The developer of a planned luxury condominium in Hawaii Kai is proposing to satisfy a city affordable-housing requirement by building 63 low-income rental apartments at Lunalilo Home, an existing elder-care facility in the community.

Hale Ka Lae LLC planned to share rough details of the proposal with the Hawaii Kai Neighborhood Board on Tuesday night.

The developer said it has signed a letter of intent with Lunalilo Home to explore the feasibility of the rentals, which would be built on three acres of Lunalilo Home’s 5-acre property near Henry J. Kaiser High School.

Lunalilo Home, which is focused on serving Native Hawaiian kupuna, presently accommodates 42 residents.

The developer proposes adding two buildings on the property for rent to the general public. One building would contain 30 one-bedroom units for seniors. The other would contain 33 one- and two-bedroom units with no tenant age restrictions. All the units would be limited to tenants earning no more than 60 percent of the median income on Oahu, which equates to $47,640 for a family of two.

All units would remain affordable for 30 years and provide income for Lunalilo Home in perpetuity.

J. Kuhio Asam, executive director of Lunalilo Home, reserved comment on the proposal until after the neighborhood board meeting.

A Hale Ka Lae LLC representative said the developer should determine within three months whether the plan is feasible. If feasible, the developer anticipates presenting conceptual designs for community review and constructing the apartments concurrently with the luxury condo.

The 10-story luxury condo at the corner of Keahole Street and Hawaii Kai Drive is planned for 242 units priced from $685,265 to $3.4 million. Sales began earlier this year, and grading and other site work is underway. If construction progresses as planned, both the luxury condo and low-income rentals could be completed in late 2013.