The YMCA of Honolulu announced plans today to sell most of the land under its Central Y facilities on Atkinson Drive across from Ala Moana Center to a developer who will build a residential condominium on the site and provide cash for the Y to build smaller but new facilities adjacent to the condo.

The nonprofit organization said increasing challenges to maintain or renovate the Central Y, which is 60 years old, led to the deal with San Francisco-based MB Property Acquisitions LLC.

"In the long term, we could no longer support the day-to-day maintenance and overhead costs of the building, and we could not afford to undergo the renovations needed to sustain the facility," Michael Broderick, president and CEO of YMCA of Honolulu, said in a statement. "At the same time, we wanted to remain in Honolulu’s urban core, where the need is great. By raising funds through this land sale, we will be able to build a brand new facility that will better meet the needs of our surrounding community."

Design, permitting and other work is expected to take about 20 months, after which the Y complex will be demolished. New construction is expected to take about 18 months to complete, delivering new facilities by early 2016.

After the Y is closed, members will have access to the Y’s seven other branches on Oahu.

About 20 full-time and 60 part-time employees will be affected by the temporary closure, with some relocating to other Y branches and others receiving financial compensation if eligible.