| This story has been corrected. See below. |
Former First Hawaiian Bank CEO Don Horner is dipping his toes into real estate development with plans for a small retail complex on the edge of Waikiki.
Local real estate brokerage firm Sofos Realty Corp. recently began soliciting tenants for a planned single-story building with three retail spaces at the makai corner of Kuhio and Kapahulu avenues across from the Honolulu Zoo parking lot.
A company set up by Horner, Malu Investment I LLC, bought the 12,819-square-foot property in 2012 for $1.75 million, according to property records.
Horner could not be reached for comment Monday.
Steve Sofos of Sofos Realty referred questions to developer Chris Deuchar of Form Partners LLC and U.S. Pacific Development LLC, who was not available for comment Monday.
The Sofos Realty listing, which was published a few weeks ago, seeks three retail tenants in a single-story building designed with about 5,000 square feet of leasable space and 10 parking stalls.
The property has been vacant for more than 20 years. In 1993 Hiroshi Nakade of Kabushiki Kaisha Obon planned a two-story restaurant on the lot after buying the land for $3.2 million but didn’t move forward with construction.
Nakade sold the parcel in 2006 to Tokyo-based ASN Asset Management Ltd. for $4 million, and ASN sold it to Malu Investment in March 2012, according to property records.
Horner retired from First Hawaiian at the end of 2011 after a 33-year career with the bank that included being CEO for seven years and holding senior management positions for about 25 years. He is no longer the bank’s board chairman.
Horner also is chairman of the state Board of Education and a Honolulu Authority for Rapid Transportation board member helping guide the city’s rail project.
When he retired as First Hawaiian CEO, Horner indicated an interest to pursue business investments in areas that included real estate. He said that during his banking career he avoided being a business investor so as not to compete with or have potential conflicts with bank customers.
"So I have an opportunity now to perhaps look at areas of my interest," he said in a Honolulu Star-Advertiser interview before retiring.
CORRECTION
Don Horner retired last month as chairman of First Hawaiian Bank but remained on the company’s board. A previous story Tuesday said he was still chairman.
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