Illuminate Group Inc. is proposing to lease 9.4 acres of the Kakaako Waterfront Park from the Hawaii Community Development Authority to create a $4 million theme park filled with themed light displays. Illuminate would like a 25-year lease with a 10-year lease extension option. The company would charge somewhere between $6 to $18 per person for admission, and expects to get about 500 people per day or 182,500 people per year. A detailed presentation will be made by Illuminate Group in the near future and the community will be allowed to voice their opinion at two public hearings. It is unclear how much lease rent the HCDA would receive.
Initially, reaction to the proposal has been mixed. Executive Director for the HCDA, Anthony Ching, pointed out that this particular section of the park is not used very much, and creating a light park would improve the area. Ching also noted that revenue generated would help offset the upkeep and operating express for the Kakaako Waterfront Park, which costs the agency over $600,000 per year. However, some opponents of the plan argue that the space was intended for public use and creating a private theme park which changes admissions goes against why the park was placed there in the first place.
Source: Honolulu Star Advertiser, 8-22-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
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