The developer of the first new condominium planned for Hilo in about 30 years said he has enough reservations to move ahead with construction, which he anticipates starting in February.

Construction of the Wailuku Village with 105 units spread across seven, three-story buildings and a pool clubhouse will be done in phases.

An initial phase of possibly four buildings and the clubhouse could be finished by the end of next year, said project developer Gil Barden of Pacific Island Investments LLC and California-based Invest West Financial Corp.

There have been 39 reservations for 84 units offered at market prices, which range from $210,000 to $260,000 for one-bedroom units on up to $450,000 for three-bedroom units.

There will be a Dec. 1 lottery to buy 20 percent of the units set aside for sale at county-defined affordable prices.

Just two prospective buyers have submitted lottery applications for the one-bedroom affordable units priced from $203,000 to $208,000, and the deadline to enter is Nov. 17. (Mailed entries must be postmarked by Nov. 14.)

The one-bedroom affordable units, with about 600 square feet excluding lanai, are available to those earning up to 140 percent of the Big Island median income, or $61,940 for a family of two.

If the affordable units don't sell, Barden plans to make the units available to the public at market prices in early January.

Wailuku Village is being developed a half mile outside downtown Hilo on a 4.4-acre site previously planned for a 113-unit retirement condominium with assisted living services by developer Maryl Group in the mid-1990s.

The Maryl project, called Lyman Gardens, had called for one- and two-bedroom condos for sale to seniors at $129,000 to $238,000 plus monthly fees for assisted-living services.

But a deflating real estate market combined with buyer cancellations led Maryl to abandon the project in 1998.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.