Leasing has begun for The Element, a new market-price rental community at the entrance of the sprawling Ho‘opili housing development under construction in Ewa.
The developer of the $125 million project held an open house for the media Tuesday, unveiling a limited release of 18 one-, two- and three-bedroom units in the development aimed at serving the local workforce.
When it’s all said and done, the project by Alaka‘i Development will include 318 units in 13 buildings constructed over the next year.
“We’ve been looking forward to presenting The Element to the community for a very long time,” said Cayenne Pe‘a, one of Alaka‘i Development’s principals.
Alaka‘i bought the 11-acre project site from Ho‘opili’s developer, Texas-based D.R. Horton, in September 2019 for $14.1 million, according to property records.
The Element is situated a block from the University of Hawaii-West Oahu rail station on Kualakai Parkway.
A majority of the project will be market-rate apartments, with the remaining 20% rented to residents with wages of no more than 80% of the area median income. Prices on the development’s website range from $2,250 to $3,250, with floor plans ranging from 477 to 1,442 square feet.
The below-market rentals at The Element help satisfy a city affordable-housing requirement for Ho‘opili, which is master-planned for 11,750 homes. So far, more than 750 homes have been built, and 30% of all homes must be affordable to households with low to moderate incomes.
A second block of 30 market-rate units will be released in January, along with 24 affordable one-bedroom units.
New rental communities with a mix of competitively priced market and affordable units are rare on Oahu, Pe‘a said.
“It’s very meaningful for us to provide housing stock that will give folks options,” Pe‘a said.
Alaka‘i Development is the same company that created Kapolei Lofts, and many of the features of The Element are reminiscent of that development.
Apartments feature granite countertops and energy- efficient appliances, including full-size refrigerators, microwaves, dishwashers and washers and dryers. Each unit comes with a lanai and at least one parking space.
The community offers a clubhouse, a pool with grilling areas and outdoor showers, a two-story fitness center, free WiFi in common areas and a self-service business center with a computer and printer.
A 1,500-square-foot indoor-outdoor retail space is next to the fitness center with a public-facing entrance. Pe‘a said the people behind Brick Fire Tavern in Kaimuki have signed a letter of intent to establish a Pizza Mamo there.
Qualified residents can apply for a lease and move in as soon as this weekend, Pe‘a said. The Element is at 91-3598 Nana Hope Street in Ewa. More information is available at TheElementWestOahu.com.
