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Mar. 12, 2013

Robertson Properties Group’s Mixed-Use Development Under Review

By Adriana Pop, Associate Editor

The Honolulu Department of Planning and Permitting is currently reviewing Robertson Properties Group’s plans for a $767 million, 1,500-home mixed-use project in Aiea. Called “Live, Work, Play Aiea,” the project will be developed across from Pearlridge Center, on the site of the former Kamehameha Drive-in property.

According to the Pacific Business News, the Los Angeles-based real estate developer is requesting the rezoning of nearly 14 acres of land from community business district to community business mixed-use district, which has a height limit of 350 feet. The area’s current limit is only 60 feet.

The “Live, Work, Play Aiea” development will also include about 143,000 square feet of retail and restaurant space, and as much as 80,000 square feet of office space. If approved, the project will generate a base economic impact of $2.4 billion. Construction is expected to create approximately 1,000 jobs per year during an estimated build-out period of 13 years.

Last fall, the original project was scaled back. Initial plans called for three 350-foot-high towers and two 60- to 80-foot buildings. The revised version, currently under review, proposes one 350-foot tower and four shorter buildings ranging in height from 150 to 300 feet. Plans may also include a 150-room hotel, the newspaper reports.

In other news, Holliday Fenoglio Fowler L.P. has been selected to market the Hotel Renew property in Honolulu on behalf of the seller, Z Tower L.L.C. The 72-room, fully renovated, designer boutique hotel is located at 129 Paoakalani Ave., one-half block from Waikiki Beach. Originally built in 1967, the nine-story property was completely renovated in 2008.

The HFF investment sales team representing Z Tower is led by managing director Holden Lim, senior managing directors William Stadler and Dan Peek, and managing director Scott Hall.

Photo credits: http://www.formpartners.com