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An Hawaii-based affordable housing developer is taking its vision to Maui -- specifically Wailuku Town
WAILUKU, Maui (KITV) -- The need for affordable housing in Hawaii continues to grow.
And on Maui, it's the driving force behind what was once a proposed hotel into an affordable housing apartment complex.
The proposed project would be located in Wailuki Town, between Main Street and Maluhia Drive, and between Central Ave. and Market Street.
Wailuku Affordable Housing Project
Courtesy - Lokahi Global Corporation
The apartment complex would include 125 multi-family units with 1, 2, and 2-bedroom + loft residences offerings.
60% of the units are to be priced in the “affordable” range, and 40% priced at market rates. According to the Mayor's office, project plans are fully compliant with area zoning requirements.
"The idea is to bring the life back into the city, rejuvenate the whole Wailuku Town," said Timothy Yi.
Wailuku Affordable Housing Project
Courtesy - Lokahi Global Corporation
Yi is the CEO and President of Lokahi Global Corporation, the Hawai'i-based affordable housing developer behind the project.
A former youth pastor, Yi has spent the last 10-years working to keep locals local.
Yi formed Lokahi Global Corporation after seeing success with affordable housing projects as part of Samkoo Pacific LLC and Samkoo Hawaii LLC.
As the former president of Samkoo Pacific LLC and Samkoo Hawaii LLC, Yi oversaw the development of Kapiolani Residences and The Central Ala Moana on Oahu.
The 485-unit Kapiolani Residence and the 513-unit The Central Ala Moana, both received international awards for excellence in affordable housing.
"When we had the seminar for the two projects, for 600 units, we had about 10,000 people show up, and that really shocked me and gave me opportunity to believe this is a market needed in our community," said Yi.
Kapiolani Residence
Courtesy - Lokahi Global Corporation
The Central Ala Moana
Courtesy - Lokahi Global Corporation
With the success seen on Oahu, a landowner in Waikapu, Maui reached out to Yi to see if he would be interested in taking over a parcel of land and use it for affordable/workforce housing.
While he was visiting that site and getting support from Maui County Mayor Michael Victorino, the site in Wailuku Town was mentioned.
Yi then reached out to the current landowners, who he says are delighted and excited about the idea.
“I whole-heartedly support this plan because it’s exactly the type of housing that young professionals and working couples are asking for,” said Victorino. “It supports a car-free lifestyle for Central Maui workers since a walkable Wailuku and its proximity to the Ka`ahumanu Avenue Community Corridor can eliminate the need for a car, including both financial and environmental costs.”
Wailuku Affordable Housing Project
Courtesy - Lokahi Global Corporation
Na Hale O Maui, an affordable housing non-profit and public land trust, knows first hand the need for affordable housing on the Valley Isle.
The organization, started in 2006, has 47 single family homes scattered throughout the county.
One of its most recent sales was in Lahaina to a workforce family.
"We have over 100 families on our list that would like to buy these houses and for the house in Lahaina, there was 20 families that were looked at but only one can live there," said Cassandra Abdul.
Abdul is the Executive Director of Na Hale O Maui. She says currently the median price for a three bedroom, two bathroom home on the island is $1.2 million.
"They are saying if you look at a workforce family they would have to work 60-hours a week just to pay a mortgage," said Abdul. "Another thing that is happening is our workforce is leaving us. They just did another study that says Hawaii is the third highest state losing residents to other states."
Although not involved with the Wailuku Town project, Abdul says she is in full support of it and Lokahi Global Corporation.
"It’s about partnership, which is why I am urging private sector, government, public sector to come in and support each other and help each other creating more community projects so that our people can afford to live here and stay here," said Yi.
The Wailuku Town project is a mix of affordable and market-rate units because Yi explains he will need the private funding up front to get the project started.
However, Lokahi Global Corporation is looking to partner with the county and get 25-30% in government funding to help with the development cost. If that works out, Yi says he is willing to do 100% workforce housing.
Yi estimates the project will cost roughly $70-80 million.
"My vision and philosophy as a developer is not about money, its about people," said Yi. "By doing that, people will make a living here as well, and that will feed the economy."
According to Lokahi Global Corporation, units will be offered strictly to local residents and interested families will need to prove residency.
Yi said his consulting firm on Maui is working to figure out what needs to be done before taking the project before council for approval. He is hoping to get approval to fast-track it, with a potential groundbreaking date of summer 2023.
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After nearly 10-years away, this local girl is home! In November 2021, Lia started at KITV as the weekend GMH anchor and a weekday reporter. The 2011 Kamehameha Kapālama graduate worked all across the country and even overseas before finding her way home.
