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Rose Street Condominiums - Wahiawa, Hawaii
The Rose Street condominium conversion of five homes in a residentially zoned neighborhood improved the neighborhood, allowed first time buyers to own their own homes and increased the tax base without increasing the infrastructure needs. The complex of five homes was in disrepair and needed a pride of ownership that homeowners can give.
Abe Lee Development Inc., obtained an existing use permit that would allow homes to be rebuilt and remodeled since the homes were grandfathered and legal nonconforming. The condominium process allowed each home to be sold to individual owners. A new concrete driveway was poured and the complex had a paved road for the first time in decades.
All of the buyers were owner occupants and the homes were sold for $10,000 below the appraisal price. Each lot was 5,000 square feet or larger.
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