The Hawaii Community Development Authority approved a development permit for the Moana Vista project, a mixed-use residential / commercial / industrial high-rise complex on two sites at 1015 Kapiolani Boulevard and 1025 Waimanu Street. KC Rainbow 2 Development Co. LLC is the project’s developer.  The Moana Vista Project, originally approved in December 2005, consisted of separate parcels (Moana Vista, Obun Hawaii and Public Storage) to be jointly developed into a mixed-use residential/commercial/industrial complex at 1015 Kapiolani Boulevard and 1025 Waimanu Street (Parcel 40).  At HCDA’s request, the developer had agreed to provide temporary parking on Parcel 40 until March 2008 for use by businesses affected by Improvement District 11 Project on Queen Street.  On September 6, 2006, HCDA members approved a revised Joint Development and Planned Development Permit for the Moana Vista Project.  Members also authorized the HCDA Executive Director to administratively amend the Development Permit for development of Parcel 40 and to set aside up to $5.6 million in Public Facility Fund to acquire public parking spaces.  The developer requested the revision to the original permit because Obun Hawaii decided not to proceed with a joint development.

Under the revised permit, Obun Hawaii is deleted from the joint development.  Moana Vista now proposes approximately 552,000 square feet of floor area, 492 residential units, 5,500 square feet of commercial area, and 22,000 square feet of industrial space.  The developer will also deliver not less than 124 two-bedroom reserved housing units, intended to be rentals, not later than September 2009.  Under the revised permit, HCDA will continue to use Parcel 40 for parking until March 2008 and the developer may submit a proposal for additional development on Parcel 40 to HCDA before March 2007.  Otherwise, HCDA may condemn the Parcel for public purposes.