[ INSIDE HAWAII INC. ]
CRAIG T. KOJIMA / CKOJIMA@STARBULLETIN.COM
LeeAnn Crabbe has been named vice president of Queen Liliuokalani Trust and will oversee development of its properties on the Big Island.
|
|
Trust puts its trust in Crabbe
Queen Liliuokalani Trust's new VP says she has been given a "great opportunity"
Question: Why did you move from chief of finance to head of development?
LEEANN E.P. CRABBE
New job: Vice president, Queen Liliuokalani Trust. Formerly chief financial officer for the trust, she will oversee development on the trust's land, which is primarily on the Big Island. The $400 million trust served 6,000 Hawaiian children directly and 29,000 indirectly through community programs in 2004.
Background: Crabbe joined the trust amid a major reorganization in 2002 after working for about 15 years at the Kamehameha Schools, where she was director for budget and financial planning. Before joining the trust, Crabbe had no direct background in development, though she had done financing work for Kamehameha Investment Corp.
Age: 44
Born: Born in Honolulu, lives in Pearl City.
|
Answer: I've been actually presented a really great opportunity by the leadership here at the trust, recognizing that I've been doing a large portion of it already. We're very thinly staffed here at the trust. We have six employees at the endowment side and most of our work is outsourced.
The leadership has given me an opportunity to stretch my wings, recognizing not just my commitment to the trust but the fact that I know the importance of the trust to the Hawaiian people. It's a tremendous responsibility.
Q: How big are the trust's assets?
A: Approximately $400 million. We consider ourselves sort of a startup. In 2002, First Hawaiian Bank stepped down as co-trustee and asset manager. We are now totally self-governed and we had some reorganizing to do. We did have to lay off 25 percent of our staff at that time. Our rebound has been stronger than anticipated. We took our medicine and we have gotten better quicker than we thought we would. We're now at about 150 employees.
Q: What development are you considering for Keahuolu and Honohina on the Big Island?
A: Honohina, right now, none. We have 2,400 acres there. Our main focus now is Keahuolu, which is next to Kailua-Kona. We are in the process of master planning our 3,500 acres. ... Really, for us, we're a small trust. Keahuolu is really our future in terms of growing our trust, and the reason for this is the needs of native Hawaiian children are growing and that's the reason we exist.
We have some 16 acres in Waikiki that provide over 75 percent of our rental income.
Q: What kind of development are you looking at? Residential? Commercial? Hotel?
A: All of the above are potential uses, but no specific uses have been identified at this point.
Q: Will you need to seek land-use and zoning approvals?
A: We have some state land-use entitlements in place and county zoning as well but, yes, we will need to go back in.
Q: Is any development already taking place?
A: We've put in a new road, a small road, and that opened up 11 lots for leasing. We're holding back the final two for potential commercial development. We are in discussions with a party.
Inside Hawaii Inc. is a weekly conversation with business and community leaders. Suggestions can be sent to
business@starbulletin.com