After meeting with Hawaii Pacific University officials, the Aloha Tower Development Corporation has given their consent for the university to do a $32 million redevelopment of the complex. HPU plans to build loft-style dormitories on the second floor of the complex which would accommodation approximately 320 students. While the complex will still have retail shops and restaurants, the University plans to use some of the empty space for offices and classrooms, as well as build a sports/entertainment complex and an additional parking structure. Aloha Tower Market Place will be renamed as either the Tower District or Honolulu Live.
However, the project is still facing some legal challenges. Developer Ed Bushor, who originally partnered with Hawaii Pacific University and negotiated the purchase of Aloha Tower Market Place in December 2011, is now suing the university for fraud. HPU decided to execute a contract provision to buy out Bushor’s interest for $5 million in October 2012 and removed Bushor as its project manager in November 2012. Bushor’s attorneys dispute the provisions under the contract and believe that HPU acted in a fraudulent manner.
Source: Honolulu Star Advertiser, 1-15-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
