First Hawaiian Bank has joined furniture retailer C.S. Wo & Sons buying land within a 40-acre site in Kapolei once envisioned to become a retirement community.
The bank bought one acre of land from an affiliate of Kisco Senior Living, a senior-housing developer expected to soon begin construction on 84 rental apartments for seniors called ‘Ilima at Leihano on a 7-acre piece of the site.
The sale was announced Tuesday by commercial real estate broker Colliers International. A purchase price was not disclosed.
Kisco once envisioned a retirement community called Leihano at Kapolei with close to 800 homes for people age 55 and older on the 40 acres close to Kapolei’s commercial core.
The developer, however, scaled back its residential plan and has offered parts of the block for commercial development including a hotel, retail, restaurants and medical services. More housing, including additional senior rentals and homes for residents without age restrictions, are also part of the revised plan.
C.S. Wo bought a 2-acre parcel last year and plans to develop a 55,000-square-foot store expected to open in early 2015.