County Seeks Partner to Build Multi-Family Increment at Kamakoa Nui
The County of Hawai‘i is seeking proposals from qualified firms or partnerships to enter into a real estate development agreement for the design, financing, construction, and management of an independent workforce housing rental project on county-owned land in the Kamakoa Nui Workforce Housing subdivision in Waikoloa.
Between 100 and 120 units will be built in a townhome-style from studios to three-bedroom units, according to the Request for Proposals, which is available at www.publicpurchase.com, a free website that provides nationwide bid notification for government agencies.
The entire project shall be classified as workforce housing, which will qualify those who make as much as 140% of the area median income (AMI) to rent there. While the 2020 AMI is $75,200, it is adjusted by family size; for example, a family of five may earn as much as $126,000 and qualify for these rental homes. Renters must also work within 45 miles of Waikoloa to be eligible.
It is the intent of the County of Hawai‘i to offer a 65-year lease on this property in return for providing independent workforce rental housing, a recreation center for residents, and adequate parking.
Because land costs are not a significant part of this project, and because utilities are available at the property line, it is anticipated that surplus revenue may be generated from the project. It is the intent of the county to return any share of the revenue derived from the project into the overall Kamakoa Nui project for future increments, according to a press release.
Proposals will be accepted until Oct. 30, and then a panel made up of representatives of the county and the private sector will examine the proposals and select the one that best matches the county’s specifications.
More information may be found at www.publicpurchase.com.