Kuilei Place is the newest high-rise condominium to be introduced to the Mo'ili'ili neighborhood. The project will be located at 2599 Kapiolani Blvd which is in between Kaimuki High School and Iolani School. There are currently 19 small low rise units that will be demolished for this condominium project but once constructed, it will be the largest project with 1005 residential units and will rival the tallest condominium buildings in the Waikiki and Kakaaako neighborhood.
Kuilei Place will feature a mix of market and affordable housing units spread across two towers. The mid rise tower which will not have any lanais and will be floors 2-12 and the high rise tower which will be from floors 13-43 and every unit will have a lanai. The building with 60% affordable housing units and 40% market units. The building itself will also feature amazing unobstructed Diamond Head Views for the East and Diamond Head facing units of the building. The building hopes to be introduced to the public in the beginning of 2023 and has a tentative completion set for mid 2026.
*Market Owner Occupant Sale Applications Must Be Submitted by 3/5/2023*
*Affordable Housing Applications Must Be Submitted by 4/16/2023*
Kuilei place will have 1,005 units and will have 60% set aside for affordable housing and 40% to be sold as market priced units. The mid-rise tower will be from floors 2-12 and the high-rise tower will be from floors 13-43. The high-rise will have lanais and the mid-rise tower will not have any lanais. There will be 9 ground floor loft units that will allow owners to run a business downstairs and live upstairs.
Affordable Units: 603 Affordable Housing units
Market Units: 402 Market Priced Units
Total Units: 1005 units
Prices:
Maintenance Fee: Estimated to be $0.68 per sq .ft.
*Prices and maintenance are subject to change per the developer*
At Kuilei Place you will find a plethora of amenities. Most will be on the ground floor of the building but there will be two private dining/party rooms on the top level of the building (The 43rd floor) in addition to a Karaoke room. On the ground level you will find a quarter mile jogging path with outdoor fitness equipment, 2 dog parks, playground, multiple workout/gym areas, 5 club rooms, 11 outdoor BBQ grills, multiple reservable BBQ cabanas, swimming pool, bike/surfboard storage, bulk laundry area, Level 3 EV charging stations, and EV car sharing.
There will be two main areas in Kuilei Place, the mid-rise floors 2-12, and the high-rise - floors 13-43. The ground floor will have Lofts live/work units and the top floor will slightly change as there are 2 private dining and a karaoke room.
In the mid-rise there will 1 and 2 bedroom units and in the high-rise there will be 1, 2, and 3 bedroom units. Below are the 4 different floor levels. Feel free to click any picture for a slightly larger view.
Units at Kuilei Place will have floor to ceiling windows, luxury vinyl plank flooring, quartz countertops, Bosch appliances, and porcelain tile showers. The units here will be generously sized and are very efficiently designed when compared to other recent reserved/affordable projects.
Owners will also be given two different color pallets to choose from, one is more traditional with white and black tones, and the other is more of a ocean blue themed style.
At Kuilei there will be 2 lotteries. The first will be the Market Owner Occupant lottery, to enter this an application needs to be submitted by March 5, 2023. The second lottery will be for the affordable housing units. Applications for Affordable Housing need to be submitted by April 16, 2023. Register your interest if you would like an application.
To qualify for affordable housing you must meet the following criteria:
You must also be under the 140% area median income (AMI) level which is based by household size. Below is the HHFDC AMI table that lenders will use to see whether you qualify or not for affordable housing. Please note you must be under the 140% level in order to qualify. Also, applicants will not be able to be gifted more than 35% of the total purchase price, so affordable applicants must finance the property.
After getting your Affordable Housing unit there are then 2 restrictions placed on the property. The first restriction is the Buyback Program also known as the Hold Period and the second restriction is the Shared Appreciation Equity (SAE).
The Buyback program which is also referred to as the "Hold Period" is the number of years you must hold and occupy the unit. For Kuilei Place, you need to hold and live in the unit for 10 years. If you need to sell prior to your 10 years, HHFDC has the first right to buy it back from you at the price you paid, plus 1% interest per year. If they decide not to buy it from you, they would then dictate the price you can sell it on the open market and the new buyer must also qualify under the same HHFDC affordable guidelines.
The Shared Appreciation Equity (SAE) is a percentage that is fixed to your unit. A few months prior to completion there will be an appraisal done for your unit. You would then get that appraisal and minus the price you paid for the unit. Then divide that amount by the appraisal value. Round that up to the nearest percent and you have your SAE. Then when you sell/rent/or have title change on your property in the future the percentage of the profits will go to HHFDC to fund future affordable housing. Below is a quick example of calculating SAE. The SAE must be paid when you rent the property, sell the property, or have title change on the property.
At Kuilei Place the market units will all be on the Diamond Head/East facing side of the building. As for the affordable units, everything in the mid-rise and all the units in the tower facing Kapiolani will be affordable. There will also be two stacks of affordable 2-bedrooms and some 1-bedroom units on the Diamond Head side of the building that will be sold as affordable units. See the picture below to see which units are affordable (marked in green).
Kuilei Place will be located at 2599 Kapiolani Blvd closest to the Date Street intersection. The building will be located in the Mo'ili'ili neighborhood and will be in between Kaimuki High School and Iolani School.
