Honolulu, HI – A major affordable housing project in the heart of Honolulu has reached an important construction milestone, marking a significant step forward in addressing the city’s ongoing housing crisis.
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On Friday afternoon, Lam Capital celebrated a topping-off ceremony on Pensacola Street, signifying the completion of the building’s structural frame. The event honored the 75 construction workers who have been instrumental in bringing the project to life.
Crews first broke ground in January, with official construction beginning in March. Thanks to streamlined planning and execution, progress has been remarkably swift.
“This has to be one of the fastest build projects in the state of Hawaii,” said Lance Berringer, superintendent for Island Structural Contracting.
Paul Lam, owner of Lam Capital, echoed the praise, applauding the dedication and efficiency of the construction teams.
“It’s amazing how fast you have worked, how hard you have worked,” Lam said.
City officials also joined in celebrating the milestone. Council member Val Okimoto highlighted the importance of seeing policy translate into tangible outcomes.
“We make laws and we make legislation, trying to make these projects as best as possible,” she said. “For me, the most rewarding thing is when I get to see something come to fruition.”
Once completed next May, the development will deliver 90 new affordable rental units, including 80 one-bedroom apartments and 10 two-bedroom apartments. The housing will be available to individuals and families earning 80% or less of the area median income, providing much-needed relief in one of the nation’s most expensive housing markets.
The project is part of Hawaii’s Bill 7 program, a law enacted in 2019 designed to accelerate the development of affordable housing by easing zoning restrictions and offering tax incentives.
Lam Capital isn’t stopping here. The company has announced plans to break ground on two additional Bill 7 projects later this year, with a long-term vision of launching five new projects annually until the program sunsets in May 2030.
By leveraging Bill 7 incentives, developers like Lam Capital aim to chip away at the state’s chronic housing shortage, which experts estimate requires tens of thousands of new units over the next decade.
Community advocates say the Pensacola Street development offers a promising model for how private investment, legislation, and fast-tracked construction can converge to deliver real housing solutions.
As Berringer emphasized, speed and efficiency will continue to be crucial in meeting demand:
“This has to be one of the fastest build projects in the state of Hawaii.”
Originally reported by HNN Staff in Hawaii News Now.
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