The Hawaii Community Development Authority has announced that the Kewalo Basin, located on the island of Oahu in Kakaako, may be run by a private developer for the next 50 years. According to the HCDA, the 143-slip harbor would sign a 50 year lease to Almar Management Inc. and in return receive a $22 million renovation and expansion of Kewalo Basin. Furthermore, Almar Management Inc. would pay the Hawaii Community Development an estimated $45 million in rent over the 50 year period. It is not clear yet if and when a final agreement will be made between the two parties.
Source: Honolulu Star Advertiser, 6-7-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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