The Japanese firm that purchased the former property of the iconic Kyo-ya Restaurant in Waikiki is planning to develop a condominium-hotel project on that Kalakaua Avenue site, the project’s consultant confirmed to PBN.
Hawaii-based Best Hospitality LLC, whose parent is Tokyo-based Tsukada Global Holdings, is currently developing conceptual plans for this property at 2055-2057 Kalakaua Ave.
“The 25,000-square-foot building on the property has been vacant since the restaurant, serving Japanese cuisine and with its elegant garden setting and catering operations, closed in 2007 after being open for nearly 50 years,” Keith Kurahashi, president of the Honolulu-based planning and zoning consultant firm Kusao & Kurahashi Inc., told PBN on behalf of the new owner.
Kurahashi is scheduled to present plans for the “One Waikiki Project, a condo-hotel at 2055-2057 Kalakaua Avenue” at the Sept. 8 Waikiki Neighborhood Board meeting.
Hawaii developer Kevin Showe and a group of investors sold the property to Best Hospitality for $30.5 million, as first reported by PBN.
The property is zoned for resort/mixed-use and could be turned into a hotel, time share, condominium or a restaurant.
Tsukada Global Holdings, which consists of companies in the wedding, hotel, restaurant, wellness and relaxation businesses, owns Best Bridal Hawaii Inc., an upscale wedding chapel owner.
Pacific Business News