HONOLULU (KHON2) — A shovel hit the ground in Punchbowl marking not just the start of a new building, but the race to address Honolulu’s housing crisis.
The newest affordable housing site sits at the corner of Pensacola and Wilder Streets and will be home to a 90-unit development. It’s more than just a blueprint, it’s a promise to provide affordable homes sooner rather than later.
“When I came into office, we needed about 50,000 units. We’re already heading towards 20,000 that are in kind of the pipeline and are going to get built. By the end of this decade, we believe we can get to that 50 to 60 thousand sweet spot,” said Governor Josh Green.
Saturday’s ceremony brought together state and county leaders and private developers committed to making affordable housing a reality.
According to Paul Lam, Principal, of Lam Capital, LLC, they hope to build about 1,000 units in the next five years.
This is the fourth development in two and a half years for Lam, who has taken advantage of the City’s Bill 7 to finish these projects in record time.
Passed in 2019, Bill 7 encourages private developers to build affordable housing by easing zoning rules and allowing higher-density construction.
“We’re building it for residents who make 80% of the area median income and lower. So we’re super excited,” Lam added.
The project will address the demand for affordable rental units, 80 one-bedroom units and 10 two-bedroom apartments, all priced between $1,500 and $2,500 a month with utilities included.
The company’s first Bill 7 project on Ernest Street is fully occupied. There are 12 more projects in the works, which has Mayor Rick Blangiardi excited about the building momentum.
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“This is truly about addressing an immediate need, but building towards the future,” said Blangiardi.
The project is expected to be completed in 14 months.