YMCA Offers to Sell or Lease Two Residence Halls Next to Manoa Campus
The YMCA of Honolulu has announced that they would like to sell or lease two residence halls that they own on the corner of University Avenue and Metcalf Street next to the University of Hawaii at Manoa. Colliers International, a commercial real estate brokerage firm, will be marketing the property without an asking price, but suggest that a new owner could either renovate the two buildings and keep it as student housing or convert them into either senior housing or condominium units. Colliers issued a statement that read, "The YMCA board determined that continuing to allocate association funding and staffing to maintain and provide upgrades to the Atherton YMCA residence hall services and buildings was not an efficient way of expanding the Y's mission of strengthening community through programs focused on youth development, healthy living and social responsibility." The money from the sale of the property will help the YMCA expand services elsewhere.
The City and County of Honolulu values the property for tax purposes at $10.4 million. Colliers commented that the replacement cost of the two buildings is closer to $13.5 million.
