RPG Downsizes Masterplan for Mixed-Use Development
- Oct 26, 2011
Robertson Properties Group (RPG), one of the largest shopping center owners and managers in the U.S., recently downsized its master plan for a drive-in property in Aiea.
Located at the corner of Moanalua Road and Kaonohi Street, the asset was purchased from Kamehameha Schools in 2007. According to the Pacific Business News, the 14-acre commercial real estate property will be redeveloped into 1,500 residential homes, about 220,000 square feet of commercial space that might include retail, office, hotel or senior residences and more than 3,000 parking units.
RPG representatives have disclosed that 30 percent of the residences will be affordable units under the guidelines of the City and County of Honolulu. In addition, the project features recreation areas and gathering spaces.
The key changes to the original design address environmental concerns. In an attempt to reduce the visual impact on the skyline, RPG proposed one 350-foot building and four other buildings that will range from 150 to 300 feet high, and the five properties have a slimmer design. The number of residences has also been reduced from 1,800. RPG has declared that they have prepared an environmental impact statement draft that is currently pending for approval.
The estimated cost of the project ups to $777 million and is expected to inject $2.3 billion into the community’s economy during the 13-year construction phase. The mixed-use project is expected to break ground in 2014, and it will add about 1,000 jobs in construction per year.