Rebuild it — and rebuild it soon. If the state doesn’t move quickly to replace an 89-year-old wall that keeps a prime section of Waikiki Beach from being swept away, it could soon fail and lead to the unthinkable: the sand fronting three hotels washing away within months.

That’s the takeaway from a new state report on the status of the wall known as the Royal Hawaiian Groin, which juts out into the ocean fronting the iconic “Pink Palace.” The report’s findings should signal to the state Department of Land and Natural Resources (DLNR) that it simply cannot limp along on this project — the stakes are far too high.

If the concrete wall fails, it’s not just the sand that could disappear. The DLNR report cited a 2008 study that said the potential collapse of the wall puts $2 billion in visitor spending and $150 million in tax revenue at risk — and the state can ill afford to lose valuable tourism revenue.

DLNR is considering six possible ways to fix the wall, and has rightly said it would make a recommendation on a preferred option based on input from Waikiki stakeholders and the general public at planned meetings. All of that would occur before asking the Board of Land and Natural Resources to decide on how to move forward.

DLNR must proceed with a sense of urgency since fixing the wall requires several permits, including one from the U.S. Army Corps of Engineers. The agency projects that it could obtain approvals and start work in early 2017. In this case, setting a tight schedule — and keeping to it — is critical in order to protect Waikiki Beach, which draws millions of tourists each year.

The possible fixes range in cost from $880,000 to $1.7 million, which is not an exorbitant figure given the gravity of the situation.

As added incentive, the board of the Waikiki Beach Special Improvement District Association, made up largely of Waikiki landowners, unanimously agreed to pay for half of the project cost up to $750,000. That buy-in from stakeholders who recognize the project’s need and its urgency should prompt DLNR to accelerate its pace.

Most of the proposals to fix the wall could produce an extra benefit — additional beach area. Further, the designs are not expected to negatively impact surf breaks, currents or water quality, according to the draft environmental assessment produced by DLNR and published Saturday by the state Office of Environmental Quality Control. In addition, work on the replacement wall would produce only short-term disruptions to beach use, and, we hope, minimal impact on tourism.

Most of the groin designs call for a 160- to 280-foot long T- or L-shaped concrete wall armored with boulders sloping down both sides, and the work itself would take 60 to 90 days.

We urge DLNR to carefully consider concerns raised by city lifeguards, who say a wider groin made of boulders would be a potential hazard for tourists who might walk on and jump from the structure or could be washed off the new groin during high surf.

Considering the current state of the wall, time has simply run out for temporary fixes. Much of the groin has been dislodged and 205 feet of the 370-foot wall is submerged. Already in 2012, the erosion of grout between the wall’s blocks that hold back the most sand above the shoreline created sinkholes. DLNR stacked 45 3,000-pound sandbags along the Ewa side of the wall to shore up the groin and help prevent the wall from toppling over, but waves and current forces have already displaced the top row of sandbags.

The Royal Hawaiian Groin, built in 1927, has held together the man-made Waikiki Beach for nearly nine decades. It has done its job well, and the state must now work diligently and swiftly to replace the wall in order to protect two of the state’s most valuable resources — Waikiki Beach and tourism.