Live Work Play Aiea Redevelopment Moves Forward

Honolulu Mayor Kirk Caldwell has signed Bill 68 into law, which will pave the way for the proposed Live Work Play Aiea project.  Live Work Play Aiea, which is being developed by Robertson Property Group, hopes to create as many as 1,500 residential units in a five-tower development at the site of the Kamehameha Drive in near Pearlridge Center. The $766 million project will be located next to one of the major hubs of the $5.26 billion Honolulu Rail Project.

Under the agreement with the city, the developer must place a minimum of 30 percent of its residential units in the affordable-housing category.  Furthermore, at least half of the affordable units must be on the project site. The rest can be spread out within a half-mile radius of the Pearlridge station or within and of the other transit hubs planned along the 20-mile route of the Honolulu Rail Project.  Bill 68 allows for three of the five towers to be as tall as 350 feet, 300 feet and 250 feet respectively. The last two towers are restricted to 150 feet.  This is a significant increase from the current zoning which limits the entire area to just 60 feet.

Source: Honolulu Star Advertiser, 5-2-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Alexander & Baldwin Inc Purchase Pearl Highlands Center

Alexander & Baldwin Inc. has announced that they have just completed the purchase of Pearl Highlands Center for $141.5 million.  After purchasing the 415,000 sq ft shopping center, Alexander & Baldwin has become the second-largest retail landlord in the state.  The company's portfolio now has just over 2 million sq ft of retail space.  Earlier this year, Alexander & Baldwin purchased the Waianae Mall in West Oahu (170,000 sq ft) and the Napili Plaza Mall on Maui (46,000 sq ft). Those two purchases were $30 million and $19 million respectively.

Source: Honolulu Star Advertiser, 9-18-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
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Alexander & Baldwin Inc. To Purchase Pearl Highlands Center

Alexander & Baldwin Inc. has announced that they will be buying the Pearl Highlands Center for $141.5 million. The purchase of the retail center would include the assumption of a $59.3 million mortgage and the transaction is expected to close by the end of 2013. The Pearl Highlands Center has approximately 415,000 sq ft of retail space and is anchored by Regal Theaters, Ross Dress for Less, 24 Hour Fitness and Sam’s Club. The company had purchased the Waianae Mall in January 2013 for $30 million and purchase the Napili Plaza on Maui for $19 million in May 2013. Alexander & Baldwin’s president and Chief Operating Officer, Chris Benjamin, stated, “The addition of Pearl Highlands will boost our total Hawaii commercial (real estate) square footage over the 2 million-square-foot mark, a 25 percent increase.”

Source: Honolulu Star Advertiser, 5-31-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Pearl City Real Estate – The Plaza at Pearl City, Assisted Living Rental Complex

MW Group Ltd, a local development firm, held a ground breaking ceremony for The Plaza at Pearl City, an assisted living rental apartment complex.  The five-story complex is located at 1048 Kuala St and will house 159 residents.  The project is expected to cost $46 million to build and will be completed by the fall of 2014.  Eventually, the developer hopes to add a second phase to The Plaza, which would allow for the care of 60 additional residents who suffer from memory disorders like dementia.  MW Group has developed similar projects in Makiki, Mililani and Moanalua.

Approximately 400 construction jobs will be generated through this project.  Once the center is completed, about 100 long term jobs would be created.

Source: Honolulu Star Advertiser, 4-16-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Sewer Line Repairs Will Force Central Oahu Projects To Be Placed on Hold

The City and County of Honolulu has budgeted $60 million to improve the sewer lines at two Central Oahu sites.  However, until the sewer lines can be repaired or replaced, new residential and commercial real estate projects from between Halawa and the Pearl City area will be forced to put on hold, since no new sewer connections will be allowed.  The repair project is expected to take at least four years to complete.

According to the city’s Department of Environmental Services, the Pearl City pump station has reached its limit of 28.4 million gallons of wastewater per day.  If any additional flow were to be added, it would place the pump station over capacity, creating a high risk of sewage spillage.  Director of Environmental Services, Tim Steinberger, stated, “Our whole focus is responsible management of the system.”  Steinberger did note that applications for sewer permits will be reviewed on a case-by-case basis, and may be approved if a sewer connection already exists. Home additions may be allowed as well, but no new residential units or homes will be allowed.

Among the projects that will be severely impacted by this decision include the five residential towers that Robertson Properties Group were hoping to build on the site of the former Kam Drive-In theater as well as MW Group’s plan to build another senior living center on a vacant lot in Pearl Highlands.  The developers are working with the city to see if a creative solution would still allow them to build their projects.  Steinberger added, “They’re coming in with a plan, and they said that they believe they have a workable plan, so that’s what we want to see.  When you leave it up to the engineers to come up with something, usually they’re pretty good about coming up with something.”

Source: Honolulu Star Advertiser, 5-14-2012, www.staradvertiser.com

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

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T.J. Maxx Returns to Hawaii With 3 Stores

T.J. Maxx has announced that they will be opening three stores in the month of may and will be hiring a total of 325 employees for those stores.  The first grand opening will be held on May 3, 2012 at their new Ward Village Shops location on Auahi Street,  this site will be their largest store with 35,000 sq ft of size and 125 employees.  On May 10, 2012, their new 25,000 sq ft store in Pearl City will open and on May 7, 2012 their final 24,850 sq ft store in Pearlridge Center Uptown will hold it’s grand openin

President of the Retail Merchants of Hawaii. Carol Pregill, commented, ”The expansion of the value retailers is really what’s pushing retail in the state right now.  It’s  indicative of the economy. We’ve seen a very difficult economy for the past number of years. The economy over the past few years has really changed mind-sets. Before we used to buy; now we do more shopping.”

Source: Honolulu Star Advertiser, 4-18-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Pearlridge Center Has Remaining Interest Purchased

Glimcher Realty Trust, who currently owns 20 percent of Pearlridge Shopping Center on Oahu, has announced that they will be buying the remaining 80 percent from Blackstone Group LP.  The remaining 80 percent will be sold to Glimcher Realty Trust for $289.4 million.  Board chairman and CEO for Glimcher, Michael Glimcher, stated, “We are excited to increase our ownership in Pearlridge Center, a high quality mall that we already know well and currently manage.  With sales of nearly $500 per square foot and a dynamic growth profile, this strategic investment is consistent with our goal of enhancing the quality of our real estate portfolio.”

Colliers International’s director of consulting and research, Mike Hamasu, commented, “There are factors that contribute to why Glimcher might want to acquire it at that price. They might view that there are opportunities for redevelopment. Maybe they feel that the economy’s improving and ultimately the market dynamics for the mall will appreciate or they may have tenants that are interested in paying higher rents if they decide to re-tenant.”

Source: Honolulu Star Advertiser, 3-22-2012, www.staradvertiser.com

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

Global Executive Realty, LLC

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