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Dec. 26, 2012

Forest City Hawaii to Develop 690 Pohukaina Mixed-Use Project in Honolulu

By Adriana Pop, Associate Editor

Forest City Hawaii has been selected by the Hawaii Community Development Authority (HCDA) to develop the $500 million “690 Pohukaina” mixed-use project in Honolulu’s Kakaako neighborhood.

According to the Pacific Business News, the developer has proposed the construction of 800 workforce rental housing units on the state-owned parcel located at 690 Pohukaina St. Pending further approvals, the public-private project could include Hawaii’s tallest building at 650 feet. Plans also call for a commercial and civic building, a parking structure, a business incubator and offices for the state’s library system and Friends of the Library.

The state agency told the newspaper it had selected Forest City’s proposal to develop rentals because it presented less financial risk than the competing bid submitted by the other finalist, Lend Lease. The Australian developer intended to sell the units as condominiums.

The 690 Pohukaina project will be designed as a transit-oriented development, optimizing access to multiple forms of public transportation. Construction could start in 2015 or 2016, with completion scheduled for the summer of 2019. The state agency estimates that the new development would create 500 construction jobs and as many as 1,000 indirect jobs.

In other news, Queen’s Health Systems has acquired the former Hawaii Medical Center West campus from St. Francis Healthcare System of Hawaii. The company expects to spend more than $70 million on the property’s acquisition and improvements. Upon completion in 2014, the new campus will reopen as Queen’s Medical Center – West Oahu.

“Transferring the ownership of the West Oahu hospital assets to Queen’s is an important milestone for St. Francis,” Jerry Correa, St. Francis president & CEO, said in a press release. “We recognize the critical need to reopen hospital and emergency services in West Oahu.”

Photo credits: Forest City Hawaii