HPU Receives $1 Million Rent Relief for Aloha Tower Marketplace

The Aloha Tower Development Corp, a state agency, has announced that they will be giving Hawaii Pacific University $1 million in rent relief for this fiscal year while the school works to renovate the Aloha Tower Marketplace at Honolulu Harbor.  The school purchased a lease from the state in 2012 and plans to spend a total of $40 million on this renovation. The plan is to be completed by June 2015, and after that, Hawaii Pacific will pay the state at least $1 million a year until 2058.

Source: Honolulu Star Advertiser, 11-22-2014, www.staradvertiser.com
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Aloha Tower Marketplace Has Ceremonial Groundbreaking Ceremony

A ceremonial groundbreaking ceremony was held at the Aloha Tower Market Place, signifying the start of Hawaii Pacific University's $40 million renovation plan for the struggling retail complex at Honolulu Harbor.  HPU plans to build a dormitory facility for 300 students, additional classrooms, a college bookstore, as well as additional restaurants and retailers.  The school anticipates that all of the construction work will be completed in 2015 to coincide with the university's 50th anniversary.  Geoffrey Bannister, HPU President, stated, "We are really on the way to revitalizing this area. Hawai'i Pacific University is invested in strengthening the Hawaii community, providing an exceptional educational experience for our students, and bringing new life and vitality to this much-beloved landmark."

It is projected that this renovation project will create 200 construction jobs and between 200 and 250 permanent jobs once completed.  Governor Neil Abercrombie stated, "I know this is the beginning of a spectacular rise not only in the educational offerings but in the revitalization of the entire urban core of Honolulu."  Honolulu Mayor Kirk Caldwell added, "Shortly there's going to be new life here. I see nothing but good in all of this."

Source: Honolulu Star Advertiser, 6-19-2014, www.staradvertiser.com
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Aloha Tower Market Place Update

Hawaii Pacific University, the new owner of the Aloha Tower Marketplace, has given notice to the majority of their tenants that they need to move out by March 17, 2014 so that way the school can begin renovations to convert the center into university facilities.  The plan would be to completely overhaul the 165,000 sq ft center and add classrooms, a library, offices and eventually new restaurants and retail space.  The second floor would become a dormitory for approximately 300 Hawaii Pacific University students.  The only four tenants not to be evicted due to on going long-term contracts were Gordon Biersch Brewery Restaurant, Hooters, the Star of Hono­lulu tour boat and TheCAB.

Source: Honolulu Star Advertiser, 2-8-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Aloha Tower Marketplace and Hawaii Pacific University Update

Last year, Hawaii Pacific University took control of the Aloha Tower Marketplace shopping center and stated at that time that they would be working to improve the first-floor retail component of the property and add student housing on the second floor.  However, under a modified proposal, it now appears that HPU will be taking over a significant part of the first floor space for their own facilities and offices.  This would include adding a library, a computer lab, housing office, fitness center, pool hall, graduate center, classrooms and an admissions and welcoming center to the first floor.

One item that was previously proposed, but is no longer being considered, was the building of an indoor sports and entertainment complex at Pier 10.  The plan was to build a facility that would seat between 1,000 and 2,000 fans, and be the home court for the school's basketball and volleyball programs, as well as concerts, performances and other community events.  However, the University has decided that the site would be too small for such an undertaking and could not be expanded further.

There is some concern from the public that the school has significantly changed their proposal and would not be able to provide much revenue to the state, who owns the land under the marketplace.  The Aloha Tower Development Corp, the state agency that manages the state-owned land under the marketplace, would have to approve any proposed changes by Hawaii Pacific University.

Source: Honolulu Star Advertiser, 10-9-2013, www.staradvertiser.com
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Hawaii Pacific University Sells $42 Million Worth of Special-Purpose Bonds

Hawaii Pacific University will sell a total of $42 million worth of special purpose revenue bonds to help finance the redevelopment of the Aloha Tower Marketplace.  HPU plans to add student housing, new retailers and restaurants, and some other university facilities including an event center, more administrative and classroom space, and additional parking.  The renovations are scheduled to begin sometime during the 2013-2014 school year and the university hopes to have the student housing finished prior to the fall of the 2014 school year.

HPU plans to have a second bond issue sometime next year to raise an additional $38 million. That money would be used to improve their Kaneohe campus and their Oceanic Institute at Makapuu.

Source: Honolulu Star Advertiser, 7-27-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
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Hawaii Real Estate – Hawaii Pacific University to Proceed with Aloha Tower Makeover

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®
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Aloha Tower Market Place Redevelopment Approved

After meeting with Hawaii Pacific University officials, the Aloha Tower Development Corporation has given their consent for the university to do a $32 million redevelopment of the complex. HPU plans to build loft-style dormitories on the second floor of the complex which would accommodation approximately 320 students. While the complex will still have retail shops and restaurants, the University plans to use some of the empty space for offices and classrooms, as well as build a sports/entertainment complex and an additional parking structure. Aloha Tower Market Place will be renamed as either the Tower District or Honolulu Live.

However, the project is still facing some legal challenges. Developer Ed Bushor, who originally partnered with Hawaii Pacific University and negotiated the purchase of Aloha Tower Market Place in December 2011, is now suing the university for fraud. HPU decided to execute a contract provision to buy out Bushor’s interest for $5 million in October 2012 and removed Bushor as its project manager in November 2012. Bushor’s attorneys dispute the provisions under the contract and believe that HPU acted in a fraudulent manner.

Source: Honolulu Star Advertiser, 1-15-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Aloha Tower Marketplace Dispute Update

In December 2011, real estate developer Ed Bushor purchased the Aloha Tower marketplace for approximately $14 million. Bushor’s financial partner was Hawaii Pacific University who came up with the money for the actual purchase. Bushor’s idea was to renovate the Aloha Tower Marketplace and convert the currently vacant shops into student dormitories and other amenities for Hawaii Pacific University. However, in a recent turn of events, HPU has used a provision within the contract to forcefully buy out Buchor’s 20 percent interest for $5 million and has removed Bushor as the project manager.

Hawaii Pacific University has decided to proceed with the redevelopment that Bushor had come up with, but is still waiting from the state’s permission to assume complete management and ownership of Aloha Tower Marketplace. HPU plans to spend an additional $32 million and would add new retailers, restaurants, a dorm for 320 students, additional parking and office spaces, and a sports and entertainment complex. The complex would be renamed the Tower District.

Developer Ed Bushor has hired attorney Michael Green, who has filed litigation against HPU for fraud. This could significantly slow Hawaii Pacific University’s redevelopment plans, as it is likely that the state would wait to give approval until the litigation issue has been resolved.

Source: Honolulu Star Advertiser, 1-4-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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HPU Hopes to Manage and Redevelop Aloha Tower Marketplace

Hawaii Pacific University has prepared a proposal to the Aloha Tower Development Corp. to manage and redevelop the Aloha Tower Marketplace.  Under their plan, the university would spend approximately $32 million to completely overhaul the waterfront marketplace.  A dormitory for 320 students would be built on site, as well as a new sports and entertainment complex.  New retailers and restaurants would also be added under HPU’s management as well as additional parking stalls.

Source: Honolulu Star Advertiser, 11-22-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Hawaii Pacific University May House Students at Aloha Tower Marketplace

Hawaii Pacific University has announced that they are currently in negotiations with Hawaii Lifestyle Retail Properties, LLC who owns the Aloha Tower Marketplace and may one day soon house approximately 250 students in lofts built over the shops and restaurants.  In recent years, the Aloha Tower Marketplace has been struggling financially and has been exploring new opportunities to generate revnue.  Hawaii Pacific University currently has no student housing for its downtown campus.

President of Hawaii Pacific University, Geoffrey Bannister, stated, “Hawaii Pacific University is extremely interested in the proposed redevelopment of the Aloha Tower Marketplace.  It would be an ideal opportunity to strengthen our downtown presence, provide students with an optimal living-learning environment, and create the kind of urban campus experience that will be essential to the university’s future.”

Source: Honolulu Star Advertiser, 2-22-2012, www.staradvertiser.com

Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor

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Humpback Whales Swim Around Honolulu Harbor

Two humpback whales have decided to swim into Honolulu Harbor, much to the delight of tourists around Aloha Tower who are taking advantage of the photo opportunity.  State officials say that the whales are not in any danger and hope that the whales will leave when they get hungry.  However, the state Department of Land and Natural Resources has sent out a patrol boat to make sure that other boats are at least 100 yards away from the whales and not disturbing them.  Under the Endangered Species Act, vessels are required to stay at least 100 yards away from them at all times.

At one point the two whales came within 10 to 15 feet from the Aloha Tower and swam around various cruise ships.  The whales are approximately 30 feet in length, and are believed to be a mother and a yearling.  The depths of Honolulu Harbor are between 45 to 50 feet, so marine experts believe that the whales should have no difficulty swimming around.  The last time whales swam into Honolulu Harbor was approximately 15 years ago.

Source: Honolulu Star Advertiser, 1-5-2012, www.staradvertiser.com

Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor

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