Rising over Keeaumoku Street, Keeaumoku Towers, will bring nearly 1,000 well priced market and affordable homes as well as 88,000 sqft of retail space. The 3.5 acre site fronting Keeaumoku Street bounded by Rycroft and Liona st. will include two (2) 400 ft. towers with parking, retail, and a 0.5 acre park.
The two towers will included 836 moderately priced market homes, and 128 affordable homes. Buyers will have the option of purchasing Studios, 1 bedrooms, 2 bedrooms, 3 bedrooms and each will include at least one assigned parking stall. The affordable housing details have not been released, but it is rumored that there will be a 30 year regulated term restriction on the affordable housing units. Purchaser of an affordable housing unit in this project would have resale and rental restrictions for 30 years. You cannot rent it out or sell it at market prices until that 30 year period is up. The state's Affordable Housing Agency will set the resale price and only other eligible affordable housing buyers would be able to purchase.
Midtown Ala Moana is possibly the fastest growing walkable neighborhood outside of Kaka'ako. While the neighborhood still has a ways to go, many investors believe this brings great opportunity for appreciation. There are currently three condo projects under construction: The Central Ala Moana, Sky Ala Moana, and Azure Ala Moana. This will undoubtably transform the entire neighborhood by bringing thousands of new residences. In addition, the Mandarin Oriental Residences and Hotel, has already begun sales which will elevate the status of home ownership in the area.
Convenience is key for Midtown Ala Moana and the area offers a variety of dining and retail options being a 5 minute walk to Ala Moana Shopping Center (the largest outdoor mall in the world). For those who like to cook at home, there are multiple grocers at your fingertips: Walmart, Target, Sam's Club, Palama Market (Korean), Nyjiya (Japanese), and Foodland Farms.
Developers have been bullish on Midtown Ala Moana because of the upcoming Rail Station. You can forget about Honolulu Traffic or rides to and from the airport because the rail will allow you to forego the use of a car and ride convenient public transportation. This will increase convenience and value for the area.