The Proposed Expansion of The Princeville Center
August 22, 2012
Required zoning and Planning Commission use permits were secured for the phased development of PrincevilleCenter’s commercial structure and an affordable housing component, in 1988. Now, 24 years later, the current owners (HSC Holdings, LLC) would like to utilize these permits in order to expand the PrincevilleCenter.
Originally, the Princeville Corporation (owner in 1988) would have had to build 100 employee housing units, with 75 percent of them being moderately- restricted units. These units would have had to remain affordable for 40 years. The law has changed over the years, allowing bonuses for certain criteria. One such criterion is based on lower income brackets (thegardenisland.com).
The new developers are proposing 42 highly- restricted income units. This includes eliminating the additional requirement of 25 market-price employee units. With this new proposal, another requirement is for low-income rental units to remain affordable for 60 years instead of 40 years.
The affordable housing project would benefit employees of the Princeville Development Corporation and subsidiaries, Princeville Hotel Associates and all employees working within Princeville Phase I or Phase II (thegardenisland.com).