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.
Mark Development Property Management operations has managed up to nine rental projects on the islands of Oahu, Hawaii, and Kauai. Projects are typically equipped with an on-site resident manager and maintenance crew. Besides regular management duties, Mark Development also plans and implements all capital improvements for its projects. Mark Development’s property management staff has been trained and certified by the National Center for Housing Management (NCHM) and Spectrum, Inc.
MDI is computer automated in tenant and accounting information and is the only affordable housing property manager in Hawaii that is using the advanced BostonPost property management software. MDI is on-line in submitting their HUD 50059, Tenant Certification forms, to the TRACS Central Processing Facility via high speed on line connection. All projects are or were subsidized under various Federal/State programs (FmHA 515, FmHA “Deep Subsidy”, FmHA/Section 8, HUD Section 8, HUD 236 and LIHTC programs). Properties managed by MDI include:
Koa'e Makana: Koa'e Makana is a new development that started construction in 2018 and is financed using Low Income Housing Tax Credits, HUD HOME, HUD National Housing Trust Funds, and Project Based Section 8 Vouchers. Located in Koloa, Kauai, this property consists of 133 one, two, and three bedroom units, making it the largest affordable housing property in Kauai. 33 units will have Project Based Vouchers attached to them. Initial rent-up and income certifications are tentatively expected for February 2019. MDI continues to accept applications for this new development.
Whitmore Circle Apartments: Located in Wahiawa, Oahu, this property consists of four two story buildings built in 1990 with one and two bedroom elderly and handicapped accessible units. All 44 units have FmHA rental assistance available and were originally developed with Low Income Housing Tax Credits. Whitmore Circle has been managed and maintained by MDI since February 1995 and is fully occupied with a waiting list.
Kapolei Ho’olimalima: Mark Development, Inc. is the property manager for the first Low Income Housing Tax Credit affordable rental project on Hawaiian Home Lands. The 70 unit single family home affordable rental project targets native Hawaiian renters making less than 50% and 60% of the Honolulu median income. The project is owned by a limited partnership made up of tax credit investors with Hawaii Assisted Housing, Inc. (a Hawaii non-profit) as the Operating General Partner. Initial rent-up and income certifications started in the Fall of 2001 and full occupancy was achieved shortly thereafter in January 2002. The project was converted to home ownership between mid-2016 and early 2018.
Lihue Gardens Elderly: is a Section 8 elderly project made up of 58 one bedroom units on the island of Kauai. The project has RUPs from USDA as well as a direct first mortgage from the State HHFDC.
Aloun Farm Labor Housing (a/k/a Mahi'ai Hale): is a 4-story walk-up consisting of 12 units, Section 514 off-farm labor housing, subsidized by USDA rent subsidy and located in Wahiawa, Oahu .
Shinagawa Apartments: is a 2-story 8-plex walk-up of 2 and 3 bedroom units in Koloa, Kauai. The property previously held USDA Rental Assistance and USDA mortgage financing. Shinagawa Apartments was converted to non-subsidized housing in October 2019, and property management was turned over to a new management group.
Banyan Street Manor: centrally located in Kalihi, Honolulu, this property consists of 54 1 and 2 bedroom units built in 1972 that received complete rehab in 2011 under the LIHTC program.
Na Lei Hulu Kupuna: Located in Kaka'ako, Oahu, this property consists of 75 studio units for seniors built in 1992 under the LIHTC program and HHFDC Rental Assistance Program. Units were renovated in 2018 and 2019 under the City & County of Honolulu Affordable Housing Fund program. MDI has managed Na Lei Hulu Kupuna since 2012.
Kekuilani Gardens: 55 unit multifamily, 2 story walkup 4-plex in Kapolei,Oahu. Rented under guidance of HHFDC and USDA Rural Development.
Hale Makana o Nanakuli: 48-unit multifamily property in Nanakuli, Oahu. Rented under guidance of USDA, LIHTC HOME, Rental Housing Revolving Fund, and Hula Mae Multi-Family programs.
Kewalo Apartments: 38-unit multifamily property with 2, 3-story buildings in Honolulu. Renovated in 2012 with LIHTC, Rental Housing Revolving Fund, and a HUD financing, MDI has managed this property since 2017.
Halawa View Apartments: 121-unit multifamily high-rise property in Aiea, Oahu. Renovated in 2012 with LIHTC, Rental Housing Revolving Fund, and a HUD financing, MDI has managed this property since 2017.