Friday, March 6, 1998
$150 million high-rise
will go up on city
Developer Franco Mola's project
By Rick Daysog
is expected to generate about 280
A private developer will build a $150 illion high-rise complex at the city's Block J property under an agreement announced today by Mayor Jeremy Harris.
Block J Associates, headed by developer Franco Mola, will build twin towers of 913 affordable rental units and a senior citizens' project at the downtown site located at the corner of Pali Highway and Beretania Street. It will also include 2,000 underground parking stalls.
The project is expected to infuse 280 construction jobs into the economy.
Block J will lease the property from the city under a 65-year lease.
Mola, originally from Orange County, Calif., has been a developer here for many years. His current development is a 162-unit assisted living project, the second phase of the Kulana Hale rental project on Beretania Street and Kalakaua Avenue.
The Block J property is currently used as a parking lot; it has been a municipal lot since 1954. Attempts to develop it have been stalled for a long time.
At one point, in October 1996, the site was being considered for a swap for 95 acres of preservation land in Aina Haina.
© 1998 Honolulu Star-Bulletin