Plans Move Forward for $72M Mixed-Use Project on Maui
The Maui Planning Commission recently approved the final environmental assessment for a $72 million mixed-use development in Kihei, one of the island’s most populated communities.
According to the Maui News, Krausz Cos. will not need to conduct a more extensive environmental impact statement for the 250,000-square-foot Downtown Kihei project.
The San Francisco-based developer is planning to build a village square; more than 200,000 square feet of office, medical office, retail and restaurant space; a 44,180-square-foot movie theater; a four-story, 150-room hotel; and more than 1,000 parking stalls.
The project will be developed between the Piilani Village Shopping Center and the Longs and Azeka’s centers on four parcels of land totaling 27 acres. Construction is expected to begin in the summer of 2015.
The company’s next steps will be to obtain a special management area use permit, as well as land-use entitlements. The Krausz Cos. will need to rezone a 2.6-acre parcel from business-commercial to hotel and obtain a height variance that would allow for the construction of a 60-foot movie theater. The developer is also conducting a study in order to come up with measures that would help address traffic congestion concerns.
In other news, the Pacific Business News reports that Alexander & Baldwin subsidiary A&B Properties will purchase the 10-story Clifford Center office building in downtown Honolulu from Pacific Office Properties Trust. The transaction is expected to close on April 17 for an acquisition price of $11.2 million.
In 2011, Pacific Office Properties acquired the approximately 77,700-square-foot property for $6.5 million. Earlier this year, the REIT sold the Bank of Hawaii Waikiki Center to Shoei USA Inc. for an undisclosed amount.
Photo credits: http://www.krauszcompanies.com