A 32-story affordable housing high-rise in Honolulu's Chinatown recently reopened after a multi-million dollar renovation.
The 379-unit Maunakea Tower — acquired in 2023 by Komohale Maunakea Venture LP, a partnership between Stanford Carr Development and Standard Communities — was built in 1977 and has more than 600 residents, including 408 kūpuna, according to a recent announcement from Komohale Services, a nonprofit that offers wrap-around services for residents.
According to the announcement, the units in the complex are covered by a 20-year U.S. Housing and Urban Development Housing Assistance Payment contract for households that earn 30% to 80% of the area median income. That contract was set to expire in five years and risked the displacement of "hundreds of longtime residents," the announcement noted.
"The acquisition returned ownership to local hands and preserved long-term affordability," the announcement noted.
An announcement from Standard Communities, a national affordable housing investor and developer, in August 2023 noted that the acquisition was a public-private partnership with the state, HUD, Honolulu-based Stanford Carr Development, the City and County of Honolulu and the Hawai‘i Housing Finance & Development Corp., and that the transaction extended the "affordability of all units at the property for 20 years."
"Our entire community shares a sense of urgency for affordable housing, and homes for kūpuna are among our most pressing needs," Carr said in a written statement provided to Aloha State Daily last week. "The reopening of Maunakea Tower — and the process we underwent to secure and renovate it — ensured hundreds of Hawaiʻi residents kept their homes at a price they could afford with access to wrap-around services that improve quality living. This is a powerful demonstration of public-private partnership and the shared dedication we all have to serve our neighbors and families a promise future."
To mark the reopening, a blessing and community resource fair was held last week. Komohale Services, which a representative says facilitates access to programs, brought a number of agencies on-site for residents to learn more about.
According to the representative, Maunakea Tower was purchased for $131.3 million and another $36.6 million was invested on renovations, including sprinklers in all the units and common areas, new cabinets countertops, light and plumbing fixtures, flooring, paint and new windows. The elevators also were "modernized," and all common areas were renovated too, they said.
The transaction used $105 million in private activity bonds from the City and County of Honolulu.
“The preservation and renovation of Maunakea Tower represents more than just bricks and mortar — it’s a promise kept to our kūpuna and working families,” Honolulu Mayor Rick Blangiardi said in the announcement. “By extending the HUD contract and securing critical bond financing, we were able to act swiftly to protect hundreds of residents from displacement. This project is a powerful example of what can be achieved through public-private partnership — a renewed commitment to affordable housing, delivered with compassion, urgency and purpose.”
Stephanie Salmons can be reached at stephanie@alohastatedaily.com.
