City leaders celebrate opening of Makiki Banyan affordable housing project

HONOLULU (HawaiiNewsNow) – City leaders and developers gathered to celebrate the opening of a new affordable housing project in Makiki Saturday.

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Makiki Banyan, located on Pensacola Street, will include 90 affordable rental units and is the largest affordable housing project completed so far under Honolulu’s Bill 7 workforce housing initiative.

The development features 80 one-bedroom units and 10 two-bedroom units aimed at serving working individuals and families earning up to 80% of Honolulu’s area median income.

Monthly rent for one-bedroom units starts at $1,950, including utilities.

“We are proud to deliver much-needed workforce housing for Honolulu residents in an efficient timeframe while helping address the city’s housing shortage,” developer Paul Lam said in a statement.

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Construction on the project began in March 2025 and was completed in about 13-and-a-half months.

Officials said the project is centrally located near schools, public transportation and employment centers.

“I feel very passionate about Bill 7 that’s bringing help to families like mine that need to stay in town,” Makiki resident Erica Castillo said. “To be able to live here without moving to the mainland … I’m just extremely grateful.”

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More information can be found online at makikibanyan.com.