Old Kam Drive-In site will never be the same. Honolulu Mayor Kirk Caldwell signed the development agreement for Live Work Play Aiea Wednesday.
The project clears the way for Robertson Property Group to build five buildings with 1,500 units on the site of the old Kam Drive-In.
"$750 million, one site, 14 acres, one developer and here's what's cool – it's not in Waikiki. It's not Kaka'ako. It's out in a more residential community. We'll build 1,500 units for people who work here, live here and hopefully play here in the future," said Caldwell.
30 percent of the units must be affordable and the developer must build half of them on site.
"If it's out of the ½ of this transit station we're allowed the flexibility of relocating not anywhere on the island. It has to be a TOD [transit-oriented development] and if it's out of our area it has to be rental and it has to satisfy the 60 to 80 percent," said John Manavian of Robertson Property Group.
Those rentals must be within walking distance of a transit center and depending on their prices, they must remain affordable for between 20 and 60 years.
Besides housing, the project will include a commercial space that includes restaurants and a market. A $1 million community foundation endowment will go to area improvements.
Look for wider sidewalks trees, a bike line on existing streets and a park at the Pearl Harbor Historical trail. Also, just down the block is the transit center and bus center.
"This is really smart growth at its best; slimmer buildings, open greenery and gathering places. It's where you can live and walk and bike without jumping in your car to go to the grocery store," said Breene Harimoto, a Honolulu City Councilman.
Grading and building permits must be applied for and approved prior to the beginning of construction.