The state wants to develop a 650-foot tower, two smaller residential and commercial buildings, a parking structure and civic/commercial center at 690 Pohukaina St. in Kakaako, calling it a workforce housing development.

Gov. Neil Abercrombie said today that the development is expected to create 1,500 jobs, and include 204 affordable rental housing units, 300 affordable housing units, and 500 other units that will be priced at market value. 

"This development will provide housing choices and opportunities for a variety of people and families," Abercrombie said in a press release. 

The Hawaii Community Development Authority is estimating the development will pump $500 million into the economy, bringing more than 500 construction-related jobs.

The project would be completed in phases, with groundbreaking in February on an affordable rental housing complex, and an estimated completion for all phases in 2019.

The project has been categorized as mixed-use Transit Oriented Development.