Bank of Hawaii
reaches deal to
sell Nuuanu land
Bank of Hawaii has agreed to sell a downtown property to a Hawaii-born San Diego developer who hopes to build a residential condominium of 20 to 24 stories on it.
A contract for an undisclosed price has been signed to buy the property at 800 Nuuanu Ave., which is a little less than one acre, but there is still some time for the deal to fall through, said developer Keith Fernandez.
The property, fronting Nimitz Highway between Bethel Street and Nuuanu, once housed a five-story Bank of Hawaii annex. The bank bought it in 1972 and pulled down the existing building in 1998 to make way for its own high-rise office development. An economic slump led the bank to drop that plan and the property, which is used as a parking lot and located kitty corner from Murphy's Bar & Grill, has been on the market for several years.
Fernandez said his IntraCorp LLC has high hopes for the property, which measures 38,177 square feet and is valued at $7.7 million by city property tax officials.
However, he said he is aware that projects there have fallen through in the past.
"We still have time left to undertake our feasibility studies" before the purchase closes, he said.
Citing confidentiality issues, Bank of Hawaii declined to comment except to confirm that an agreement was reached with IntraCorp.
