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PBS Hawaii closed the sale Friday of its Waikiki property for $3.5 million to locally owned developer MW Group.
The developer plans to build the Plaza @ Waikiki, an assisted-living facility for seniors, on the 28,761-square-foot land parcel at 1812 Kalakaua Ave. The transaction ends an 18-month-long process that involved rezoning and infrastructure credits.
Hawaii’s only public television acquired the property in November 2003 for $2.4 million from the bankruptcy of Indonesian financier Sukamto Sia.
"At one time we thought that we would put our new home on this land," PBS Hawaii Chairman Robbie Alm said. "That turned out not to be possible because of technology issues, and we needed to sell it. We are especially happy that land will now be used to help people live fuller and more satisfying lives as they age."
The Plaza @ Waikiki will be the fifth Plaza Assisted Living community.
It "will provide a much-needed rental option for Honolulu’s kupuna," said Daniel Cody, chief investment officer for MW Group.
The developer plans to start building in April and expects the project to open in late 2015.
With the sale, PBS Hawaii has reached nearly $22 million of a $30 million campaign goal to build the station’s new facility at 315 Sand Island Access Road.
