The Honolulu Board of Water Supply is considering the option of moving their downtown headquarters building on South Beretania Street and leasing the land to an interested developer. Under this concept, the BWS would offer a developer a 65 year long lease for their 5.75 acre site and then the developer would then pay the BWS rent annually for the property. In addition, the developer would also have to find the Board of Water Supply a replacement headquarters at no costs. The Board of Water Supply would use the revenue to pay for agency expenses and perhaps reduce customer costs. Duane Miyashiro, the chairman of the BWS stated, “We are evaluating the potential for our Beretania property to generate lease revenue to help pay for the operational and capital improvements needs of the water system. However, any proposed development must prove to be economically beneficial to the BWS and the customers we serve before we pursue it.”
Under current zoning laws, the area allows for medium-density apartment use, with a maximum height limit of 100 ft. However, a developer can request for a zoning change from the state. There is additional concern that the State Historic Preservation Divison may not allow for major changes or the demolition of the building, which is eligible to be placed on the National Register of Historic Places. Finally, it is believed that the site may contain Hawaiian burials and cultural artifacts, so a new developer would have to proceed cautiously in observance will all of the new laws and restrictions.
The Board of Water Supply has stated that they will accept bids from various developers until June 12, 2013. They will then review the bids and make a selection in the beginning of 2014.
Source: Honolulu Star Advertiser, 3-19-2013, 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
