HIGHLIGHTS OF FEBRUARY 6, 2008 HCDA MEETING

Following is a summary of actions taken at the February 6, 2008 meeting of the Hawaii Community Development Authority (HCDA)

Amendments to the Planned Development Permit for Phase 4 of the 404 Piikoi Project Including Joint Development and Modifications for 1226 Waimanu Project

The Authority approved the Joint Development, Modifications and Amendments to Phase 4 of the permit for the 404 Piikoi Planned Development Project, clearing the way for the project to proceed.  The 404 Piikoi Project, which encompasses 17.25 acres, is bounded by Waimanu Street, Piikoi Street and Ala Moana Boulevard.  The project has been redesigned several times and three phases comprising four towers have been completed.  The developer, K2 Investors LLC, will jointly develop Phase 4 (277 market residential unit) and 1226 Waimanu (64 reserved residential units) and complete construction of both sites at the end of 2011.  1226 Waimanu is the second and final increment of required reserved housing units for the 404 Piikoi development.  The first increment of reserved housing is the 1133 Waimanu Project, which was completed in 1996 with 282 reserved housing units.  The developer intends to start construction on the market tower in 2008.

As proposed, the Phase 4 site would include a 38-story residential tower on top of a five-story podium that will contain commercial space on the first floor, five levels of parking, and a recreation deck.  Phase 4 will have 277 fee simple, market units including 188 one-bedroom units, 110 two-bedroom units, 45 three-bedroom units and 4 penthouse units.  Phase 4 will use the existing driveways on Waimanu Street which will be shared by Ko’olani, Nauru Tower and Phase 4.  Ko'olani’s two-way ramp to the third level passenger drop-off area will be converted into an ingress only driveway and will be connected to the Phase 4 passenger drop-off area.  Phase 4 will provide a new, egress only ramp from the third level to the existing Ko'olani/Nauru driveway currently used for parking and loading access.

The 1226 Waimanu project is a residential/commercial development proposed at the Makai/Ewa corner of Piikoi and Kona Streets which is part of a joint development with Phase IV of the 404 Piikoi Planned Development Project.  The 1226 Waimanu site would contain a five-story structure with commercial storefronts, parking and loading on the first floor and four floors of residential units.  The complex will have 64 fee simple, reserved units including 32 one-bedroom/one-bath units and 32 two-bedroom/one-bath units.  The project prices for the reserved units are $308,000 for one-bedroom units and $389,000 for two-bedroom units.  1226 Waimanu will provide a new driveway on Kona Street for parking and loading.  HCDA on January 9, 2008 conducted a public hearing on proposed modifications of Kaka‘ako development rules for the 1226 Waimanu Project.  Modification of the rules is proposed to promote a pedestrian-friendly environment with storefronts located along the public sidewalk at Piikoi Street.

The Authority on February 6 approved:

• the joint development of the Phase 4 of the 404 Piikoi Project and 1226 Waimanu;

• the modification of the rules relating to front yard and view corridors for 1226 Waimanu;

• the payment of $2 million by the developer to be used by HCDA for the construction of two urban parks along the Queen Street Extension.  In exchange, the developer will receive 57,414 square feet of supplemental floor area for Phase 4;

• proposed average unit prices for the reserved housing and flexibility to revise the mix of market unit types in Phase 4; and

• the satisfaction of the public facilities dedication requirement by a $384,588 cash payment to HCDA prior to the issuance of the initial Certificate of Occupancy for 1226 Waimanu.

Informational Presentation on the Ward Neighborhood Master Planning

General Growth Properties (GGP), Inc. gave the Authority an informational briefing on its continuing effort to create a master plan for its 60-acres of Ward land in Kaka‘ako Mauka.  The Ward lands are generally bounded by Ward Avenue, Queen Street, and Ala Moana Boulevard.  According to GGP representatives, in planning for the future of the Ward lands the company aims to create “a new kind of neighborhood bringing new life and opportunity to the heart of Honolulu.”  GGP is following basic principles for the Ward lands that it has used in three other master planned communities on the mainland.  These principles advocate communities that are:               

• shaped by a long term vision that unfolds gradually over time;

• complete communities where people can live, work and play; and

• balance the natural and built environment and provide opportunities for creating settings that are active and dynamic as well as offering peace and quiet.

Elements of GGP’s vision for the Ward lands are:

• Creating a long range plan for development;

• Development of a diversity of housing (including residences for 4,000 families, 20 percent of which would be reserved housing units);

• A mixing of uses and activities;

• Creating public spaces and streetscapes that convey an identity and character;

• Community participation in the planning effort; and

• Employing the concepts of sustainability and smart growth.

Under GGP’s evolving master plan, development of Auahi Street could play a critical role as an “organizing spine” for redevelopment of the neighborhood.  GGP representatives expect that Auahi Street could convey a strong character that celebrates the pedestrian experience, a public place where people enjoy spending time and the location for more retail, residential and employment.  GGP is considering the creation of a “central plaza” in the heart of the Ward neighborhood.  This 3 acre plaza would connect the area north of Auahi Street to the Kewalo Basin area, create public space that could be experienced by day and night, and reinforce views to the mountains.  GGP is also looking at creating more intimate scale plazas in the Diamond Head and Ewa portions of the Ward lands.

GGP has established a website at www.wardneighborhood.com to provide information on its planning efforts and to take public comments.