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Oct. 13, 2013

HCDA to Review Franco Mola’s Scaled-Back Honolulu Condo Project in January

By Adriana Pop, Associate Editor

The Hawaii Community Development Authority will officially unveil the 803 Waimanu St. condominium project in Kakaako in November. According to the Pacific Business News, California-based real estate developer Franco Mola is proposing the construction of a 65-foot, seven-story building with 153 market-priced residences, 30 of which will be slated for reserved housing. Plans also call for 8,477 square feet of recreation space and ground-floor parking for 92 vehicles.

The original project, which proposed the construction of a 250-foot tower with 217 workforce units, was withdrawn in July. A final decision on the scaled-back version of the development is expected in January.

In other news, the Pacific Business News reports that an affiliate of New York-based real estate investment trust Kimco Realty Corp. has sold the 17,897-square-foot Kihei Shopping Center on Maui for $7.2 million. Joseph Leonardo, of Honolulu-based real estate firm Joseph C. Leonardo & Co., represented the buyer in the transaction.

The Longs Drugs-anchored retail center is located at 1215 S. Kihei Road. The property also includes Rent-A-Center, Birkenstock, Boss Frogs, Maui Brick Oven Pizza and Maui Dry Cleaners among its 15 tenants. The sale did not include the Longs/CVS building and undeveloped land, Leonardo told the newspaper.

Photo credits: haydenbusinessblog.blogspot

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