Hawaii Pacific University has announced that they have resolved their dispute with real estate developer Ed Bushor and will now be able to proceed with their plan to spend $34 million to completely makeover the Aloha Tower Marketplace. Bushor had previously filed suit against HPU and stated that the university had fraudulently seized control of the retail center. The exact terms of the settlement between HPU and Bushor have not been released, but both sides agreed to moving on and Hawaii Pacific University now has full ownership rights and management rights.
HPU has announced that they would like to add student housing, classroom space, a sports and entertainment complex, additional parking and new retailers and restaurants to the Aloha Tower Marketplace. The school’s President, Geoffrey Bannister, stated, “This project holds great potential, not only for Hawaii Pacific University, but also for downtown Honolulu and for everyone who believes that Aloha Tower Marketplace can be the downtown jewel that so many have hoped it would become.” Bannister hopes to have the student housing available for occupancy in the fall of 2014.
Source: Honolulu Star Advertiser, 4-2-2013, 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
