Honolulu Mayor Kirk Caldwell has signed an agreement for a $766 million mixed-use development with five high-rises at the site of the old Kamehameha Drive-In Theater in Aiea.

Robertson Properties Group is spearheading the project known as “Live Work Play Aiea” which will span 14 acres and include offices, shops, restaurants and a market.

Caldwell signed the development agreement Wednesday morning along with City Council members Ikaika Anderson and Breene Harimoto.

Rendering of the planned Live Work Play Aiea development.

Screen shot of LiveWorkPlayAiea.com

The project was hotly debated in the City Council, where many council members approved the project with reservations. Councilman Ron Menor said last month that he’s worried about the project’s ability to deliver on affordable housing. According to a press release from the mayor’s office, 30 percent of the residential units must be sold at more affordable rates.

Controversy also arose over the heights of the new towers. The developer had to apply for a zone change in order to exceed the 65-foot height limit for the area. Caldwell approved the zone change, which changes the height limit to 350 feet, by signing Bill 68 last month.

The project is part of a development boom along the planned Honolulu rail line.