Kuilei Place | Now Selling

Kuilei Place will be located in the Moiliili neighborhood located at 2599 Kapiolani Blvd. The building will be just a short distance to Waikiki, Ala Moana, Iolani and Kaimuki School, and the University of Hawaii. It will have 1005 residential units and will have a mix of affordable and market priced units. 

At Kuilei there will be a mid-rise tower and a high-rise tower. The mid rise tower which will not have any lanais and will be floors 2-12. The high rise tower 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 is aiming to start construction later in 2023 and have a tentative completion set for mid to late 2026.

*Market Owner Occupant Sale Applications Must Be Submitted by 3/5/2023*
*Affordable Housing Applications Must Be Submitted by 4/16/2023*

Unit Breakdown:

There will be 1,005 units at Kuilei Place and 60% of the building will be set aside for affordable housing. The remaining 40% will 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

• 1 bedrooms: 489 sq. ft. - 685 sq. ft.
• 2 bedrooms: 723 sq. ft. - 1,035 sq. ft.
• 3 bedrooms: 970 sq. ft. - 1,120 sq. ft.

Prices:

• Affordable Housing Price Range: $370,600 to $813,300
  • 1 bedrooms: $370,600 - $557,800 (148 units)
  • 2 bedrooms: $521,800 - $732,300 (382 units)
  • 3 bedrooms: $695,900 - $813,300 (73 units)
    
    
• Market Unit Price Range: $685,000 - $1,225,000 
  • 1 bedrooms: $685,000 - $780,000 (54 units)
  • 2 bedrooms: $893,500 - $1,099,000 (253 units)
  • 3 bedrooms: $989,000 - $1,250,000 (86 units)
  • Live/Work Lofts: $1,222,000 - $1,225,000 (9 units)

Maintenance Fee: Estimated to be $0.68 per sq .ft. 

*Prices and maintenance are subject to change per the developer*

Kuilei Place - Amenities

Most of the amenities 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, 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 (one for big dogs and one for smaller dogs), playgrounds, 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.

Kuilei Place - Unit Floor Plates

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. 

Kuilei Place - Interior and Unit Features

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. 

Kuilei Place - Affordable Housing & Lottery Information

The first lottery 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. Contact me at 808-729-0187 if you would like an application. 

To qualify for affordable housing you must meet the following criteria:

• Is a US citizen or resident alien,
• be at least 18 years old,
• Is domiciled in the State of Hawaii and plans to reside in the unit,
• Has a gross income sufficient to qualify for the loan to finance the purchase (as evidence by a Pre-Qualification letter from an approved project lender, and
• Does not own majority interest in any fee simple or leasehold property

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. 

Kuilei Place - Project Location

The future location of Kuilei Place will be at 2599 Kapiolani Blvd. Near 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.