JL Capital Converts Honolulu Office Building into 64 Affordable Rental Apartments
JL Capital has completed a $25 million project to convert a 52-year-old office building in urban Honolulu into 64 affordable rental apartments, named Amana Lofts. The development firm purchased the former Tropical Building at 765 Amana Street in 2019 for $8.7 million and undertook extensive renovations, including new interior spaces, walls, windows, air conditioning, plumbing, and electrical systems. The five-story building now offers studios and two-bedroom units, with monthly rents ranging from $1,875 to $2,536. To qualify, tenants must earn no more than 80% of Oahu's median income, which is $86,240 for a single person and up to $133,120 for a family of five. This project fulfills an affordable-housing requirement set by the Honolulu City Council in 2023 for JL Capital's luxury condominium tower, Muse Honolulu, planned nearby.