‘Block J’ gains
$54 million in tax help

Star-Bulletin staff

The state Housing and Community Development Corp. has awarded the "Block J" housing project $54.8 million in state and federal low-income housing tax credits, Gov. Ben Cayetano announced yesterday.

"This project will be a shot in the arm to our building industry and the economy," Cayetano said.

The tax credits were among $73 million in 10-year credits announced yesterday for five housing projects.

Construction costs for the first phase of Block J, on the 4-acre municipal parking lot bounded by Pali Highway and Beretania, Queen Emma and Kukui streets, are an estimated $133 million. It will include 324 one-bedroom and 143 two-bedroom affordable rental units, retail space and public parking, the governor's office said.

The project will have a single high-rise, the Beretania Tower. Initial plans called for two towers, but developers said they could only get backing for one.

Other projects receiving tax credits are:

Maunakea Palms Limited Partnership at 1245 Maunakea St. It got $11.1 million in credits for the 32-story Maunakea Tower, which has 379 one- and two-bedroom units. Some $31 million will be spent for acquisition and rehabilitation.

Hale O Hauoli Limited Partnership. It received $2.4 million to buy Hale O Hauoli at 950 Luehu St. in Pearl City for $5.3 million, and fix up 100 one-bedroom units for $1.9 million.

Hale Hoaloha Limited Partnership. It was awarded $2.6 million and will spend some $6.5 million to buy and rehabilitate the Hale Hoaloha Apartments at 119 West Lanikaula St. in Hilo, a multifamily development with 81 units.

Waimanalo Limited Partnership. It was awarded $2.2 million and will spend about $5.6 million to buy and fix the Waimanalo apartment complex at Poalima and Hihima streets.