Target to Hire 500 Workers in Hawaii

Target Corp. has announced that they will be hosting two job fairs in December to hire approximately 500 workers for the their two new locations in Kailua, Oahu, and Kahului, Maui.  The Kailua location will be located at 345 Hahani Street and will be approximately 134,000 sq ft in size.  The Kahului store will be about 140,000 sq ft in size and will be located in the Pu'unene Shopping Center.  Both stores will feature a pharmacy and a Starbucks and are expected to open in March 2015. 

Source: Honolulu Star Advertiser, 12-3-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
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Downtown and Chinatown Neighborhoods Hope to Expand Sit-Lie Sidewalk Ban

The Honolulu City Council is scheduled to vote on Bill 62, which would expand the sit-lie sidewalk ban to six areas in downtown and Chinatown. The ban would extend the ordinance to College Walk Mall (along the Ewa side of Nuu­anu Stream between Bere­ta­nia and Kukui streets), the unnamed mall mauka of College Walk (from Kukui Street to Foster Botanical Garden), Sun Yat Sen Mall (parallel to College Walk, Diamond Head side of Nuu­anu Stream), Kekau­like Mall, Fort Street Mall and Union Mall.  Each ban would be effect from 5:00 AM to 7:00 PM daily.  City Councilwoman Carol Fuku­naga, who represents the Chinatown-downtown region, stated that the intent is not to criminalize the homeless, but rather get people "into something better for them, and to help business owners take back control of the areas outside their businesses."

In recent weeks, residents, business owners, and community leaders in the downtown and Chinatown communities have been complaining about a surge of homeless place, who may have been displaced from a recent ordinance preventing them from sitting and lying on sidewalks in Waikiki.  Mayor Kirk Caldwell said that he is inclined to sign Bill 62 provided that city attorneys say it passes constitutional muster.  Caldwell stated, "All of these are tools or measures to try to make a difference in areas that are adversely impacted by people who choose to sit and lie in areas that were designed, like this (Kekau­like) mall, to walk on."

Source: Honolulu Star Advertiser, 12-3-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Update on the Hoopili Development

The Honolulu Planning Commission will be meeting this week to discuss the Hoopili development project that is being proposed by D.R. Horton-Schuler Homes Hawaii.  Under the proposal, as many as 11,750 new homes could be developed in the 1,269 acre area. The developer and their supporters state that the project will help to alleviate Oahu's housing shortage as well as provide construction jobs. However, Hoopili is located on existing agricultural land, and groups opposing the redevelopment argue that the agricultural land is needed.

The state Land Use Commission has already reclassified the lad for urban use in June 2012.  Cameron Nekota, the vice president of Horton, stated that the developer has submitted all of the necessary documents that are required for the project to begin. However, opponents of the project argue that the Honolulu Planning Commission also has to give their approval.

Source: Honolulu Star Advertiser, 11-30-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Foreclosures 9 Percent Lower in September 2014

According to a report issued by the state Judiciary, foreclosures decreased by 9 percent in September 2014 as compared to the same month a year prior.  There were a total of 188 foreclosure lawsuits filed, which was an increase from the 131 that were filed in August and the 160 that were filed in July.

In 2012 there was an amendment to the state foreclosure law that required that attorneys must affirm in writing that they communicated with a representative of the lender pursuing foreclosure, and confirm the accuracy of allegations along with any supporting affidavits and notarizations in the lawsuit. Attorneys also must name lender representatives with whom they communicated and on what date.  This amendment has brought the number of foreclosures down significantly, but experts believe that cases will increase once lenders have adjusted to this requirement.

Source: Honolulu Star Advertiser, 11-29-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Maui Lu Resort in Purchased by Capbridge Pacific LLC

Capbridge Pacific LLC has announced that they have purchased the 28-acre Maui Lu Resort at Kihei.  The exact price and terms for the property have not been disclosed, but it has been reported that it was in the upper-$60 million range.  According to Capbridge, the existing 150 unit property will be redeveloped into a Hilton Grand Vacations times-share with 388-units.  The redevelopment will cost approximately $300 million and should be completed in 2017.

Source: Honolulu Star Advertiser, 11-28-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

Tourism Arrivals Increase by 3 Percent in October 2014

According to a report released by the Hawaii Tourism Authority, visitor arrivals increased by 3 percent in October 2014 to a total of 659,821 people.  Visitor spending also increased by a total of 3.3 percent to $1.1 billion.  However, the average length of stay for visitors decreased slightly.  Ron Williams, the interim CEO of the HTA, stated, "The HTA continues to monitor slight declines in average length of stay and its potential impact on future expenditure growth. As the U.S. dollar continues to strengthen against international currencies, amidst increasing competition from closer and more affordable destinations, we also anticipate changes in the booking pace through the second quarter of 2015." 

Williams added, "During the first 10 months of the year, visitor spending continues to increase for most of our major market areas, which is demonstrative of the continued demand for travel to the Hawaiian Islands. However, we continue to monitor the impact of the weakening yen and recent consumption tax hike in Japan, which has resulted in decreases in expenditures and a shorter length of stay from the region, in comparison to the same period last year.  While we are still on track to surpass last year's record-breaking numbers, the growth trend in visitor expenditures and arrivals over the past two years is at a much slower pace than in previous years."

Source: Honolulu Star Advertiser, 11-27-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com

ValueRock Realty Partners Purchases Hawaii Kai Towne Center

Kamehameha Schools has announced that they have sold the Hawaii Kai Towne Center to ValueRock Realty Partners.  The exact financial terms were not disclosed, but the Hawaii Kai Towne Center is the fourth-largest shopping center on the island and includes two suburban office buildings, a self-storage facility, and a retail shopping and dining center on a 30-acre lot.  L. Jack Wong, the CEO for Kamehameha Schools stated, "The transition of Hawaii Kai Towne Center from a fully owned Kamehameha Schools property to one where KS retains the land but sells its improvements strengthens our perpetual endowment in support of our educational mission."

David Lee, the founder and chairman of ValueRock, added, "Over the years, ValueRock Realty Partners has been engaged in ownership and management of key Hawaii properties, We are pleased to have the opportunity to expand our presence here by adding Hawaii Kai Towne Center, a quality, mixed-use asset, to our portfolio."

Source: Honolulu Star Advertiser, 11-27-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com