A former office building, located a short distance from Ala Moana Center, has been transformed — it now offers dozens of affordable rentals in Honolulu's urban core.
JL Capital on Thursday celebrated the completion of Amana Lofts, an adaptive reuse project that turned what was once a five-story office building at 765 Amana St. into 64 affordable rentals. A dedication and blessing ceremony marked the end of the project.
Tim Lee, CEO of JL Capital, is pictured in a two-bedroom units at Amana Lofts, an adaptive reuse project that turned what was once a five-story office building near Ala Moana Center, into 64 affordable rentals. Photo by Stephanie Salmons. (Aloha State Daily Staff) 
The exterior of Amana Lofts. Photo by Stephanie Salmons. (Aloha State Daily Staff) 
A bedroom in a two-bedroom unit at Amana Lofts. Photo by Stephanie Salmons. (Aloha State Daily Staff) 
Amana Lofts offers 64 studio, one- and two-bedroom units. Photo by Stephanie Salmons. (Aloha State Daily Staff)
The developer retained the building's existing concrete structure, but nearly everything else — including plumbing and electrical systems, windows, interior walls and finishes — were replaced or newly constructed, an announcement from JL Capital noted. BKF & Associates was the project architect and Island Structural Contracting was the general contractor.
Amana Lofts includes 32 studios, 20 one-bedroom and 12 two-bedroom residences, all of which are reserved for households earning up to 80% of the area median income. Income limits vary depending on household size; you can find the current income limits for the City and County of Honolulu here.
Units span from 289 to 561 square feet, and include large windows, ceiling heights of more than 10 feet and appliances that include a refrigerator, range/oven, built-in microwave and garbage disposal, the announcement notes. Meanwhile, the building itself has a secured lobby, elevator, on-site laundry facilities, trash chutes on each floor, a bike rack and car share.
Monthly rents will range from $1,875 to $2,014 for studios; $1,995 to $2,142 for one-bedroom residences; and $2,475 to $2,536 for two-bedroom residences, according to the announcement, which noted, too, that electricity, cable and internet are additional, and limited covered parking is available for rent.
“Amana Lofts demonstrates that there are creative ways to add housing in Honolulu without always starting from the ground up,” JL Capital CEO Tim Lee said in the announcement. “We hope this project can serve as an example of how existing buildings can be reimagined to help address our community’s housing needs.”
Applications are now available at amanalofts.com.
According to the developer, affordable rental units will be offered on a first-come, first-served basis. Each application will be time-stamped when the developer or its agent receives the fully completed form. Applications will be reviewed for completeness and eligibility, and applications from qualified households will be submitted, in the order received, to the City and County of Honolulu Department of Planning and Permitting for review and approval.
A groundbreaking and blessing ceremony was held for the project in May 2025.
Lee told Aloha State Daily following the blessing ceremony Thursday that the company acquired the property in 2019 for close to $9 million with a conversion in mind.
"When we bought this property, it was always intended to do a conversion," he says. "Just given the location, we love the location, and we just saw a lot of potential in this property. So from the time we bought it, we always intended to turn this into [an] affordable rental project."
Location is important.
“Where we build housing matters,” Lee said in the announcement. “Ala Moana is vibrant, accessible and connected. Creating affordable homes here gives residents the opportunity to live closer to jobs, transportation and the things they need every day. We believe that is an important part of addressing Honolulu’s housing needs.”
Lee told ASD that the total cost of the project, including the purchase price, was roughly $25 million.
JL Capital, a real estate and private equity firm founded in 2017, has completed or initiated a number of major projects in Honolulu's Ala Moana neighborhood and along the Kapi‘olani corridor in recent years.
That includes Sky Ala Moana, a $507 million mixed-use twin tower condominium and hotel at 1388 Kapi‘olani Blvd. Renaissance Honolulu Hotel & Spa, a Marriott brand, is located in its East Tower.
The developer also acquired several other contiguous properties along Kapi‘olani Boulevard for a combined price of $36 million last fall.
Most recently, JL Capital announced that demolition preparation activities at the future site of its newest development, Muse Honolulu, located at 1538 Kapi‘olani Blvd., are expected to begin in October, following the relocation of Central Pacific Bank to the nearby Pan Am Building. The developers also have recently introduced new pricing on a number of residences. You can read more about that here.
The planned 39-story Muse Honolulu was designed by architecture firm Bohlin Cywinski Jackson and local partner Benjamin Woo Architects. JL Capital tapped Layton Construction as the general contractor last October.
Muse Honolulu will include 315 residences — a mix of penthouses, tower residences, urban lofts and two-story townhomes — and amenities across three levels.
Stephanie Salmons can be reached at stephanie@alohastatedaily.com.
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