Historic Hocking Building Begins Transformation Into Affordable Housing

December 20, 2023

The historic Hocking Building is one step closer to its transformation into a 40-unit affordable housing project after an intimate blessing ceremony in October.

The former bank building in Honolulu’s Chinatown Historic District is the first affordable housing rehabilitation project in Hawai‘i supported by a combination of Federal and State Low-Income Housing Tax Credits (LIHTCs) with Federal Historic Tax Credits (HTCs). Hunt Capital Partners (HCP) is facilitating the syndication of $10.5 million in LIHTCs and $4.7 million in HTCs for the adaptive re-use through a proprietary fund with First Hawaiian Bank.

The Hocking Building will provide a mix of studio, one- and two-bedroom affordable homes for local families earning up to 30% to 50% of the Area Median Income (AMI) in Honolulu. Four units will be specifically designated for chronically homeless households, including those participating in the “Housing First” program. The 50% income limit is currently $45,850 for a single person, $52,400 for a couple and $65,500 for a family of four. Rents (including utilities) will range from $687 for a studio for those at the 30% AMI level to $1,473 for a two- bedroom for someone at the 50% AMI level.

The attendees included David Oi, Housing Finance Manager, Hawai‘i Housing Finance & Development Corporation (HHFDC), who represented Gov. Josh Green; Honolulu Mayor Rick Blangiardi; and Honolulu Councilmember Calvin Say. HCP was represented by Steve Colón, President, Hunt Development Group Hawai‘i (HDG); Paul Kay, Executive Vice President, HDG; and Sharon Gi, Vice President, HDG.

The Hocking Building project team includes developers Skyler Pacific, LLC and Pacific Development Group through its affiliate Hawai‘i Pacific, LLC. The partnership also includes Wai‘alae Avenue Partners, LLC. Financing partners include First Hawaiian Bank, HHFDC and the City and County of Honolulu. Mark Development, Inc. is the property manager, CDS International is the architect and Alan Shintani, Inc. is the general contractor.