Developers Begin Construction on Makiki Affordable Tower

Tradewind Capital and Stanford Carr Development have started building the 247-unit 'Olohana rental project at 1105 Piikoi Street.

Updated on Nov. 14, 2026 in Apartments

Bold vector editorial illustration of a slender unfinished residential tower beside a green volcanic ridgeline under a warm tropical sky, evoking new affordable housing. — Tradewind Capital and Stanford Carr Development broke ground on 'Olohana, a 247-unit affordable rental project at 1105 Piikoi Street in Makiki, Honolulu. AI Illustration. Upload story photo >

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Tradewind Capital and Stanford Carr Development began construction of 'Olohana, a 247-unit affordable rental project in Makiki. State financing commitments were received last year to fund nearly all of the estimated $148 million construction cost.

Why it matters

The project is intended to expand downtown housing options for local families, with apartments reserved for households earning between 30% and 60% of Oahu's area median income. Its rents will be tied to income limits for 66 years.

The 23-story, 210-foot tower will include 247 units, with studios at 335 square feet and three-bedroom units at 922 square feet. An attached seven-story parking structure will provide 243 stalls, though the source does not address how parking will be allocated among tenants.

The players

Tradewind Capital

Tradewind Capital is a real estate investment and development firm that is partnering on the Olohana project.

Stanford Carr Development

Stanford Carr Development is a Hawaii-based developer that has built more than 5,500 homes and apartments across Oahu, Maui and Hawaii island over three decades.

The details

Ceremonial shovels of earth were turned over at the groundbreaking event. Income limits for a single person, a couple and a family of four are $64,680, $73,920 and $92,400, respectively, and 13 units are reserved for households earning up to 30% of the median.

Last year: State financing commitments were received to fund nearly all of the estimated construction cost.
November 2026: Official start of construction was celebrated at a groundbreaking event on Thursday.
Summer 2028: Construction is anticipated to be completed.

Housing Landscape

The Olohana project uses Oahu's area median income framework, which sets the 30% to 60% income bands for its affordable units. By tying rents to those income limits for 66 years, it extends that framework into a long-term affordable downtown rental supply.

Households earning between 30% and 60% of Oahu's area median income may find new affordable rental options downtown once the tower is completed. Rents will remain tied to income limits for 66 years, which can help keep monthly housing costs predictable for eligible tenants.

The takeaway

Affordable rental projects tied to area median income can give eligible households longer-term rent stability. Prospective tenants should check the published income limits for their household size before applying.