Honolulu Star-Bulletin Business /2005/05/12/

[ FAST FACTS HAWAII ]

GETTING READY FOR BUSINESS

CRAIG T. KOJIMA / CKOJIMA@STARBULLETIN.COM
Hilo High School teacher Anne Chung, left, talked yesterday with students Orinn Watanabe, Cristina Hussey, Kellsie-Lyn Onouye, Jamielyn Martines and Shaunalyn Heu. The students were participating in the third annual High School Marketing Plan and Business Plan Competitions.

Kakaako research group snags tax break

The U.S. Treasury Department announced yesterday it has awarded Honolulu-based Biotech Research Center LLC millions of dollars in tax credits to help fund a Kakaako research center.

The New Market Tax Credits would allow investors who buy stock in a life sciences office center to claim tax breaks of 39 percent, or about $10.9 million, on $28 million in investments.

A consortium of businesses and organizations led by Kamehameha Schools, which owns 52 acres in Kakaako, has been planning science-based development to complement the recently built University of Hawaii medical school.

The federal tax credits are designed to attract private sector capital to finance community development projects in low-income areas.

Company to build self-storage

A local self-storage company is opening its third Oahu facility next year in Kaimuki across the street from a competing Public Storage facility.

Hawaii Self Storage plans to build a four-story, 156,000-square-foot facility just Ewa of the intersection of Waialae Avenue and Kapiolani Boulevard. The facility, at 2909 Waialae Ave., will be makai of its Public Storage competitor.

Construction is to begin in the fall and the building will open in summer 2006. Hawaii Self Storage is owned by commercial real estate firm MW Group Ltd.