Building Industry Magazine - December 2013 - (Page 48)

NewsBeat For Sale: Waikiki Icon Kamehameha Schools, Hawaii's largest private landowner, intends to put the Royal Hawaiian Center on the market in a leasehold sale, which includes a ground lease of up to 60 years. The sale of the Waikiki's largest shopping center on a 6.3-acre parcel along a three-block stretch of Kalakaua Avenue, totaling more than 322,000 square feet of leasable space, is expected to raise hundreds of millions of dollars. "The transition of the Royal Hawaiian Center from a fully owned Kamehameha Schools property to one where Kamehameha Schools retains our lands but sells its improvements greatly strengthens and diversifies our perpetual endowment," said CEO Dee Jay Mailer. "This is aligned with our 2000-2015 Strategic Plan, which calls for active stewardship of our lands while optimizing the value and use of current financial and nonfinancial resources in support of our educational mission. With this decision, we are able to keep and care for our lands while using the funds from its improvements to benefit our children's futures in perpetuity." Royal Hawaiian Center, the single largest asset in Kamehameha Schools' $3 billion Hawaii commercial real estate portfolio, was built in 1979 and Royal Hawaiian Center houses the largest concentration of flagship stores in Hawaii. underwent an extensive renovation in 2005. It commands some of the highest per-square-foot retail rents in the U.S. The property includes a unique 30,000-square-foot cultural venue, The Royal Grove, reminiscent of Waikiki's historic Helumoa coconut grove. "Should this transition take place, it will in no way diminish our commitment to the stewardship of Helumoa, an ancestral home of our beloved founder, Bernice Pauahi Bishop," Mailer said. "Helumoa is a special place for us-a wahi pana that we cherish. This aina sustained our ancestors as a place of peace, friendship, relaxation and healing. Today and for generations to come, under Kamehameha's care, Helumoa will remain that place of peace and aloha for our people, as it provides the gifts of educational funding and rich cultural experiences that fulfill the vision of our benefactor." Mailer emphasized that Kamehameha Schools will still own and steward the lands of Helumoa. As Kamehameha Schools considers potential buyers for the buildings of the Royal Hawaiian Center, the organization will seek those who understand and value the historic and cultural importance of this place. Their commitment to the vision for Helumoa will be an important factor in the decision-making process. Navy Spreads Word on Energy Action The Naval Facilities Engineering Command (NAVFAC) Pacific and NAVFAC Hawaii hosted the Energy Action Day Fair Oct. 23 at its Makalapa Compound headquarters on Joint Base Pearl Harbor-Hickam. "One of our goals this year was to go out into the community and spread the word about energy awareness and conservation ideas," said Amy Hanada, NAVFAC Hawaii energy manager. "In partnership with NAVFAC Pacific, we were able to successfully enforce the proper action steps for energy savings through this event." Informational booths featured various energy and water conserva- tion projects. NAVFAC Hawaii showcased hydrogen/electric vehicles and provided energy games with prizes. "Even with the impact of budget uncertainty, we wanted to provide the opportunity to raise awareness and prompt action to reduce energy and water consumption," said Edie Evans, NAVFAC Pacific energy manager. The U.S. Pacific Fleet Command and Commander, Navy Region Hawaii teamed with industry partners, including Hawaiian Electric Company (HECO), Solar City and Forest City, to provide hands-on displays and interactive booths. HECO representatives pro 48 | BUILDING INDUSTRY | DECEMBER 2013 vided bags filled with energy pamphlets and an informational handbook for emergency preparedness. Solar City displayed their photo-voltaic panels and equipment, while Forest City shared their company vision and focus through poster board presentations. "A primary initiative is to focus on behavioral changes, like turning off the lights, computers, printers, etc. at the end of the day," said NAVFAC Pacific Vice Commander Capt. Pete Lynch. "Although we are highlighting these conservation ideas in the month of October during Energy Awareness Month, we need to reinforce these good habits throughout the year."

Table of Contents for the Digital Edition of Building Industry Magazine - December 2013

Building Industry Magazine - December 2013