HPU and Honolulu Developer Move Forward with Buyout Agreement

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Hawaii Pacific University and developer Lifestyle Retail Properties LLC have come to a buyout agreement that resolves any lingering issues and finalizes the university’s ownership of the Aloha Tower Marketplace redevelopment project, according to a HPU press release.

The university, through its affiliate Hawaii Downtown Holdings LLC, will now move forward with its plans to redevelop Aloha Tower as a “mixed-use destination” with restaurants, shops, entertainment venues, community gathering places and waterfront lofts serving more than 300 HPU students. Next steps include the sale of special purpose revenue bonds to fund the project and facility and IT upgrades on HPU’s Honolulu campuses. 

The press release includes statements from Lifestyle Retail Properties owner Ed Bushor and HPU President Geoffrey Bannister, both of whom tout the deal as a “win-win” for all those involved.

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Courtesy of jfinnirwin

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