The State of Hawaii currently owns the Kewalo Basin boat harbor on the island of Oahu. The Hawaii Community Development Authority, the government agency who currently manages the harbor, has submitted a proposal to lease the harbor for 50 years to Almar Management Inc. a marina operator out of California. In exchange, Almar will spend a total of $18 million to replace all of the piers and docks as well as expand the facilities. Executive Director for the HCDA, Anthony Ching, stated, “This brings certainty and efficiency to develop the project, and we don’t lose (ownership of) the asset. We would become partners.”
Current harbor tenants have expressed concern about turning the redevelopment and lease of the harbor to a private company. The Hawaii Community Development Authority stated that they would still control rental rates and harbor rules even after an agreement with Almar was reached. Ching added, “I think it’s a good thing. The authority doesn’t have $18 million to devote to this project.” The plan will be voted on Wednesday, and construction could begin by the end of 2012.
Source: Honolulu Star Advertiser, 4-1-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor
Global Executive Realty, LLC
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