The Time Is Now For The Block
Wednesday, Nov. 15, is the deadline for applying to buy one of the remaining units, 90 affordably priced and 10 priced at market-rate. Most are studios but a few one-bedroom designs also are available.
The planned eight-story, 153-unit building is a project of Franco Mola, principal of Eight Zero Three Waimanu LLC, whose affiliated Coastal Rim Properties has developed projects in Hawaii and the western U.S. over the past 30 years, including 4,300 homes, approximately 500,000 square feet of commercial space and more than 1 million square feet of office space.
Giovanni Mola, Coastal Rim Properties vice president and Mola’s son, said The Block 803 Waimanu is being developed in accordance with affordability rules set by the Hawaii Housing Finance & Development Corp. (HHFDC) and the Hawaii Community Development Authority (HCDA), and is one of the best deals anywhere in the state for new residential property.
Among its advantages are that only a 5 percent deposit is required instead of the more common 20 percent. “That alone is very enticing,” said Giovanni Mola. “Also, the HOA (homeowners association) fee is only 50 cents a foot, which is one of the lowest, if not the lowest, HOA fee for new buildings built in Hawaii since the recession seven years ago. Not all units will have parking, but for those that don’t, there’s an urban-mobility package that includes wiki-bike credits, Uber credits and onsite Enterprise car-sharing vehicles.”
All residences will have the same luxury features, including marble countertops, General Electric appliances, Bosch washers and dryers, luxurious wood floors and barn-style doors separating the studio sleeping area from the common area, as one would have in a one-bedroom home.
“All have the same trim levels; there’s no discrimination,” he added.
Typical buyers to date have been first-time owners, either young professionals or senior citizens, who have been renting and now want to own a home and build equity.
Of the affordable studios being offered under HHFDC rules (allowing buyers a maximum income of 110 percent of the Area Maximum Income), 62 are 388 to 419 square feet, without parking, priced at $276,1000; 12 are 418 square feet, with parking, priced at $345,100; and three are 487 square feet, with parking, at $379,600. Monthly maintenance fees range from $152 to $220.
Of the 66 studio and one-bedroom units offered earlier under HCDA rules (allowing buyers a maximum income of 140 percent AMI), about a dozen are left.
The market studios range in square footage from 382 to 413, and in price from $340,100 to $351,000; parking not included.