And although tenants have been told they will get the first right to buy, they say they are still worried.
Savio said in a news statement that he has agreed to buy the three-building, 587-apartment complex near downtown from Hawaiian Trust Co., which represents owner Robert E. Black Memorial Trust.
Savio, who said he has converted more than $500 million worth of rental units to condominiums in the past 15 years, said the prices will be attractive and a variety of financing plans will be offered to give the tenants the best chance to buy.
Some tenants say they are concerned, however, particularly about the short notice and what they say is incomplete information.
"They did it while we were sleeping," said resident Palani Schuster, one of the tenants who joined protests over rent increases in the early 1990s.
He and other Queen Emma tenants learned about the agreement with Savio by letters left at their doors this morning. The letter said Savio would meet with tenants in a meeting on the property tonight. That's too short a time to get ready, said Schuster, a resident for 16 years.
George Weir, executive vice president of Hawaiian Trust Co., said he is confident that he and Savio will be able to make it clear to tenants that if they don't want to buy they won't have to and they won't be forced to leave. "I think we'll be able to give them plenty of reassurance this evening," he said.
Savio said prices won't be announced until the tenants are informed tonight but they will be below current market rates. "All of the units will be priced under $200,000, even the big two-bedroom apartments," he said.
No tenant will be forced to leave, he said. "We're going to bend over backward to help them buy," he said.
If someone can't afford to buy and their children and friends don't want to, investors will be found to buy the unit and rent it back to the existing tenant he said.
But tenant Laura Wilson said she is worried. Wilson, 80, said she loves the building and doesn't want to move. She said she lives in one of the better units and is sure it would be attractive to a buyer.
"If an investor buys my apartment, what protection do I have on future rent increases? And could the landlord double my rent?" she said.
Wilson said she is troubled by the possibility that no matter that tenants are told now they'll be able to stay, when a unit changes hands later they could be forced to leave.