Oahu apartment deal scrapped

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By Rick Daysog
rdaysog@starbulletin.com

A Texas-based developer has pulled out of a deal for a $75 million apartment complex in downtown Honolulu.

JPI, one of the nation's biggest high-end apartment builders, canceled its purchase of the one-acre 800 Nuuanu Ave. parcel last month from landowner Pacific Century Financial Corp.

Pacific Century, the parent of the Bank of Hawaii, has relisted the property with CB Richard Ellis for $8.3 million.

The property is at the corner of Nimitz Highway and Nuuanu Avenue.

JPI had no immediate comment. But the timing suggests that the cancellation is unrelated to the recent turmoil in the nation's financial markets and Hawaii's recent economic woes.

JPI originally planned to build a 276-unit high-end rental complex, complete with a fitness facilities and a home enter- tainment center for residents.

The project, which was scheduled for completion in two years, targeted young professionals who worked in the downtown area with rental prices ranging from $2,000 to $3,000 a month.

Bank of Hawaii initially placed the property on the market last year as part of plan to sell off its noncore holdings.

The property, which has been owned by the bank since the 1970s, once housed a mid-rise commercial building but the structure was demolished and is now used as a parking lot.

Bank spokesman Stafford Kiguchi confirmed that the company has put the parcel back on the market but declined further comment.

Based in Irving, Texas, JPI has projects in 20 states.

The company provides property management and leasing services for more than 22,000 apartments nationwide.