In December 2011, real estate developer Ed Bushor purchased the Aloha Tower marketplace for approximately $14 million. Bushor’s financial partner was Hawaii Pacific University who came up with the money for the actual purchase. Bushor’s idea was to renovate the Aloha Tower Marketplace and convert the currently vacant shops into student dormitories and other amenities for Hawaii Pacific University. However, in a recent turn of events, HPU has used a provision within the contract to forcefully buy out Buchor’s 20 percent interest for $5 million and has removed Bushor as the project manager.
Hawaii Pacific University has decided to proceed with the redevelopment that Bushor had come up with, but is still waiting from the state’s permission to assume complete management and ownership of Aloha Tower Marketplace. HPU plans to spend an additional $32 million and would add new retailers, restaurants, a dorm for 320 students, additional parking and office spaces, and a sports and entertainment complex. The complex would be renamed the Tower District.
Developer Ed Bushor has hired attorney Michael Green, who has filed litigation against HPU for fraud. This could significantly slow Hawaii Pacific University’s redevelopment plans, as it is likely that the state would wait to give approval until the litigation issue has been resolved.
Source: Honolulu Star Advertiser, 1-4-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
