City Council Green-Lights Central Y Property Redevelopment Downtown
- Oct 22, 2013
By Adriana Pop, Associate Editor
Plans for the redevelopment of the current YMCA of Honolulu facility are moving forward.
According to the Pacific Business News, the Honolulu City Council has approved a zoning change that would allow San Francisco-based developer MB Property Acquisitions L.L.C. to build the 128-unit “Aloha Kai” condominium high-rise at the site. Plans also call for a smaller adjacent Y building that would offer 30,000 square feet of space across three floors.
YMCA of Honolulu president & CEO Michael Broderick told the newspaper that the new facility would feature a swimming pool and an aqua facility that would cater particularly to seniors.
“Part of the Y will be focused on catering to seniors because that’s the trend, and we will continue to take care of our youths with a youth center,” Broderick told the newspaper.
Last year, MB Property Acquisitions purchased approximately 1.5 acres of the YMCA’s nearly 1.8-acre lot across from Ala Moana Center for an undisclosed amount. The non-profit is using the proceeds from the sale to fund the construction of its new building on the remaining land.
In order to clear the way for the new developments, the 60-year-old building at 401 Atkinson Drive will be demolished. The old structure is expected to come down by the fall of 2014 and the new Y is scheduled to open after 18 to 24 months. Architects Hawaii Ltd. will design the project; Hawaiian Dredging Construction Co. will build it, while Prudential Locations L.L.C. will market the condominiums.
In other news, the Pacific Business News reports that the Clifford Center office building in downtown Honolulu is back on the market.
In February, the approximately 72,000-square-foot property was in the process of being acquired by A&B Properties, the real estate arm of Alexander & Baldwin Inc., for $11.2 million. The company canceled the transaction in April.
Honolulu’s Sofos Realty Corp. and global service provider Cushman & Wakefield are currently marketing the 10-story building, which is about 70 percent leased.
Photo credits: www.buildingsearch.com