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Sunday, January 15, 2012

Department of Education Official Suggests Condominium Buildings on School Property

In an effort to raise money to help rebuild some of Hawaii's aging schools, the assistant superintendent of the Department of Education's Office of School Facilities and Support Services, Randy Moore, has suggested that the state should allow private developers to build condominiums on school land. Moore used, as an example, Queen Kaahumanu Elementary School which is located on the corner of Beretania and Piikoi streets.  Moore stated that the state could keep the school and a small condominium building completely separate from one another on the property, and use the revenue generated to improve the school as well as other public schools in the area.

While the topic is still in the early stages of discussion, there are many who agree with Moore that this might be a the best way to save Hawaii's public schools.  Alan Oshima, a board member of the Hawaii Institute for Public Affairs, added, "Hawaii has such valuable real estate, especially in the urban core and in some resort areas.  If you start using the land more efficiently, and you find some financing mechanisms that can provide a dedicated source of financing, then you can work on all the schools no matter where they're located because you want that equity. You don't want it all to be in the high-density areas. You want it statewide."

Source: Honolulu Star Advertiser, 1-15-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor
Global Executive Realty, LLC
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