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State agency consents to Aloha Tower Marketplace takeover

By Andrew Gomes

LAST UPDATED: 11:59 a.m. HST, Jan 14, 2013

The Aloha Tower Development Corp. gave its consent today recognizing Hawaii Pacific University as the manager of Aloha Tower Marketplace and full owner of the company that plans to redevelop portions of the retail center with university facilities.

The decision by the state agency that owns the land under the marketplace allows HPU to move forward with a planned $32 million makeover of the center fronting Honolulu Harbor.

Under the plan, the marketplace would get a new name, possibly Tower District, as well as new retailers and restaurants. Dorms for 320 students, classroom space, a sports and entertainment complex and other school facilities are also part of the plan.

HPU originally signed on to finance the redevelopment project, but last year acquired full ownership of the marketplace and management control from developer Ed Bushor of Hawaii Lifestyle Retail Properties LLC pursuant to a buyout agreement.

Bushor has objected to the buyout and management takeover, and is pursuing claims in arbitration.

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