Robertson Properties Group’s $767M Aiea Project Could Break Ground Next Year

Robertson Properties Group expects to break ground on its $767 million, 1,500-home mixed-use development in Aiea in 2014, the Pacific Business News reports.

 

By Adriana Pop, Associate Editor

Robertson Properties Group expects to break ground on its $767 million, 1,500-home mixed-use development in Aiea in 2014, the Pacific Business News reports.

Known as “Live, Work, Play Aiea,” the project will be developed across from Pearlridge Center, on the site of the former Kamehameha Drive-in property. Plans will also include about 143,000 square feet of retail and restaurant space, 80,000 square feet of office space and possibly a 150-room hotel.

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, with a height limit of 350 feet. The area’s current limit is only 60 feet. According to Chris Deuchar, a founding partner and member of Form Partners L.L.C., the firm that manages the project, “Live, Work, Play Aiea” will go before the city’s planning commission in October.

If approved, the project could have 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. Upon completion, “Live, Work, Play Aiea” will generate about 1,000 permanent jobs.

In other news, A&B Properties, the real estate subsidiary of Alexander & Baldwin, has acquired the Pearl Highlands Center, a 415,000-square-foot retail center in West Oahu, for $141.5 million. The purchase price includes the assumption of a $59.3 million mortgage note, with the balance to be funded by the future sales of commercial properties from A&B Properties’ Mainland portfolio and Hawaii land parcels. The property is anchored by Sam’s Club, 24-Hour Fitness, Pier One Imports, Ross Dress for Less and Buffalo Wild Wings.

“The Pearl Highlands acquisition significantly advances the strategic migration of our commercial portfolio back to Hawaii,” said Christopher Benjamin, A&B’s president & COO, in a news release. “The addition of Pearl Highlands increases our total Hawaii commercial portfolio square footage by 25 percent, to exceed 2 million square feet, and makes A&B the second-largest owner/operator of retail properties in the state by gross leasable area.”

Photo credits: www.formpartners.com