Development Authority Approves Hi-Rise on Site of Expired WTC Franchise
- Jan 20, 2012
The Hawaii Community Development Authority showed support for the long- delayed development of a 40-story, mixed-use project at the corner of Kapiolani Boulevard and Ward Avenue.
The HCDA director of planning and development, Deepak Neupane, said that the project’s developer, San Diego-based OliverMcMillan, has already filed an application with the Hawaii Community Development Authority. Public hearings are scheduled for February, while the groundbreaking of the high rise has been set tentatively for early 2013.
The development includes retail space, and showrooms and a service center for Joe Nicolai’s exotic car dealership for Ferrari, Lamborghini, Maserati and Lotus on the first five floors of the residential high-rise.
The land proposed for the development of the project belongs to Nicolai, who purchased the 103,000-square-foot tract from the Neal Blaisdell Center for $8.4 million, the Pacific Business News reports.
Nicolai’s initial plan was to build a luxury car galleria, but, in 2002, he obtained franchise rights over the construction of a World Trade Center. Nicolai’s franchise license for the development of a WTC had expired in March 2005, and other attempts to reinstate the trade center project have failed.
In other news, the Pacific Business News reports that MW Group has installed photovoltaic power systems atop seven properties on Oahu, including the Hawaii Self Storage buildings and Aiea Town Square. The photovoltaic power systems will save the company about $11 million over a period of 20 years. The systems were designed and installed by RevoluSun by the end of 2011, in order to be eligible for tax incentives.