For too long, one of Honolulu’s busiest intersections at the corner of Atkinson Drive and Kapiolani Boulevard has been an eyesore and source of blight to the community with seedy massage parlors and strip clubs.

With the convention center across the street, Ala Moana Center around the corner and a planned transit stop nearby, the area has been designated by city officials as a “priority revitalization” site.

In doing so, they developed a vision to transform the neighborhood under its transit-oriented development (TOD) plan with projects that can serve as catalysts to improve, enhance and complement the surroundings.

The proposed Mana- ‘olana Place Hotel and Residences is just the project to realize this vision and invigorate the area. It would include a pedestrian-oriented streetscape and public plaza with shops, restaurants and cafes encouraging connectivity to other area destinations.

Rising above would be a premier hotel and condominium to serve visitors and locals seeking a unique urban experience or convenient lodging when attending events at the convention center.

City staff and its elected officials should be commended for their efforts to attract a project of this caliber. Investors are willing to take the risk to redevelop this corner with a much-needed hotel because of TOD and sound city planning.

This is the first project to apply under the TOD; let’s not discourage future investment in these neighborhoods by making a poor example out of an applicant that has done everything the city has asked of it.

During months of public hearings and neighborhood meetings, response to the project has been overwhelmingly supportive. Area residents and community leaders have long waited for an opportunity to improve this site.

In addition, the developer has committed to providing roughly $7 million in community benefits as part of the proposal.

Concerns have been raised at the last minute, however, that threaten to halt the project.

Housing advocates have suggested that the applicant’s willingness to contribute $2.4 million for affordable housing is inadequate.

They’ve cited the fact that past contributions like this to the city’s affordable housing fund have not resulted in the actual build out of homes and apartment units.

They’ve further suggested that affordable housing units should be built onsite.

These are certainly important issues but these concerns are more appropriately addressed in a broader public policy discussion about how to improve the affordable housing system.

It surely doesn’t make sense to ask these questions at the 11th hour for a popular project that has the potential to revitalize this important link between Waikiki and the Kapiolani corridor.

Getting lost in the debate is the equally important subject of our economy and job creation. After all, without a healthy economy and jobs, many local families won’t even be eligible for affordable housing and worse yet, risk falling into homelessness. According to its economic impact analysis, this project would generate up to $64 million in personal earnings and 900 full-time jobs during construction.

Upon completion, the project would create 620 net new jobs and $28 million annually in personal earnings.

Surely, these economic benefits should be weighed carefully before risking the viability of Mana‘olana Place with further delays or undue burdens from last-minute changes to the recommended affordable- housing requirements.

We shouldn’t hold the project hostage because of policy issues. We should move forward with Mana- ‘olana Place. There’s so much at risk if we fail, not just the opportunity to build a landmark feature at the gateway to Waikiki and finally rejuvenate this community, but also to generate hundreds of jobs and contribute tens of millions of dollars to our economy.

Mike Hogan is chairman of Saint Louis School’s board of trustees and chief marketing officer for Hawaii-Western Management Group, offering investment advisory,employee benefits and financial services to unions and corporations.