Estate to develop rental project

The 217-unit high-rise would sit on Bishop Estate land in Moiliili

By Rick Daysog
Star-Bulletin

Kamehameha Schools/Bishop Estate said it plans to develop a 15-story rental housing project in Moiliili.

The 217-unit complex, tentatively dubbed the Isenberg Affordable Housing project, would represent the estate's first high-rise affordable rental development in the state.

"This is an under-utilized property and we're just trying to maximize it without putting our fee interest in peril," said Bishop Estate spokesman Kekoa Paulsen.

The development, located on 793 Isenberg St. and 728 Coolidge St., would sit on 41,000-square-feet of Bishop Estate land which now includes two low-rise rental buildings and a vacant parcel.

The new project will consist of one-bedroom and studio units, of which more than half will be rented at affordable prices. The apartment building likely will include units for senior citizens.

The construction cost was not disclosed.

Paulsen said that the estate has not yet selected a developer for the project. The estate will continue to own the fee interest but could transfer the leasehold interest to the developer.

The estate has not yet applied for building permits but is seeking a variance from the city Department of Housing to build fewer parking stalls than the city normally requires, Paulsen said. The trust wants to build 150 parking spaces instead of the 239 required by the city.

A variance would require approval from the city council as well as the housing department.

The planned project would benefit from its proximity to the University of Hawaii Manoa campus and Waikiki. Unlike luxury condominium development, affordable rentals remain one of the few areas where demand remains strong, despite the weak Hawaii economy, Paulsen said.