of a resort getaway, offering a private retreat for relaxation. Two additional bedrooms provide ample space for family or guests. Privacy and security are paramount, with secluded areas that enhance the intimate feel of the residence while maintaining a sense of openness.

Located in the prestigious Kahala neighborhood, this home is perfectly situated to enjoy the best of the area. Residents will appreciate the proximity to Kahala Beach, The Kahala Hotel, and Waialae Country Club. Essential amenities such as banks, the post office, Kahala Mall, department stores, premier dining, and Whole Foods Market are all conveniently nearby, ensuring a lifestyle of unparalleled luxury and convenience.

This extraordinary property at 4498 Pahoa Avenue presents a unique opportunity to experience the pinnacle of luxury living in one of Hawaii’s most sought-after locations. For more information or to schedule a private viewing, please contact Sachi Hawaii today. Don’t miss your chance to own this award-winning retreat and embrace a lifestyle of elegance and sophistication.

Contact Sachi Hawaii for inquiries and to learn more about this exceptional property.
(808) 596-8801 | info@sachihawaii.com

The Honolulu Authority for Rapid Transportation (HART) has announced the awarding of a significant contract to Tutor Perini Corporation for the next crucial phase of Honolulu’s rail project. This $1.66 billion contract, known as the City Center Guideway and Stations (CCGS) contract, marks a major milestone in the development of Honolulu’s rail system.

Tutor Perini, a Los Angeles-based construction and engineering firm, will be responsible for the design and construction of this segment, which includes six new rail stations and approximately three miles of elevated rail guideway. This expansion will stretch from just east of the Middle Street Transit Center Station to the Civic Center Station, located near the intersection of Halekauwila Street and South Street.

The design phase of the project is set to commence immediately following the contract’s execution in mid-September, with construction expected to begin in the latter half of 2025. HART anticipates completing this segment by 2030.

The awarding of this contract is also expected to trigger the release of an additional $250 million in federal funding, as outlined in the amended Full Funding Grant Agreement (FFGA) signed on February 2. This new tranche of funding is crucial as it will support ongoing work and ensure the project’s advancement. The original FFGA, signed in 2012, committed $1.55 billion to the rail project, with approximately $931 million already disbursed.

Impact on Future Real Estate in Hawaii

The expansion of the Honolulu rail project is poised to significantly influence the real estate landscape in Hawaii. As the rail system progresses through downtown Honolulu, the accessibility improvements and increased connectivity are expected to boost property values along the route. Areas surrounding the new stations may experience heightened interest from both residential and commercial investors.

For those looking to invest or buy property in Hawaii, keeping an eye on the rail project’s development could offer strategic advantages, aligning investment decisions with the evolving infrastructure and its impact on local real estate markets.