On February 6, 2008, members of the Hawaii Community Development Authority (HCDA) 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 projected 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 were granted 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.