The long-planned $31 million Waikiki Landing project at Hawaii’s Ala Wai Small Boat Harbor, which lost its funding several months ago, has received a new funding commitment from another investor, the project developer’s attorney told PBN.
The project includes wedding chapels, restaurants, retail and office space and a boat-repair facility and fuel dock. The most recent estimate had construction starting in late September with a completion date of late November 2015. No new timeline for construction has been set yet.
Keith Kiuchi, the attorney for developer Japan-based Honey Bee USA, confirmed to PBN that the developer has received a signed letter of intent from an investor, and that the letter has been presented to the Hawaii Department of Land and Natural Resources, the project’s landlord.
Kiuchi declined to say who the investor is, although DLNR will be holding a hearing on Nov. 14 to talk about the project’s new investor.
“That hearing will include both the equity investor as well as the funding vehicle [the lender],” he said. “We have a letter of intent from the investor and two separate term sheets from two separate lenders. So we believe we have an equity investor, but we’re looking carefully at the two term sheets.”
Kiuchi has said it received lease approval from the DLNR, which owns the land, on Dec. 6, 2013, and has received all of its necessary permits to start construction.
Duane Shimogawa Reporter – Pacific Business News
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