Business Briefs

Reported by Star-Bulletin staff & wire

Tuesday, March 16, 1999

State to dedicate Birch
Street Apartments

The state will dedicate the Birch Street Apartments, a $10 million affordable rental project in Honolulu, tomorrow at 10:30 a.m. The project at 916 Birch St. has 52 units for families earning 60 percent and below -- $34,860 or less for a family of three -- of Honolulu's median income. All of the units are two bedrooms, one bath and rent for $750.

The apartments were developed through the Hawaii Housing Development Corp. The state provided tax incentives and low-interest loans for developers. In exchange for state financing and tax credits, the apartments will remain as affordable rentals for the next 62 years. The state provided a $3.4 million loan and a $50,000 grant, along with $6.5 million in federal and state tax credits.

Waipahu center adds two tenants

A 23,000-square-foot Savers thrift store has opened in Waipahu Shopping Plaza. The center's manager, Hawaiian Asset Management, also said a 6,300-square-foot Price Busters store will have a grand opening there March 27. The firm now also manages the Old Waipahu Store building of 23,000 square feet.

Oahu firm designs high-tech plans

Honolulu-based Ito Design Associates, a graphic design firm, has changed its name to RevaComm and is expanding its services into Internet technology, Web page design and electronic commerce. The firm was founded in 1990 by brothers Elden and Keith Ito.

Renault makes bid to control Nissan

PARIS -- French car maker Renault SA has offered to buy a controlling 35 percent stake in Japan's debt-ridden Nissan Motor Co.

Such an alliance would give Renault a premier distribution system in Asia as well as access to Nissan's superior technology in engines, suspension, batteries and fuel cells. Nissan, in turn, would get a desperately needed cash infusion.

In a brief statement following a board meeting today, Renault said it was offering to start negotiations.

A main condition of the alliance would be Renault's acquisition of an equity stake of Nissan of "approximately 35 percent," the statement said. If it acquires more than 33.4 percent of Nissan, Renault would have veto power over Nissan's decisions.

In other news . . .

SEATTLE -- Boeing Co. will cut 6,700 more jobs than expected due to reduced overtime and other manufacturing efficiencies in its commercial airplane division.

The additional cuts mean that total job reductions by the end of 1999 will be at the high end of a range of 28,000 to 38,000 that the company announced earlier, Boeing said yesterday.

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