Ulana at Ward Village delivered in November 2025 as Kakaʻako’s largest single housing project—697 100% reserved housing units priced 30-50% below market-rate towers, with studios from $271,000 and 3-bedrooms under $720,000. The 41-story tower features floor-to-ceiling windows, Whirlpool appliances, quartz countertops, and $0.95/sf HOA fees (versus $1.25-$1.82 at Victoria Place and ʻAʻaliʻi), plus exclusive access to the 26,000 sf Ka Laʻi o Kukuluāeʻo Park.
All 697 units sold via lottery to kama’āina first-time buyers earning 100-140% of Area Median Income, with shared equity obligations ranging from $91,500 to $184,900 payable upon resale—a trade-off for purchasing at dramatically below-market prices in Hawaiʻi’s most successful master-planned community.
What Makes Ulana Different from Other Ward Village Towers?
Ulana stands apart as Ward Village’s eighth completed tower because every single unit qualifies as reserved housing under HCDA regulations—no market-rate inventory whatsoever. This represents the largest single delivery of workforce housing on Oʻahu under the Hawaii Community Development Authority’s program, dwarfing the reserved housing components at Ke Kilohana (~340 units) and ʻAʻaliʻi (~150 units).
While Victoria Place (completed 2024) sold 350 ultra-luxury condos from $1.2 million to $5.2 million, Ulana delivered nearly twice as many homes at a fraction of the cost. The price-per-square-foot gap is dramatic: Ulana averaged $990/sf versus Victoria Place’s $1,200-$1,600/sf and ʻAʻaliʻi’s $1,100-$1,400/sf.
But reserved housing isn’t “affordable housing” in the traditional subsidy sense. Buyers paid full purchase prices (albeit capped below market rates) and qualified based on income limits tied to Area Median Income. In exchange for discounted entry pricing, they accepted regulatory constraints: occupancy requirements (2-10 years depending on income level), HCDA buyback rights, and shared equity obligations that transfer a portion of appreciation back to the state upon resale.
Building Specifications: 41 Stories, 697 Homes, 1,255 Parking Stalls
Designed by Honolulu-based Architects Hawaiʻi Limited with interiors by InForm Design, Ulana rises 41 residential stories at 828 Auahi Street—directly across from Kewalo Basin Harbor and adjacent to the Ward Village retail corridor. Groundbreaking occurred in December 2022, with first resident move-ins starting November 5, 2025.
Unit Mix and Square Footage
- 123 studios — 289 sf
- 205 one-bedrooms — 527-530 sf
- 246 two-bedrooms — 676-755 sf
- 123 three-bedrooms — 854-1,001 sf
Every residence features floor-to-ceiling windows (8-foot ceilings), open-concept kitchen/living/dining layouts, and in-unit washer/dryer capability. Unlike Victoria Place’s Juliet balconies or ʻAʻaliʻi’s full lanais, Ulana units have no exterior private space—a cost-saving design decision that prioritized maximizing interior livable area and expanding shared amenity zones.
Parking: 1.8x Ratio Versus Victoria Place’s 0.45x
Ulana delivers 1,255 total parking stalls across accessible (30 ADA + 4 van-accessible), compact (235 + 111 tandem), standard (746 + 99 tandem), and guest (30) configurations. Studios and one-bedrooms receive one assigned stall; two- and three-bedrooms receive two stalls (some two-bedrooms assigned tandem pairs).
This 1.8:1 parking-to-unit ratio reflects the project’s workforce housing mission, recognizing that moderate-income families rely more heavily on personal vehicles than ultra-luxury buyers who may utilize ride-sharing, valet services, or maintain multiple vehicle options off-site. By contrast, Victoria Place’s 350 units share only ~157 stalls (0.45:1 ratio), supplemented by valet parking and proximity to Whole Foods/retail parking structures.
Interior Finishes: Whirlpool, Quartz, Moen
Kitchen specifications:
- Whirlpool stainless steel appliance package
- Quartz countertops
- Moen sink and faucet fixtures
- Lacquer laminate upper cabinets / wood-tone laminate lowers
- Luxury vinyl tile flooring
Bathroom specifications:
- Quartz vanity countertops
- Kohler and Moen fixtures
- Porcelain tile flooring
- Single or double vanity (unit-dependent)
These finishes position Ulana as “developer-grade contemporary” rather than luxury boutique. Whirlpool appliances and quartz counters deliver reliable performance and modern aesthetics at mid-tier pricing—appropriate for workforce housing where keeping purchase prices affordable took precedence over premium brand specifications found in Victoria Place (Sub-Zero/Wolf) or Kōʻula (Bosch).
Pricing: $271K Studios to $717K 3-Bedrooms (Original Sale)
Ulana’s lottery-based sales process (conducted 2021-2022) established the following HCDA-approved reserved housing price ranges:
- Studios (289 sf): $271,000 – $355,400 ($938-$1,230/sf)
- 1-Bedrooms (527-530 sf): $400,500 – $556,300 ($755-$1,056/sf)
- 2-Bedrooms (676-755 sf): $504,100 – $650,300 ($668-$962/sf)
- 3-Bedrooms (854-1,001 sf): $550,000 – $717,400 ($551-$840/sf)
These prices represented 30-50% discounts compared to market-rate Ward Village inventory selling concurrently. For context, ʻAʻaliʻi’s market-rate one-bedrooms (similar 2021 timeframe) listed from $700,000+, while Ulana’s one-bedrooms topped out at $556,300—a $143,700+ gap for comparable square footage and Ward Village location.
HOA Fees: $0.95/SF Versus $1.25-$1.82 at Luxury Towers
Ulana’s $0.95 per square foot monthly maintenance fee undercuts every other Ward Village tower completed since 2021:
- Ulana: $0.95/sf → Studio ~$275/mo, 1BR ~$502/mo, 2BR ~$718/mo, 3BR ~$855/mo
- ʻAʻaliʻi: $1.00-$1.82/sf → 1BR ~$530-$964/mo
- Victoria Place: $1.25/sf → 1BR ~$750/mo, 2BR ~$1,250/mo
Lower HOA fees reflect Ulana’s amenity philosophy: expansive outdoor spaces (lawn, BBQ cabanas, dog park) and essential indoor facilities (fitness center, co-working spaces) without the high-maintenance luxury features driving Victoria Place’s operating costs—no infinity pools, no spa facilities with steam/sauna, no wine cellars, no 24-hour concierge/valet staffing, no guest suites requiring housekeeping.
Over 30 years, a two-bedroom owner at Ulana saves approximately $180,000-$210,000 in HOA fees compared to equivalent square footage at Victoria Place—a meaningful cost differential that partially offsets the luxury tower’s superior finishes and resort-style amenities.
Current Resale Market: Effectively None (August 2026)
As of August 2026, no Ulana units are listed for sale on the open market. The one early listing — a 1BR/1BA (#810) at 529 sf, listed February 2026 for $523,800 ($990/sf) with $476/month HOA fees. This pricing tracks closely to original lottery pricing ($400,500-$556,300 range), suggesting minimal appreciation in the first three months post-delivery.
The absence of resale inventory is expected. Most owners remain subject to regulated occupancy terms (2-10 years depending on income tier), and few buyers who won lottery allocations would immediately flip units given the shared equity obligations due upon sale. Meaningful resale activity likely won’t emerge until 2027-2028 as the first cohort (2-year regulated term buyers earning 120-140% AMI) completes their minimum occupancy requirements.
Reserved Housing Explained: Income Limits, Shared Equity, Buyback Rights
Ulana operates under Hawaii Community Development Authority (HCDA) reserved housing rules—a regulatory framework distinct from traditional affordable housing subsidies. There are no Section 8 vouchers, no tax credit financing, no government grants. Instead, Howard Hughes Corporation voluntarily included reserved housing units in exchange for HCDA approvals to build at higher densities within the Kakaʻako master plan.
Income Eligibility: 100-140% of Area Median Income
All 697 Ulana units sold to households earning 100-140% of Honolulu Area Median Income (AMI). For 2021-2022 (lottery period), that meant:
- 100% AMI (single person): ~$80,000/year
- 120% AMI (family of four): ~$138,000/year
- 140% AMI (single person): ~$112,000/year
This targets teachers, nurses, government workers, tradespeople, and dual-income households earning moderate wages—the “missing middle” priced out of luxury condos but earning too much to qualify for traditional affordable housing (typically 30-80% AMI).
Shared Equity: The Trade-Off for Below-Market Pricing
When an Ulana owner sells, they owe shared equity to HCDA—calculated as the difference between the property’s appraised market value at purchase and the actual discounted purchase price paid. HCDA’s 2025 supplemental financing documents indicate shared equity obligations ranging from:
- Studios: $99,200 – $164,000
- 1-Bedrooms: $121,900 – $179,600
- 2-Bedrooms: $91,500 – $184,900
- 3-Bedrooms: $93,200 – $181,200
Example: An owner purchased a 1BR for $500,000 when the appraised market value was $650,000. The shared equity = $150,000. Upon sale five years later for $700,000, the owner nets $700,000 minus the original $500,000 purchase price minus the $150,000 shared equity obligation = $50,000 in appreciation. HCDA receives $150,000 to reinvest in future affordable/workforce housing programs.
This mechanism allows Howard Hughes to recover market-rate land values (via the shared equity eventually returned to HCDA/state programs) while delivering immediate homeownership access to moderate-income buyers. It’s economically neutral to the developer but dramatically impacts buyer appreciation potential.
Regulated Terms: 2, 5, or 10 Years
Owners must occupy their units as primary residences for regulated terms based on income tier:
- <100% AMI: 10-year term (144 units)
- 100-119% AMI: 5-year term (501 units)
- 120-140% AMI: 2-year term (52 units)
During the regulated term, rentals are prohibited. After the term expires, owners may rent with HCDA approval, but shared equity obligations remain in effect permanently (due upon any sale, even decades later).
HCDA Buyback Rights
HCDA retains a right of first refusal on all Ulana resales during the regulated term. If an owner wishes to sell before their term expires, HCDA can purchase the unit at the agreed sale price and reassign it to another income-qualified buyer. This prevents speculative flipping and ensures reserved housing inventory continues serving the target demographic.
After the regulated term ends, owners may sell on the open market without HCDA approval, but the shared equity obligation still applies—ensuring the state recoups value even on post-term sales.
Amenities: Expansive Outdoor Spaces, No Pool
Ulana’s amenity strategy emphasizes community gathering spaces and outdoor recreation rather than resort-style luxury. The design philosophy—reflected in the building’s name (“ulana” = to plait/braid in Hawaiian)—weaves together indoor/outdoor zones encouraging resident interaction.
Outdoor Amenities
- Ulana Lawn: Expansive grass area for picnics, yoga, casual gatherings
- Lawn Pavilion: Covered structure reservable for private events
- BBQ Cabanas: Multiple stations with permanent grills
- Dog Park: Dedicated off-leash canine recreation zone
- Keiki Play Structure: Children’s playground with climbing/slide features
- Surfboard Storage: Secure racks for water sports equipment
- Bicycle Storage: Dedicated bike parking beyond vehicle stalls
Indoor Amenities
- Fitness Center: Cardio and strength training equipment
- Co-Working Spaces: Desks, Wi-Fi, and conference areas for remote work
- ʻOhana Living Room: Community lounge for gatherings
- Makai Living Room: Ocean-view lounge on lower floors
- Mauka Living Room: Mountain-view lounge
- Indoor-Outdoor Lobby: Breezeway design promoting natural ventilation
What Ulana DOESN’T Have (Compared to Victoria Place)
- No swimming pool (Victoria Place: infinity + lap pool)
- No spa facilities (Victoria Place: men’s/women’s steam, sauna, treatment rooms)
- No wine cellar (Victoria Place: private lockers + tasting room)
- No private theater (Victoria Place: 12-seat cinema)
- No guest suites (Victoria Place: three fully furnished overnight suites)
- No 24-hour concierge or valet parking
These omissions directly correlate to the $0.95/sf HOA fee versus Victoria Place’s $1.25/sf. Pools require lifeguards, chemical management, and resurfacing; spas need specialized HVAC and cleaning; wine cellars demand climate control; theaters require A/V maintenance; guest suites need housekeeping. By eliminating high-touch amenities, Ulana keeps operating costs affordable for moderate-income owners.
Ka Laʻi o Kukuluāeʻo Park: Private 26,000 SF Green Space
Ulana residents enjoy exclusive access to Ka Laʻi o Kukuluāeʻo Park, a 26,000-square-foot landscaped public space that opened September 2025. The park features:
- Native Hawaiian plantings and mature shade trees
- Monkeypod-lined pathways
- Interactive children’s play structure
- Biki Bike station for bike-share access
- Water refilling station
- Public art: Seven cast-bronze Hawaiian stilt (aeʻo) bird sculptures by Dan Ostermiller
The park’s name translates to “the calm of Kukuluāeʻo,” honoring the area’s ecological history as coastal wetlands where Hawaiian stilts once thrived. It connects to Ward Village’s broader park network (Victoria Ward Park, Gateway Park) creating continuous pedestrian-friendly green corridors throughout the 60-acre master plan.
Location: Heart of Ward Village, Walk to Whole Foods
Ulana occupies a prime Kakaʻako address at 828 Auahi Street, directly across from Kewalo Basin Harbor and within a 5-10 minute walk of:
- Whole Foods Market (ground floor of Aeʻo tower) — 3-minute walk
- Salt at Our Kaka’ako retail/dining — 5-minute walk
- Ward Village Shops (Nordstrom Rack, Regal Cinemas, 40+ restaurants) — 7-minute walk
- Ala Moana Beach Park — 10-minute walk
- Ala Moana Center (world’s largest open-air mall) — 15-minute walk or 5-minute drive
The building sits within Ward Village’s “central zone,” surrounded by completed towers (ʻAʻaliʻi to the east, Kōʻula to the northeast) and rising construction (Kalae and The Launiu to the west). This density creates a walkable urban neighborhood with critical mass for street-level retail, dining, and services—a stark contrast to isolated high-rise projects in other Honolulu submarkets.
Ward Village Master Plan Context
Ulana represents the eighth completed tower in Howard Hughes Corporation’s 60-acre, 14-tower Ward Village master plan. With 697 units, it’s the single largest residential delivery to date, bringing the neighborhood’s total occupied inventory to approximately 3,400+ condos as of early 2026.
The remaining towers are in progress: The Park Ward Village is now complete (first move-ins June 2026), Kalae and The Launiu are under construction (both targeting 2028), and ʻIlima and Melia are selling pre-construction, with the final tower, Mahana, now marketed as Now Selling; current pricing on request. At full buildout (~2030), Ward Village will house approximately 5,800 residences plus 1+ million square feet of retail, office, and cultural space—rivaling Waikīkī in scale but designed as a master-planned pedestrian district rather than a tourist corridor.
Comparing Ulana to Victoria Place and ʻAʻaliʻi
Understanding Ulana’s value proposition requires comparing it to Ward Village’s recent luxury deliveries:
Victoria Place (Completed November 2024)
- Target market: Ultra-luxury ($1.2M-$5.2M)
- Units: 350 (1-3 bedrooms, no studios)
- Price/SF: $1,200-$1,600
- Ceiling height: 9 feet (10 feet on top floors)
- Outdoor space: Juliet balconies (12 feet deep)
- Amenities: 64,105 sf including infinity pool, full spa, wine cellar, theater, 24-hour concierge/valet
- Architect: Solomon Cordwell Buenz (Chicago)
- Interior design: Tihany Design (New York)
- HOA: $1.25/sf
Who chooses Victoria Place over Ulana: High-net-worth buyers prioritizing luxury finishes (Sub-Zero/Wolf appliances, stone counters, custom millwork), resort-style amenities, and prestige branding. These buyers aren’t income-constrained and value the 9-foot ceilings, Juliet balconies, and full-service concierge experience. Rentals prohibited.
ʻAʻaliʻi (Completed 2021)
- Target market: Entry-luxury + reserved housing mix
- Units: 751 total (~600 market-rate, ~150 reserved)
- Price/SF: $1,100-$1,400 (market-rate)
- Ceiling height: 8.6 feet
- Outdoor space: Full lanais on all units
- Amenities: Pool deck, fitness center (two locations), dog park, sky lounge, co-working
- Architect: Solomon Cordwell Buenz
- Interior design: Lauren Rottet
- HOA: $1.00-$1.82/sf
- Rentals: Allowed with board approval
Who chooses ʻAʻaliʻi over Ulana: Market-rate buyers wanting outdoor lanai space and rental flexibility. ʻAʻaliʻi’s 751-unit scale created more diverse unit types (including studios), and the rental-friendly policy attracts investors. However, market-rate ʻAʻaliʻi units cost $400,000-$800,000 more than equivalent Ulana reserved housing units.
Ulana’s Value Proposition
- Entry pricing 30-50% below market towers
- HOA fees $0.25-$0.87/sf lower than luxury comparables
- Same Ward Village location benefits (walkability, master plan amenities, Whole Foods access)
- Modern construction and finishes (2025 delivery with floor-to-ceiling windows, quartz, stainless appliances)
- Trade-offs: No lanais, no pool, shared equity obligations, rental restrictions, income verification required
For moderate-income households, Ulana delivers homeownership access in Hawaiʻi’s most desirable urban neighborhood at price points impossible to achieve in the open market. For luxury buyers, the regulatory constraints and finish-level compromises make Victoria Place or ʻAʻaliʻi more suitable despite the premium pricing.
Pros and Cons: Is Ulana Right for You?
Advantages
- Affordability: Purchase prices 30-50% below market-rate Ward Village towers—studios from $271K versus $500K+ at ʻAʻaliʻi
- Low HOA fees: $0.95/sf saves $180,000-$210,000 over 30 years versus Victoria Place’s $1.25/sf
- Prime location: Central Kakaʻako with walk-to-everything convenience (Whole Foods, beach, Ala Moana Center)
- Brand-new construction: November 2025 delivery means no deferred maintenance, modern building systems, energy-efficient design
- Generous parking: 1.8:1 ratio ensures assigned stalls (1-2 per unit) without waitlists
- Outdoor amenities: Dog park, keiki playground, BBQ cabanas, expansive lawn—family-friendly design
- Private park access: 26,000 sf Ka Laʻi o Kukuluāeʻo Park exclusive to residents
- Ward Village ecosystem: Embedded in a master-planned community with retail, dining, cultural events, and future development upside
Disadvantages
- Limited appreciation potential: Shared equity obligations transfer a significant portion of gains to HCDA upon sale
- Rental restrictions: Cannot rent during 2-10 year regulated term; post-term rentals require HCDA approval
- Income verification: Must qualify at 100-140% AMI; disqualifies high earners even if interested in the pricing
- No outdoor private space: Zero lanais or balconies—all outdoor access is shared amenities
- No pool: Families wanting pool access must walk to Ala Moana Beach Park or join private clubs
- Mid-tier finishes: Whirlpool appliances and vinyl flooring versus Sub-Zero/Wolf and hardwood at luxury towers
- 8-foot ceilings: Standard height versus 9-10 feet at Victoria Place
- Buyback risk: HCDA can exercise right of first refusal during regulated term, limiting control over sale timing
- Resale complexity: Shared equity calculations and regulatory approvals add friction versus standard condo transactions
Who Should Buy at Ulana?
Ideal buyers:
- First-time homebuyers earning moderate incomes (teachers, nurses, government workers, tradespeople)
- Young families prioritizing location and walkability over luxury finishes
- Long-term owner-occupants planning 5-10+ year hold periods (maximizing benefit of low HOA fees)
- Buyers who value community amenities (dog park, keiki playground, lawn spaces) over private lanais
- Households comfortable with regulatory oversight in exchange for below-market pricing
Poor fit:
- Investors seeking rental income (rentals prohibited during regulated term)
- High earners exceeding 140% AMI (disqualified from reserved housing)
- Buyers prioritizing appreciation/equity growth (shared equity caps gains)
- Luxury seekers wanting resort-style pools, spas, and full-service concierge
- Anyone needing private outdoor space (no lanais at Ulana)
Frequently Asked Questions
Can I rent out my Ulana unit?
Not during your regulated occupancy term (2-10 years depending on income tier). After the regulated term expires, rentals may be permitted with HCDA approval, but shared equity obligations remain in effect permanently. Check your purchase agreement for specific restrictions.
How much will I owe in shared equity when I sell?
Shared equity equals the difference between your unit’s appraised market value at the time of your original purchase and your actual discounted purchase price. For Ulana, this ranges from approximately $91,500 to $184,900 depending on unit type. This amount is due to HCDA upon sale, regardless of how much the property has appreciated.
What if I need to sell before my regulated term ends?
You may sell, but HCDA has a right of first refusal to purchase your unit at the agreed sale price and reassign it to another income-qualified buyer. This prevents speculative flipping and ensures the unit continues serving the workforce housing mission.
Are Ulana units a good investment?
Ulana is optimized for homeownership and cost savings (low purchase price + low HOA fees), not investment appreciation. Shared equity obligations cap your gains, and rental restrictions limit income potential. If you plan to live in the unit long-term (7-10+ years), the savings versus market-rate condos can be substantial. If you’re seeking maximum appreciation or rental income, market-rate towers like ʻAʻaliʻi are better suited.
Does Ulana have a pool?
No. Ulana prioritized expansive outdoor gathering spaces (lawn, BBQ cabanas, dog park, keiki playground) over aquatic amenities to keep construction costs and HOA fees affordable. Ala Moana Beach Park is a 10-minute walk for ocean swimming.
What’s the parking situation?
Ulana delivers 1,255 total stalls—approximately 1.8 stalls per unit. Studios and one-bedrooms receive one assigned stall; two- and three-bedrooms receive two stalls (some two-bedrooms with tandem configurations). This is significantly more generous than luxury towers like Victoria Place (0.45:1 ratio).
How does Ulana compare to Ke Kilohana?
Ke Kilohana (completed 2019) included approximately 340 reserved housing units mixed with market-rate inventory. Ulana is 100% reserved housing—697 units at comparable pricing but with newer construction, updated finishes, and access to the expanded Ward Village amenity network (including Ka Laʻi o Kukuluāeʻo Park). Both target the same 100-140% AMI demographic with similar regulatory terms.
Can I qualify if I already own a home?
HCDA reserved housing rules prioritized first-time homebuyers during the lottery process, but existing homeowners may have qualified in certain circumstances. Check with HCDA or the developer for specific eligibility criteria if considering future reserved housing opportunities in Ward Village.
When will meaningful resale inventory appear?
Likely not until 2027-2028. Most owners remain subject to 2-10 year regulated terms and few lottery winners would immediately flip given shared equity obligations. As the first cohort (2-year term buyers earning 120-140% AMI) completes their minimum occupancy requirements, resale activity should gradually increase.
The Bottom Line on Ulana at Ward Village
Ulana represents a once-in-a-generation opportunity for moderate-income kama’āina to own brand-new construction in Hawaiʻi’s most walkable, master-planned urban neighborhood—at pricing 30-50% below market rates. The 697-unit tower delivered November 2025 with floor-to-ceiling windows, quartz countertops, Whirlpool appliances, and $0.95/sf HOA fees that undercut every comparable Ward Village property.
But reserved housing isn’t “free money.” Buyers accepted regulatory trade-offs—occupancy requirements, rental restrictions, shared equity obligations, HCDA buyback rights—in exchange for below-market entry pricing. Appreciation potential is capped, and resale complexity exceeds typical condo transactions.
For long-term owner-occupants (7-10+ years) who prioritize homeownership stability and cost savings over maximum appreciation, Ulana delivers extraordinary value. For investors or luxury seekers, Victoria Place, ʻAʻaliʻi, or other market-rate towers offer better alignment with rental income goals and high-end finishes.
With all 697 units sold out via lottery and minimal resale inventory through mid-2026, Ulana’s secondary market will develop slowly as regulated terms expire. If you qualified for the original lottery, congratulations—you secured a home in Ward Village at a price point that may never be replicated. If you missed the lottery, watch for future HCDA reserved housing projects elsewhere in Kakaʻako — the remaining Ward Village towers (Kalae, The Launiu, ʻIlima, Melia) are all market-rate, so nothing comparable is currently announced within the master plan.
Looking for other new construction opportunities in Honolulu? Explore our complete guides to Ward Village towers, Kakaʻako developments, and Oʻahu’s master-planned communities.
