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| © 2006 Mark Development Inc. All rights reserved. |
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Experience:
Mark Development, Inc., and its
other affiliated development entities
have demonstrated the ability to
successfully complete many
government-assisted housing
projects within time and budget
constraints. 1,665 single and
multi-family homes and has managed
nearly 500 rental units on Oahu and
the neighbor islands. A selected list
of projects follows:
Some of the projects that Mark
Construction worked on
included:
Airport Center Office
H-1 and H-2
Harbor Channel Dredging
Halawa Interchange
Waiawa Interchange
Wilcox Hospital (Kauai)
Mark Development, Inc., and its
other affiliated development entities
have demonstrated the ability to
successfully complete many
government-assisted housing
projects within time and budget
constraints. 1,665 single and
multi-family homes and has managed
nearly 500 rental units on Oahu and
the neighbor islands. A selected list
of projects follows:
Some of the projects that Mark
Construction worked on
included:
Airport Center Office
H-1 and H-2
Harbor Channel Dredging
Halawa Interchange
Waiawa Interchange
Wilcox Hospital (Kauai)
3. Princess Kahanu Estates: For the Department of Hawaiian Home Lands, this subdivision of
271 single family homes finished construction in February 1996 and represented the single largest project
by DHHL. Princess Kahanu Estates is also the first DHHL project by a private developer. Princess Kahanu
Estates won seven awards at the 1995 BIA Parade of Homes including the Governor's and HUD's
Affordable Housing Awards, the AIA Award, Single Family Division I Winner and the Theme Award.
271 single family homes finished construction in February 1996 and represented the single largest project
by DHHL. Princess Kahanu Estates is also the first DHHL project by a private developer. Princess Kahanu
Estates won seven awards at the 1995 BIA Parade of Homes including the Governor's and HUD's
Affordable Housing Awards, the AIA Award, Single Family Division I Winner and the Theme Award.
Through Princess Kahanu Development Corporation, the project was completed just 2½ years after the
development agree-ment was signed. CIP funds were used for the infrastructure and PKDC financed the
house construction. FHA, RHS insured and VA direct loans provided the take-out financing.
The superior construction design, quality and many interior/exterior options made the buyers feel like the
homes were custom built. Through Princess Kahanu Development Corporation, the project was completed just
2½ years after the development agree-ment was signed. CIP funds were used for the infrastructure and
PKDC financed the house construction. FHA, RHS insured and VA direct loans provided the take-out financing.
development agree-ment was signed. CIP funds were used for the infrastructure and PKDC financed the
house construction. FHA, RHS insured and VA direct loans provided the take-out financing.
The superior construction design, quality and many interior/exterior options made the buyers feel like the
homes were custom built. Through Princess Kahanu Development Corporation, the project was completed just
2½ years after the development agree-ment was signed. CIP funds were used for the infrastructure and
PKDC financed the house construction. FHA, RHS insured and VA direct loans provided the take-out financing.
10. Kekaha Ha’aheo: A 78 unit public housing rental project consisting
of one, two and three bedroom units in duplex and four-plex structures. The
Developer under a “Turn Key” development agreement with HUD, acquired the
land from AMFAC, constructed the units and transferred ownership to the
State Hawaii Housing Authority to own and manage. The developer used
State Dwelling Unit Revolving Funds (DURF) from the Hawaii Housing Authority
for land acquisition and construction and HUD funds for take out financing.
The University of Hawaii now uses a film that was produced by the
development entitled “Affordable Housing-A Cooperative Venture: Lifestyles in
Transition”. This project was completed in 1982.
of one, two and three bedroom units in duplex and four-plex structures. The
Developer under a “Turn Key” development agreement with HUD, acquired the
land from AMFAC, constructed the units and transferred ownership to the
State Hawaii Housing Authority to own and manage. The developer used
State Dwelling Unit Revolving Funds (DURF) from the Hawaii Housing Authority
for land acquisition and construction and HUD funds for take out financing.
The University of Hawaii now uses a film that was produced by the
development entitled “Affordable Housing-A Cooperative Venture: Lifestyles in
Transition”. This project was completed in 1982.
Mark Development, Inc. is a housing development and management company incorporated in 1977. Mark Development was formed by Mr. Mark Y. Watase with the sole intent of building affordable housing for the people of Hawaii. |
Mark Construction:
Mark Construction, Inc., (1965-1988)
was a general contracting firm which
had been actively involved in
residential subdivision and apartment
construction, utility system
installation, commercial building
construction and highway
construction. In the mid 70's, Mr.
Mark Watase's company employed
over 250 workers and was among
the top three
engineering-construction firms in
Hawaii.
Mark Construction, Inc., (1965-1988)
was a general contracting firm which
had been actively involved in
residential subdivision and apartment
construction, utility system
installation, commercial building
construction and highway
construction. In the mid 70's, Mr.
Mark Watase's company employed
over 250 workers and was among
the top three
engineering-construction firms in
Hawaii.
2. Kapolei Village 6, Rent-to-Own: A feasibility analysis of
financial, market and legal impacts of the development of a
Rent-to-Own project on Hawaiian Home Lands was commissioned
to Mark Development in 1998 and completed in January 1999.
financial, market and legal impacts of the development of a
Rent-to-Own project on Hawaiian Home Lands was commissioned
to Mark Development in 1998 and completed in January 1999.
4. Hokulele Subdivision: A 242 unit single-family detached subdivision consisting
of two, three and four bedroom units in Kaneohe, Oahu. This development was the
recipient of the Governor's Affordable Housing Award in the 1987 Parade of Homes. The
developer used state funds from HFDC for construction financing and FHA insured loans
and Hula Mae for permanent financing. The developer completed this project from site
control to home occupancy in 27 months. Engineering, architecture, sales, construction
financing, zoning and subdivision approval was completed in five and one-half months
utilizing the Housing Finance and Development Corporation's statutory powers to
expedite housing projects. Construction started immediately thereafter.
of two, three and four bedroom units in Kaneohe, Oahu. This development was the
recipient of the Governor's Affordable Housing Award in the 1987 Parade of Homes. The
developer used state funds from HFDC for construction financing and FHA insured loans
and Hula Mae for permanent financing. The developer completed this project from site
control to home occupancy in 27 months. Engineering, architecture, sales, construction
financing, zoning and subdivision approval was completed in five and one-half months
utilizing the Housing Finance and Development Corporation's statutory powers to
expedite housing projects. Construction started immediately thereafter.
Department of Hawaiian Home Lands, this subdivision
consist of 47 single family homes. This development is
the first of the 16,000 acres being turned over to the
Hawaiian people from the For the 6. Hanapepe
Residential Housing, Unit land transfer settlement
by Governor Waihee’s Administration. Mark
Development developed twenty-seven (27) homes
(through its affiliate Hanapepe Development, Inc.) along
with 20 lots that were turned over to Kauai Habitat for
Humanity for Self-help housing. This project was
completed in 2000. Mark Development utilized DHHL
Trust Funds for infrastructure cost and house
construction was privately financed through Central
Pacific Bank. This project was the first to use Hula Mae
permanent loans on Hawaiian Home Lands.
consist of 47 single family homes. This development is
the first of the 16,000 acres being turned over to the
Hawaiian people from the For the 6. Hanapepe
Residential Housing, Unit land transfer settlement
by Governor Waihee’s Administration. Mark
Development developed twenty-seven (27) homes
(through its affiliate Hanapepe Development, Inc.) along
with 20 lots that were turned over to Kauai Habitat for
Humanity for Self-help housing. This project was
completed in 2000. Mark Development utilized DHHL
Trust Funds for infrastructure cost and house
construction was privately financed through Central
Pacific Bank. This project was the first to use Hula Mae
permanent loans on Hawaiian Home Lands.
7. Beretania North: A 721 unit low and moderate
income rental project consisting of one and two bedroom
units in two 32 story high-rise towers and a seven story
parking structure in Downtown Honolulu, Oahu. These two
high-rises were the first two high-rises on Block “F” of the
Honolulu Redevelopment Agency. The developer used State
funds from the State Hawaii Housing Authority for
construction and FHA insured FNMA mortgage with HUD
Section 8 and Section 236 Rental Assistance Programs. This
project was developed with The Hawaii Corporation and
completed in 1976.
income rental project consisting of one and two bedroom
units in two 32 story high-rise towers and a seven story
parking structure in Downtown Honolulu, Oahu. These two
high-rises were the first two high-rises on Block “F” of the
Honolulu Redevelopment Agency. The developer used State
funds from the State Hawaii Housing Authority for
construction and FHA insured FNMA mortgage with HUD
Section 8 and Section 236 Rental Assistance Programs. This
project was developed with The Hawaii Corporation and
completed in 1976.
8. Apopo Hale: A 26 unit single-family rental project consisting
of three and four bedroom units in Kapaa, Kauai. This was the
developer’s first affordable rental that the developer owned,
developed, financed, constructed, and managed. The developer
owned the site and used the Hawaii Housing Authority for construction
and FHA insured GNMA mortgage for permanent financing with HUD
Section 8 Rental Assistance. This project was completed in 1979.
of three and four bedroom units in Kapaa, Kauai. This was the
developer’s first affordable rental that the developer owned,
developed, financed, constructed, and managed. The developer
owned the site and used the Hawaii Housing Authority for construction
and FHA insured GNMA mortgage for permanent financing with HUD
Section 8 Rental Assistance. This project was completed in 1979.
9. Kekaha Plantation Elderly Housing: A 36 unit elderly housing
project consisting of one bedroom units in nine four-plex structures in
Kekaha, Kauai. AMFAC offered to the developer and the developer
purchased AMFAC land to develop State Dwelling Unit Revolving Funds
(DURF) from the Hawaii Housing Authority for construction and
permanent financing. The project currently receives HUD Section 8
Rental Assistance. This project was completed in 1981.
project consisting of one bedroom units in nine four-plex structures in
Kekaha, Kauai. AMFAC offered to the developer and the developer
purchased AMFAC land to develop State Dwelling Unit Revolving Funds
(DURF) from the Hawaii Housing Authority for construction and
permanent financing. The project currently receives HUD Section 8
Rental Assistance. This project was completed in 1981.
| 3165 Waialae Ave. #200 Honolulu, HI 96816 |
Mark Construction contracted work
from a wide range of employers
including the Counties of Kauai,
Honolulu, Maui (islands of Maui and
Lanai), various Departments of the
State of Hawaii, Corps of Engineers,
the United States Army, Navy and Air
Force.
from a wide range of employers
including the Counties of Kauai,
Honolulu, Maui (islands of Maui and
Lanai), various Departments of the
State of Hawaii, Corps of Engineers,
the United States Army, Navy and Air
Force.
The study proposed that Mark Development, Inc. in
collaboration with Hawaii Assisted Housing, Inc. compete for
State and Federal low income housing tax credits, which if
awarded would allow for affordable rents. While the low
income housing tax credit program mandates a minimum 15
year rental period and favors long term rental units, Mark
Development proposed that each home be sold in affordability
to existing tenants at the end of the rental period.
Homeownership and financial counseling components were also
proposed, to assist tenants in preparing for mortgage
financing. The million in low income housing tax credits.million
in low income housing tax credits.
collaboration with Hawaii Assisted Housing, Inc. compete for
State and Federal low income housing tax credits, which if
awarded would allow for affordable rents. While the low
income housing tax credit program mandates a minimum 15
year rental period and favors long term rental units, Mark
Development proposed that each home be sold in affordability
to existing tenants at the end of the rental period.
Homeownership and financial counseling components were also
proposed, to assist tenants in preparing for mortgage
financing. The million in low income housing tax credits.million
in low income housing tax credits.
The National Association of Home
Builders Marketing Council named
Princess Kahanu Estates a National
finalist for the “Affordable
Community of the Year”. Five
models were priced between
$78,800 and $146,900 - affordable
to those making between 45% to
90% of the median income of Oahu.
Builders Marketing Council named
Princess Kahanu Estates a National
finalist for the “Affordable
Community of the Year”. Five
models were priced between
$78,800 and $146,900 - affordable
to those making between 45% to
90% of the median income of Oahu.
The project was developed by Ewa Expandable Housing
Corporation in which the applicant owned 80% of the corporation.
Corporation in which the applicant owned 80% of the corporation.
5. Ho`akea Subdivision: This below
market,156 unit single-family, detached
subdivision was a City & County of Honolulu
financed housing project using Community
Development Block Grant funds.
market,156 unit single-family, detached
subdivision was a City & County of Honolulu
financed housing project using Community
Development Block Grant funds.
Permanent financing was made through FmHA 502
subsidized mortgage and FHA insured loans.
Designed and constructed to be expandable as family
needs required, Ho`akea was completed in 1986.
subsidized mortgage and FHA insured loans.
Designed and constructed to be expandable as family
needs required, Ho`akea was completed in 1986.
Developed Projects:
1. Kapolei Ho’olimalima: A project on Hawaiian Home Lands was commissioned to Mark
Development, Inc. upon which it was assigned to Hawaii Assisted Housing Inc. (a Hawaii
non-profit). Village 6 RTO, LP was formed and Mark Development, Inc. was contracted to
provide Development Services and Housing Management Services. 70 single-family three
and four bedroom homes for families earning 50% to 60% or less of the median income were
constructed in 2001 and immediately occupied. Homes are slab on grade with structural steel
framing and wood roof trusses. Vinyl siding is utilized to minimize maintenance costs. Barrier
Panel (OSB with radiant barrier), ridge vents and solar water heating is utilized to minimize
heating and cooling utility costs.
1. Kapolei Ho’olimalima: A project on Hawaiian Home Lands was commissioned to Mark
Development, Inc. upon which it was assigned to Hawaii Assisted Housing Inc. (a Hawaii
non-profit). Village 6 RTO, LP was formed and Mark Development, Inc. was contracted to
provide Development Services and Housing Management Services. 70 single-family three
and four bedroom homes for families earning 50% to 60% or less of the median income were
constructed in 2001 and immediately occupied. Homes are slab on grade with structural steel
framing and wood roof trusses. Vinyl siding is utilized to minimize maintenance costs. Barrier
Panel (OSB with radiant barrier), ridge vents and solar water heating is utilized to minimize
heating and cooling utility costs.
Kapolei Ho’olimalima won 4 awards at the 2001 Building Industry
Association Parade of Homes: the Governor's Affordable Housing
Award and HUD's Award for Excellence in Expanding
Homeownership and Affordable Housing Opportunities, the Energy
Value Housing Award 2001 and the Single Family Division I Winner.
Association Parade of Homes: the Governor's Affordable Housing
Award and HUD's Award for Excellence in Expanding
Homeownership and Affordable Housing Opportunities, the Energy
Value Housing Award 2001 and the Single Family Division I Winner.