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 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.
Learn more about our history and previous projects below!
Mark Construction Inc.
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. Some of the projects that Mark Construction worked on included:
Airport Center Office
H-1 and H-2
Harbor Channel Dredging
Wilcox Hospital (Kauai)
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.
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.
The project successfully converted 70 families from renters to homeowners and Hawaiian Home Lands lessees, with the last home being sold in January 2018.
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. 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 successful completion and acceptance of this analysis was significant because it was the first time a tax credit project was proposed on Hawaiian Home Lands. Mark Development was retained as the developer and property manager for the project. In 1999, Mark Development and Hawaii Assisted Housing competed for and won $9.1 million in low income housing tax credits.
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.
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.
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 2 ½ years after the development agreement 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.
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.
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. 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. The project was developed by Ewa Expandable Housing Corporation in which the applicant owned 80% of the corporation.
Hanapepe Residential Housing, Unit l: For the 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 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.
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.
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.
Conversion of this 26 unit rental project to CPR was completed and sold in 2006. Located in Kapaa, Kauai, the homes were priced in the mid $300,000.
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 rental housing for their retired employees. The developer used 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.
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.
Lihue Gardens Elderly: This 58 unit project for seniors had project based HUD Section 8 rental subsidy and a USDA loan. The restrictive covenants had expired and in 2005, the Watase family formed a partnership that was awarded $4.3 million in Rental Housing Trust Funds from the State to acquire and preserve this project as affordable housing. Mark Development continues to provide property management services for Lihue Gardens Elderly.
Ke Ola O Pokai Bay: Mark Development was the development manager for this project of 125 single family homes starting in the low $400,000 price in Leeward Oahu. Construction began in 2007. Winner of the HUD Affordable Housing Award for the 2007 Parade of Homes.