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Dispute over Aloha Tower Marketplace is resolved

By Andrew Gomes

POSTED:
LAST UPDATED: 12:28 p.m. HST, Apr 01, 2013


Hawaii Pacific University has resolved a dispute over the ownership of Aloha Tower Marketplace with a development partner in a move that will allow a planned $32 million makeover of the retail complex to proceed.

The university announced the resolution today, and said the redevelopment effort financed by special purpose revenue bonds will proceed in the spring.

HPU plans to add student housing and other university amenities along with new retailers and restaurants at the 165,000-square-foot open-air retail center that has struggled with low tenant occupancy since it opened in 1994.

Real estate developer Ed Bushor of Hawaii Lifestyle Retail Properties LLC initiated the redevelopment plan and bought the marketplace with HPU as a partner and financial backer.

But in October, HPU executed a contract provision to buy Bushor's interest in the marketplace for $5 million, and removed Bushor as project manager in November.

Bushor objected to the move, and in January his attorney Michael Green alleged that Hawaii's largest private university fraudulently seized control of the retail center.

Under the resolution, Bushor and HPU agreed to proceed with the buyout. Terms were not disclosed.

Bushor said in a written statement that he is honored to assist with the effort that will expand the university. "I believe this will further HPU's ambitious program of development and place it on the map worldwide," he said. "This is a win-win for all —­ HPU, its students, Bushor and Hawaii."

HPU President Geoffrey Bannister expressed optimism for the marketplace's future. "This project holds great potential, not only for Hawaii Pacific University, but also for downtown Honolulu and for everyone who believes that Aloha Tower Marketplace can be the downtown jewel that so many have hoped it would become," he said in the written statement.







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allie wrote:
Good, they paid the dude off as he had hoped in the beginning.
on April 1,2013 | 01:19PM
iwanaknow wrote:
At double what he really wanted?
on April 1,2013 | 03:48PM
Sunny wrote:
HPU must be making lot's of money off their students tuition, I hope they are not also receiving government subsidies or exemptions from paying taxes.
on April 1,2013 | 02:02PM
allie wrote:
they are subsidized by government loans for student tuition and are tax exempt from income taxes and property taxes. It is a quasi for-profit but what non profit status.
on April 1,2013 | 03:45PM
onlyaloha wrote:
That place needs closer parking and a true anchor tenant. Don't see it changing much. You have to invest more than 30 million.
on April 1,2013 | 05:14PM
Maneki_Neko wrote:
What a huge waste of priceless waterfront property. This is exactly why the PLDC and its ugly stepchild need to be repealed. Anywhere else in the world this would be the jewel of an imaginative and exciting urban development plan. Here we turn over our treasure for dorm rooms for a third tier college.
on April 1,2013 | 05:36PM
Mythman wrote:
Tax credits are a common strategy for redevelopment of urban cores these days and HPU is doing an exemplary job and are to be commended. U of H could learn a few things when it comes to earning revenue from HPU.....
on April 1,2013 | 05:44PM
st1d wrote:
i would not be able to completely focus on studies if i dormed there. wow.
on April 1,2013 | 09:47PM
poidragon wrote:
Until they fix the major problems with the Aloha tower marketplace it won't matte what you do with the place or how you renovate it! It's gonna continue to be a financial sinkhole..................
on April 2,2013 | 12:44AM
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