The Michaels Development Company and the state of Hawaii had previously entered into an agreement where Michaels received long term leases for various public housing projects in return for completely renovating the buildings that were suffering from significant deferred maintenance. Kuhio Park Terrance was one such property, and after a two-year long $135 million renovation, the 555 unit building has been renamed the Towers at Kuhio Park. At a cost of approximately $97,000 per unit, new flooring, windows, doors, appliances, plumbing and electrical features were added. The kitchens were also opened up to the living room, the lanais were enclosed to increase living space and 33 units were reconfigured for handicap accessibility. Common areas were also completely redone, and now include two technology centers, a 4,000 sq ft community hall, a community garden, a fitness room, hospitality suites, an expanded medical center and new, large laundry facilities. Finally, the exterior was also renovated and upgraded, and photovoltaic solar panels and water-conserving plumbing fixtures were added to the building.
Ava Goldman, the president of Michaels Development, stated, "We believe that the renovation of Kuhio Park Towers is a wonderful example of a public agency, like the Hawaii Public Housing (Authority), and a private developer, like Michaels, and a private partner of that developer, the Vitas Group, getting together and saying, ‘How can we improve public housing in this community, and how can we create a community that includes public housing?'" Interstate Realty Management, an affiliate of Michaels Development, will manage the building.
Source: Honolulu Star Advertiser, 6-14-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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