HPU settles with real estate developer
Plans renovation for Aloha Tower Marketplace
It looks like Aloha Tower Marketplace will finally get a makeover.
A dispute between Hawaii Pacific University and real estate developer Ed Bushor has been resolved.
The University shared its vision of what the New marketplace will soon look like.
HPU officials hope its acquisition of Aloha Tower Marketplace will transform the area.
"We expect this to be a really vibrant place to offer a lot to everyone," said HPU spokesperson Todd Simmons.
Dormitory lofts will house approximately 300 students on the top floors, while the main floors will feature shops and restaurants.
" We want this to be very distinct and very different development with student use at heart of that, but also something great for Honolulu so people can come down, have a meal, and experience the history and environment here," said Simmons.
HPU purchased the marketplace in December 2011, for $19 million.
But financing issues late last year forced the University to sever ties with real estate developer Ed Bushor.
"In order to use bond financing the Governor and legislature authorized, we had to be a non-profit entity in business by ourselves. To leverage that funding it was necessary for us to part ways with our former developer," said Simmons.
"This is a win-win for all -- HPU, its students, Bushor and Hawaii," said Bushor.
HPU hopes its $30 plus million renovation will begin this summer and hopes to house students by fall 2014.
HPU says there are also plans to build an athletic complex to house its basketball and volleyball teams near Pier 10.
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