Pacific Development Group celebrated the grand opening of the largest low-income housing tax credit (LIHTC) development built in Hawaii in the last 15 years.
Nāulu Apartments is a 25-story, 302-unit affordable rental community located across from Pearl Harbor in ‘Aiea.
“Today is the realization of a shared vision—to create a place where local families can afford to live, grow, and thrive,” said Joe Michael, president of Pacific Development Group. “Nāulu Apartments represents years of collaboration, commitment, and belief in the power of housing to strengthen communities.”
The development features studio, one-, two-, and four-bedroom apartments. As a condition of the financing, rents will remain affordable for low-income households for at least 61 years, with units reserved for households earning no more than 30% to 60% of the area median income in Honolulu. The 60% income limit is currently $63,840 for a single person, $72,960 for a couple, and $91,200 for a family of four.
“Nāulu Apartments is a shining example of the good that can be accomplished when the private sector, the state government, and city government come together for a common objective,” said Gov. Josh Green.
The $168 million project was made possible through a broad public-private partnership, with financing from the Hawaii Housing Finance and Development Corp., the city and county of Honolulu, Bank of Hawaii, and LIHTCs syndicated by Hunt Capital Partners through a proprietary fund with J.P. Morgan.
“Hunt Capital Partners and its parent company, Hunt Cos., remain committed to creating affordable housing for residents of Hawaii,” said Hunt Capital Partners president Jeff Weiss. “Together with our investor partners and development partners like Pacific Development Group, we’ve invested in 25 affordable housing communities that include over 1,865 affordable homes for families and seniors making 60% or less of the area median income.”
Designed by AHL and built by Nordic PCL Construction, Nāulu’s features include a fitness center, a kids' club, a study lounge for afterschool programs, a multi-level sky lounge with sweeping views of Pearl Harbor, and an outdoor plaza with grilling and picnic areas.
Nāulu residents will have EV charging stations, car share access, and ample bike storage, as well as be within walking distance of the Aloha Stadium Skyline station.
Adding a cultural landmark to the community, local artist Kamea Hadar created the state’s tallest mural on the building—an ‘iwa bird inspired by Nāulu’s namesake (“beloved rain cloud, or rain that makes the land glisten”). Hadar also curated eight other artists to enhance the common areas of Nāulu and is designing a second mural on the parking garage with the help of local residents.