Hawai‘i supports its own with huge investment in affordable workforce housing.
Legacy Partners and representatives of the AFL-CIO Building Investment Trust and other partners will gather today to celebrate Kaulana Mahina Apartments, an affordable housing development in Central Maui. The gathering sends a message that investing in community and supporting local families is vital to Hawai‘i’s well-being.
The event marks the first major investment of AFL-CIO Building Investments Trust in Hawai‘i in affordable workforce housing. The fund, a commingled Fund of over 250 union pension plans invests in commercial real estate nationwide. In Hawaiʻi, AFL-CIO members include the Hawaiʻi Government Employee Association (HGEA), Hawaiʻi’s largest public-sector labor union, and all the Hawai‘i building and construction trades, numbering in the hundreds of thousands of workers.
“This is the first major new workforce housing project on Maui to be started in decades,” said Kerry Nicholson, Senior Managing Director, Legacy Partners. “Legacy Partners and the AFL-CIO Building Investment Trust are proud to be part of the solution to solving Maui’s chronic housing crisis. We need more of these projects throughout Hawaiʻi.”
The development site is bound by Waiale Road in the east, Kuikahi Drive in the north, and Honoapi‘ilani Highway in the west, at the intersection diagonal to Long’s and Walgreen’s. Kaulana Mahina comprises 324 units, including studios and one- to three-bedroom units. The professionally managed project will have many amenities for its residents—a gym, pool, yoga room, resident lounge, lawn area for a playground, and dog park—all included in the monthly rent.
“Kaulana Mahina is a welcome addition to Maui’s range of housing options for our hardworking residents,” said Maui County Mayor Michael Victorino. “It’s a top-notch development located close to jobs, schools, shopping, medical services and everything that working families could want from an affordable rental project. Built by, and for, the people of Hawaii, today’s event marks another important step toward improving the quality of life for our local people.”
Following section 2.96 of the Maui County Code, the development is 60% affordable and is a 201H affordable housing project. The developer is BIT Wailuku LLC, comprised of PNC Realty Investors, Inc., managing member Legacy Partners, Pacific Coast Capital Partners, Dowling Company, Pier Investments, and Schatz Collaborative LLC. The construction and design team is Moss & Associates, Clifford Planning & Architecture, Warren S. Unemori Engineering, Inc., and Group Pacific. The project is a collaboration with the County of Maui, the Mayor’s Office and Maui County Council, as well as Hawai‘i Housing Finance Development Corporation.
This event will include a line-up of speakers and lunch. The order of speakers will be:
- Paul Gurewitz, VP, AFL-CIO ITC Financial, LLC
- Gino Soquena, Executive Director, HBCTC
- Damien Kim, President, HBCTC, IBW 1186
- Randy Perreira, Executive Director, Hawai‘i Government Employees Association
- Clay Flanagan, President, PNC Realty Advisors
- Mayor Victorino
- Doug Rogers, SVP, Moss
- Kerry Nicholson, Senior Managing Director, Legacy Partners
Kaulana Mahina expects to begin delivering homes in the late summer of 2023, with a lottery process opening in the months prior. More information will be released as it becomes available.
To join the mailing list and to receive updates about the development, visit Kaulanamahinaapts.com
About Legacy Partners
Legacy Partners (Legacy), a privately held real estate firm founded in 1968 and headquartered in the San Francisco Bay Area, owns, develops, and manages multifamily communities throughout the United States. Since its inception, the company has developed more than 78,000 apartment units at more than $8 billion in cost.
Legacy has regional offices in California, Colorado, Florida, Georgia, Texas, and Washington, and has developed more than 66,000 apartment homes in Arizona, California, Colorado, Florida, Nevada, Oregon, Texas, and Washington. Since inception, Legacy has worked with some of the world’s largest financial institutions, life insurance companies, and real estate companies, consistently delivering exceptional results.
Legacy provides management services for its own portfolio, as well as other owners. Combined, Legacy manages a portfolio of over 50 multifamily communities with more than 12,000 apartment homes, and with a gross value in excess of $3 billion. For further information, please visit www.legacypartners.com.
