The State of Hawaii had attempted to sell the Kama’aina Hale on the Big Island of Hawaii to a private developer. The Kama’aina Hale is in need of major repairs and over half of the 128 affordable housing units are vacant. In a recent development, the University of the Nations, a missionary training schools affiliated with Youth with a Mission, has been given tentative approval to take over the affordable housing complex. In return for the transfer for title, the University of the Nations must be committed to continue renting to the existing tenants. The non-profit plans to renovate the vacant units and turn them into campus housing for its faculty.
According to state officials, the Kama’aina Hale was costing the state a significant amount of money each year in maintenance and upkeep. Officials have been trying hard to sell the Kama’aina Hale and two other projects on the Big Island of Hawaii, but to no avail. Seven groups did visit the property to inspect it, but not a single one had submitted an offer. It is estimated that the cost to renovate the 68 empty units would be between $4 million to $7 million.
Source: Honolulu Star Advertiser, 5-13-2013, 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
