Kamehameha Schools said Tuesday it intends to offer for sale the buildings and other improvements at Hawaii Kai Towne Center and Windward Mall in Kaneohe while retaining ownership of the underlying land.
This is the second such announcement from Kamehameha Schools in the last two months.
In October Kamehameha Schools said it plans to sell the Royal Hawaiian Shopping Center but keep the land under it.
Selling the buildings and keeping the land, "greatly strengthens our perpetual endowment," said KS Vice President for Endowment Elizabeth Hokada in a statement. "As with our Royal Hawaiian Center offering, this action is aligned with our 2000-2015 Strategic Plan, which calls for active stewardship of our lands – whether for commercial, agricultural or conservation purposes – while prudently optimizing the value and use of Kamehameha’s financial and nonfinancial resources in support of our educational mission."