Queen Emma Land Co. has selected developer OliverMcMillan to build a 500-unit rental project on Kuhio Avenue in Waikiki, including 100 units that would be set aside as affordable.

The project includes a 450-unit, 260-foot high-rise tower to be built at the site of the recently demolished Makittii Hawaii restaurant on the corner of Kuhio Avenue and Kanekapolei Street. The project also involves renovating 50 units in four existing apartment buildings on the Diamond Head side of Kanekapolei.

The plan calls for 38,000 square feet of retail space on two-levels and “preservation of the large exceptional banyan tree.”

OliverMcMillan hopes to complete the project by the end of 2021.

“The project’s housing program envisions a mix of studio, one-bedroom, two-bedroom and three bedroom units, ranging from approximately 350 to 1,100 square feet of living space,” OliverMcMillan said in a news release. The affordable units would be reserved for those earning up to 80 percent of the area median income.

Queen Emma Land, owner of the property, would give OliverMcMillan a 65-year lease as part of the deal.

Queen Emma Land also owns the land under the recently renovated International Market Place. Queen Emma Land generates income for Queen’s Hospital from land left to the hospital by Queen Emma in 1885.