According to a press release made by Kamehameha Schools and developer Peter Savio, part of the Pagoda Hotel may be converted into an affordable-housing residential condominium. Kamehameha Schools is planning to build several new condominium towers in Kakaako, and hope that the conversion of the Pagoda hotel would satify the requirements by the state to provide affordable housing. Savio’s plan would be to convert one of the buildings in the Pagoda hotel into a total of 162 fee simple condominium units. The main building, which has 197 rooms, would remain as a hotel. Savio stated that he is not sure if he would renovate the existing 162 units, or if he would simply sell them as is. Prices would be set at a later date.
Source: Honolulu Star Advertiser, 6-4-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
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