Korean developer SamKoo Pacific LLC reached a milestone Friday on a Kakaako residential tower it is building in collaboration with a state affordable housing program.

The developer of Kapiolani Residence held a topping-off ceremony for its $200 million, 45-story condominium at 1631 Kapiolani Blvd. as it took another step closer to delivering 292 affordable units to expectant owners. Construction partners put their signatures on the last structural beam for the 400-foot-tall building at the event. Internal work and individual unit construction will continue with expected completion and occupancy by the end of the year.

Kapiolani Residence is a public-private collaboration between SamKoo Pacific and the Hawaii Housing Finance and Development Corp. The units sparked great demand in 2016 when they sold out in just four days.

“From here most of the construction work will happen inside the building,” SamKoo Pacific President Timothy Yi said.

Hawaiian Dredging Construction Co. is the contractor. Also involved in the project are HHFDC, architectural firm Design Partners Inc. and project manager Rider Levett Bucknall.

Kapiolani Residence has 484 residential units, with 292 designated as affordable which were sold to qualified Hawaii residents. Affordable unit prices started at $270,800 with studios and one, two and three bedrooms ranging from 460 to 1,337 square feet.

“This shows the huge demand for affordable housing on Oahu,” Yi said. “We are proud to do our part in helping Hawaii’s housing needs as we prepare to add more affordable units in Honolulu.”

The building will feature commercial space on the ground floor, a parking garage with assigned stalls, electric vehicle charging stations and bicycle storage, and a recreational deck on the garage’s ninth floor with an indoor party room, barbecue grills and cabanas. It does not have a pool.