The owner of the former Gold Bond Building in Kakaako said Tuesday the company will spend $14 million to renovate the 12-story building on Ala Moana Boulevard, including adding a new facade.
Redico, a Southfield, Mich., real estate development and investment company, said it has recapitalized the property with new equity partners and secured a long-term extension of the building’s ground lease with Kamehameha Schools.
Redico said it plans to "assimilate the aesthetics of the high-profile building with Kamehameha Schools’ master-planned redevelopment of the Kakaako neighborhood."
The renovation is scheduled to begin by year’s end with completion scheduled for late 2014. The architect is MGA Architecture, and the general contractor is Swinerton Builders.
"They have a great new design and redevelopment plan," said Paul Quintiliani, director of the commercial real estate division at Kamehameha Schools, in a news release. "We are happy to extend a ground lease with a building owner willing to invest money to improve this community asset."
The office complex was a long-time home of a gift redemption center operated by the Gold Bond Stamp Co., but in recent years was renamed 677 Ala Moana.