Aloha Tower Development Corporation

From dKosopedia

The Aloha Tower Development Corporation (ATDC) was established in 1981 to redevelop land surrounding the historic Aloha Tower in downtown Honolulu. The Aloha Tower Complex is part of a master plan created as a stimulus for economic activities on the ocean front State lands within Honolulu Harbor.

Part of the Aloha Tower Complex has been included in the State of Hawaii's Enterprise Zone. This designation will afford qualified businesses located within the zone to enjoy multiple State and local tax benefits that they would otherwise not receive if located outside of the zone.

Presently, the ATDC is trying to jump-start a redevelopment effort that began in 1994 with the completion of the $100 million Aloha Tower Marketplace. The 170,000 Sq. Ft. Aloha Tower Marketplace boasts well over 60 merchants, including 10 restaurants on waterfront property. The marketplace was intended as the first phase of a $700 million, five-phase revitalization of the area into a vibrant waterfront district.

However, developer Aloha Tower Associates ran out of money and defaulted on lease payments to the state, which three years ago reclaimed development rights.

The Aloha Tower Development Corp. (ATDC) entered into a development agreement with UC Urban, a Dallas based developer, in October of 2004, that pledges the two sides to move forward on their ambitious $350 million blueprint for revitalizing the state-owned area and enhancing its integration with the rest of downtown Honolulu.

Tentative plans for the Aloha Tower waterfront revamp include:

A mixed-use complex, called Pacific Quay, featuring around 500 condominiums, 50,000 square feet of retail and restaurant space, and several floors of parking. It would be located on the waterfront along Piers 5 and 6, which is presently occupied by a parking lot and be developed by UC Urban.
A trolley system linking the waterfront with the downtown district.
Redeveloping Piers 10 and 11 to include a new cruise ship terminal, parking structure, and bus/taxi terminus.
An additional parking garage near Pier 2.
The demolition of the HECO power plant.
Three new parks to provide open space in the area.
A subterranean roadway under Nimitz Highway to allow through-traffic to bypass the area.
Changes to Aloha Tower Drive and Nimitz Highway to improve pedestrian and vehicular access.

The ATDC is preparing a formal plan so it can present funding requests to the Legislature in the next session. It is hoped first ground can be broken in the Fall of 2005.

External Links

Aloha Tower Development Corporation (ATDC) The Aloha Tower Development Corporation (ATDC) was established in 1981 to redevelop land surrounding the historic Aloha Tower in downtown Honolulu. (State of Hawaii)
2005 Annual Report (ATDC)
Martin, Dan. New ideas pitched for Aloha Tower Honolulu Star-Bulletin, June 19, 2004.
Gomes, Andrew. Aloha Tower proposal reshaped Honolulu Advertiser, June 19, 2004.
Gomes, Andrew. Agency backs $300M land plan Honolulu Advertiser, 10-13-04.
Martin, Dan. State acts to remake downtown waterfront -- A $350 million vision for Aloha Tower calls for condos, retail and razing HECO's plant Honolulu Star-Bulletin, October 13, 2004.
Waterfront project holds hope for harbor -- The state and a Texas developer have struck an agreement to revitalize the downtown waterfront area. Honolulu Star-Bulletin, October 15, 2004.
Dayson, Rick. Owner seeks to sell Aloha Tower Marketplace Honolulu Star-Bulletin, January 22, 2005.
Waterfront concept costly -- A development plan requires $130 million in improvements Honolulu Star-Bulletin, February 5, 2005.
Lender to take over Aloha Tower complex -- The deal will let the center emerge from its 2002 bankruptcy Honolulu Star-Bulletin, April 8, 2005.
Engle, Erika. Aloha Tower Marketplace bought out of bankruptcy -- The shopping complex is sold for $25 million to a mainland firm Honolulu Star-Bulletin, July 13, 2005.
Gomes, Andrew. Dallas builder outlines lofty goal Honolulu Advertiser", September 1, 2005.
Yerton, Stewart. Developer proposes hotel at Aloha Tower Honolulu Star-Bulletin, September 30, 2005.
Gomes, Andrew. Honolulu Harbor project plan revised Honolulu Advertiser", June 1, 2006.
Project would fit nicely at Honolulu Harbor Honolulu Advertiser, June 6, 2006.
Gomes, Andrew. Harbor project clears a hurdle Honolulu Advertiser, June 29, 2006.
Wu, Nina. Aloha Tower residential project gets OK -- The state approval marks the next stepped for an overall $300 million development on the waterfront Honolulu Star-Bulletin, July 27, 2006.
Project will greatly improve waterfront area THE ISSUE: A $300 million condo-retail complex at Aloha Tower has won approval. Honolulu Star-Bulletin, July 31, 2006.
Gomes, Andrew. Waterfront project step closer to approval Honolulu Advertiser, December 13, 2006.
Gomes, Andrew. Pier review Honolulu Advertiser", March 9, 2008.

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This page was last modified 06:40, 13 March 2008 by dKosopedia user Jbet777. Based on work by dKosopedia user(s) Allamakee Democrat. Content is available under the terms of the GNU Free Documentation License.