Ribbon Cutting Ceremony of Bill 7 Affordable Rental Apartment at 1427 Ernest St.
Discover how Oceans and the team navigated the complexities of Bill 7 to complete this 26-unit affordable apartment building in just 10 months.
On November 7, 2023, we had the honor of hosting distinguished guests at the ribbon-cutting ceremony for our inaugural Bill 7 affordable housing development project, including Governor Green and Mayor Blangiardi.
From vacant lot to 26 units apartment
Despite losing almost the entire month of January due to rainy weather, we completed construction of the 3-story apartment building in just 10 months. In Hawaii, a project of this size typically takes at least 12 to 14 months even with wooden construction. Time is crucial in real estate development, as every day without tenants means lost revenue. It’s a win-win situation for everyone involved. We provided affordable housing to 26 tenants quickly, our contractors seamlessly transitioned to the next project, and we developers completed the project within budget.
Precast Concrete: What made it possible
We opted for precast concrete in our first affordable housing development after considering cost and construction time. Precast concrete is a construction material produced by casting concrete in a reusable mold or form off-site, typically in a controlled environment like a factory. Once cured to sufficient strength, the precast concrete elements are transported to the construction site and assembled into the desired structure. This method allows for greater precision, quality control, and efficiency compared to traditional pour-in-place concrete construction.
Permitting: Another Hurdle
Despite ongoing reforms in the permitting process under Mayor Blangiani’s leadership, it was still taking a little longer than ideal. However, through seamless collaboration with DPP, we obtained plan approval and completed the project in 10 months. We could have not achieved this without help of the Mayor and his team, as well as all our counterparts at the Department of Planning and Permitting.
Conclusion:
The real magic happens when you have the perfect team in place. Real estate development isn’t a one-person show. It thrives on a blend of talents: a skilled team lead, a seasoned construction manager, a visionary architect, a reliable general contractor, a savvy realtor, a sharp attorney, and a proactive property manager. Together, they collaborate from start to finish, ensuring smooth, on-time, and cost-effective construction of affordable housing.
