Downtown Office Building Gets New Life
- Sep 29, 2015
The renovation of the 50,626-square-foot, eight-story Princess Victoria Kamamalu Building in the city’s downtown core is currently under way. The $30 million project is scheduled for completion in about 18 months, according to the Pacific Business News.
On September 23, Hawaii Gov. David Ige told an audience at the Honolulu Japanese Chamber of Commerce luncheon that his administration prioritized the property’s refurbishment. Once renovated, the facility is expected to host state office space.
Built in 1957, the property is located at 250 S. King St., across from the Iolani Palace, and has been vacant since 2003, when the state Department of Commerce and Consumer Affairs moved out due to safety issues.
The state, which purchased the facility from Hawaiian Trust Co. for $2.5 million in 1968, estimates it will save taxpayers money in the long run by putting the building back into operation. Earlier this year, Hawaii lawmakers passed a bill that allows the state government to enter into negotiations to acquire the nearby 25-story Alii Place office tower, which will also house state agencies.
At the moment, the state rents about 420,888 square feet of office space in downtown Honolulu and spends about $10.15 million in rent annually.
Image via the Historic Hawaii Foundation