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$34M Waikiki Landing project secures funding from Mainland firm

July 9, 2015 By Mark G. Howard Leave a Comment

The rendering shows the Waikiki Landing project, with Diamond Head in the background.The rendering shows the Waikiki Landing project, with Diamond Head in the background.

The rendering shows the Waikiki Landing project, with Diamond Head in the background.The rendering shows the Waikiki Landing project, with Diamond Head in the background.

A Mainland investment group is putting up almost the entire development cost of $34 million for the long-planned Waikiki Landing mixed-use project at Hawaii’s Ala Wai Small Boat Harbor, the attorney for the developer confirmed to PBN.

“We have somebody who is going to finance almost the entire amount,” Keith Kiuchi, the attorney for developer Japan-based Honey Bee USA, told PBN on Wednesday. “They’re asking for an equity interest [of about 50 percent].”

Kiuchi declined to disclose the name of the investment group, only to say that while it has not done any projects in Hawaii, it just recently funded an $81 million project on the Mainland.

“These guys are willing to put in, what they’re calling is a loan,” Kiuchi said.

The project, which includes wedding chapels, restaurants, retail and office space and a boat-repair facility and fuel dock, also is close to getting a sewer permit.

Next month, Kiuchi plans to unveil details regarding the new investor, to the state Department of Land and Natural Resources, which owns the land, at the state agency’s regularly scheduled meeting.

No new timeline for construction has been set yet for the project, which will be located next to Honolulu’s Hawaii Prince Hotel.

Duane Shimogawa
Pacific Business News

Filed Under: Blog, Featured Blog, Waikiki, WAIKIKI Tagged With: Waikiki Landing, Waikiki real estate

Waikiki Landing developer loses $25M loan commitment for Ala Wai redevelopment

July 23, 2014 By idx guys Leave a Comment

The rendering shows the Waikiki Landing project, with Diamond Head in the background.The rendering shows the Waikiki Landing project, with Diamond Head in the background.

The rendering shows the Waikiki Landing project, with Diamond Head in the background.The rendering shows the Waikiki Landing project, with Diamond Head in the background.

The developers of the Waikiki Landing project, a redevelopment of the commercial and boating services at Hawaii’s Ala Wai Small Boat Harbor, are working to find new funding after losing a $25 million loan commitment for the project.

The Honolulu Star-Advertiser Honolulu attorney Keith Kiuchi took over as the Honey Bee USA Inc. project as project developer in March after learning that that a Singapore-based hedge fund had renegged on a $25 million loan commitment to Kiuchi’s client, former Honey Bee principal Hide­­aki Shi­ma­­kura, a Japan-based developer and yacht racer.

The newspaper reports Kiuchi is optimistic that he will have a $24 million loan commitment by the end of this month, and is working with the state Department of Land and Natural Resources on keeping the project’s 65-year lease on the land near Waikiki.

Staff Pacific Business News

Filed Under: Commercial Real Estate, Featured Blog, real estate in the news, Waikiki, WAIKIKI Tagged With: Waikiki commercial real estate, Waikiki Landing

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