To convert Downtown Honolulu office tower into rented housing



  • COURSE NOTICE

    The office of 1132 Bishop in Downtown Honolulu has been converted into rented housing, the owner of the building said.

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The Honolulu-based 25-story office tower owner, 1132 Bishop, announced today plans to convert the building into around 500 apartments with moderate rental.

Douglas Emmett Inc. said he intends to change over a number of years as office tenants move out of the building at the corner of the Bishop's and Hotel streets. The company said that the first houses should be ready to sit next year.

"The Douglas Emmett team is addressing the crucial need for workforce rental in Hawaii, and we are working hard to get the planning and approval process so that we can start the change, "said president of the company and CEO, Jordan Kaplan, in a statement. "Hundreds of new residents into the business area will be crucial to changing any Honolulu into an active 24 hour community."

The Mayor of Kirk Caldwell approves the plan in a statement, seeking such conversion of the type of creativity and commitment needed by the public to help reduce the low cost and moderate low-income residents of Hawaii's chronic housing for affordable accommodation. . "We need to build more affordable housing options for local residents," said Caldwell.

Douglas Emmett said there was a rented apartment with studios, one bedroom and two bedrooms at 1132 affordable Bishop for families earning just 80 percent of Honolulu's average income and up to 120 percent of the average income.

Under current income levels, monthly rents could not exceed $ 1,634 for studios, $ 1,750 for one bedroom unit and $ 2,100 for a two bedroom unit at the lower income limit. At the higher income limit, monthly rents amount to $ 2,450 for studios, $ 2,624 d ', one bedroom unit and $ 3,150 for a two bedroom unit.

The income limits are $ 65,360 at the lowest level and $ 98,040 at the higher level for an individual. For a family of four, the respective limits would be $ 93,280 and $ 139,920.

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