Ocean Investments LLC is completely rebuilding the Kakaako waterfront site once occupied by the John Dominis restaurant. Located at 53 Auahi Street, the new property has been renamed Terrace by the Sea and will be approximately 18,825 sq ft in size. Plans indicated that it will be a two-story building and will include an Italian restaurant, a bar, two wedding chapels and six banquet rooms. The $16 million building is scheduled to open on September 1, 2012.
According to tax records, D.G. Anderson, the owner of the John Dominis restaurant, sold its lease on the state land in 2007 to Ocean Investments. There are approximately 30 years remaining on the lease. After that period, the land will revert to the Office of Hawaiian Affairs. Ocean Investments currently pays OHA $300,000 per year in lease rent. Spokeswoman for Ocean Investments Jeanne Murata stated, “Ocean Investments is looking forward to bringing this beautiful new restaurant with outstanding views and great food to the local community in the fall.”
Source: Honolulu Star Advertiser, 7-5-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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www.myhawaiicondo.com
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