Nauru in talks
to sell Kakaako land



Kakaako is likely to get two more high-rise buildings, under a pending deal between a Nauru trust that owns land in the area and a Miami-headquartered developer of luxury condominiums.

The developer, Crescent Heights, intends to buy two undeveloped pieces of land inland from Ala Moana near Piikoi Street, sources said.

The Hawaii Community Development Authority, the state agency that controls development in Kakaako, said Crescent Heights has said it wants to buy the property from Nauru Phosphate Royalties (Honolulu) Development Co.

"I am aware of this transaction but I don't know the details," said Jan Yokota, the authority's executive director.

She said Nauru is represented in the deal by Honolulu attorney D. Scott MacKinnon. MacKinnon confirmed the Nauru trust is working on a sale but he declined to say with whom and would not give details.

HCDA approvals obtained earlier by Nauru are still in place, calling for finishing a five-building planned development. Three buildings are already in place -- the luxury Nauru and Hawaiki towers, and a moderate-income building, 1132 Waimanu. Nauru's next project was to have been a high-rise similar to Hawaiki Tower, which has 46 stories. The trust ran into hard times and has been unable to arrange financing.

Crescent Heights officials could not be reached for comment. The company has developed what it calls luxury-living projects on the mainland.

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