The Central Ala Moana is the newest condo on Kapiolani Boulevard. This is the second project by SamKoo Pacific a division of SamKoo out of Korea. The condo will have 512 units and it is anticipated that they will break ground next year. Approximately 60 percent of the units will be in the affordable range.
The affordable housing component is being the government for the Hawaii Housing Finance & Development Corp.’s 201H Development plan. Unlikely the HCDA requirements, the HHFDC imposes a 10-year ownership with a shared equity and buyback program. It should mean that the offering prices will be even more affordable that those found in Kakaako under the HCDA rules.
This is SamKoo’s second project in Hawaii. The first was Kapiolani Residence which is scheduled to be completed at the end of this year. There was incredible demand for that project and it is anticipated it will be the same for the Central Ala Moana