HAWAII

Hawaii gas prices continue drop

Hawaii's average price for a gallon of unleaded gasoline fell 58 cents from last month and $1.06 from a year ago to $2.40 yesterday, according to AAA.

In Honolulu, the average price dropped 60 cents from a month ago and $1.06 from last year to $2.29 a gallon. Wailuku had a drop of $1.10 from a month ago and 67 cents from last year to an average of $2.76 a gallon. In Hilo, the average price fell 50 cents from a month ago and 94 cents from last year to $2.48 a gallon yesterday.

The national average dropped 37 cents from a month ago and $1.31 from last year to $1.67 a gallon.

Hilo Hattie lays off 31 employees

Hilo Hattie President John Scott announced the layoffs of 31 employees at the company's Nimitz Highway headquarters office this week, citing “;a precipitous drop in sales due to the increasingly harsh recession and in particular the decline in visitors to Hawaii.”;

The company pledged to help the terminated workers find other positions.

Hilo Hattie continues to employ 277 people at its seven stores in Hawaii and one in California and is moving forward with plans to open a new flagship store at Royal Hawaiian Center in July, Scott's statement said.

JAL forecasts Honolulu growth

Japan Airlines said yesterday that it is forecasting an increase in the seat load factor for Honolulu by 2.9 percent from last year during the Japanese New Year period, which ranges from Dec. 26 to Jan. 4.

Japan Airlines has forecast a total of 398,387 international passenger reservations on JAL Group airlines during period, an estimated 6.6 percent decrease amidst the current economic climate. The international seat load factor is expected to be 77.8 percent.

The airline will operate additional 71 flights to vacation destinations such as Guam, Hawaii, Fairbanks, Hong Kong and Palau, among others.

Lanai solar farm to open

Castle & Cooke Inc. said yesterday that it will hold a blessing and dedication ceremony for the state's largest solar farm on Lanai on Jan. 6. The farm features 7,000 solar panels covering 10 acres and will deliver up to 30 percent of the island's daily peak electrical needs.

The event on Miki Basin Road in Lanai City and will include performances and a ceremonial throwing of the switch to turn on the facility. Site tours will be offered from 9:30 a.m. to 10:30 a.m., followed by a private reception at Four Seasons Resort Lanai.

Gov. Linda Lingle and Maui Mayor Charmaine Tavares will attend.

Suntech to host sustainable event

Suntech Hawaii, the state's largest locally owned solar integrator, along with Alwyn Trigg-Smith Architects and Mokulua Woodworking Ltd. will host a free sustainable design and construction open house in Kailua today from 10 a.m.-5 p.m. at 162 Ku'umele Place.

Visitors can learn more about sustainable design and building practices and advances in Hawaii by meeting with the team of experts to discuss the various phases within this residential project.

Koa Ridge plans move forward

Castle & Cooke Homes Hawaii Inc. has submitted a draft environmental impact statement with the state for its long-stalled 575-acre Koa Ridge Makai master-planned community and 191-acre Waiawa project site about a half mile away in Central Oahu.

The company said the move is an important milestone for the development of the two parcels along H-2.

“;Not only will we be continuing our legacy of building much needed homes for island families but we're also continuing to invest in Hawaii's economy at a time when economic stimulus is crucial,”; said Harry Saunders, Castle & Cooke president.

The developments will create nearly 2,000 full-time construction jobs during the infrastructure and development phase and once completed, will generate an additional 2,500 permanent jobs, he said.

Koa Ridge will be a mixed-use community close to retail, services, health care, recreation and schools and a total of 5,000 residential units, a medical center and 150-room hotel. Groundbreaking for the projected is expected in 2010 with construction of homes estimated to start in 2011.

Report: Housing to drop in 2009

Prudential Locations yesterday released its annual State of Real Estate report titled “;Some will win & some will lose in 2009.”;

According to the report, 2008 will close with 27 percent fewer sales than 2007. The median price for single-family homes dipped 3.1 percent, while the median price for a condo remained flat compared to last year.

Looking ahead to 2009, Prudential Locations forecasts that prices will decline an additional 6 to 20 percent by midyear due to low consumer confidence levels, and that sales will decrease an estimated 25 percent.

Market trends, however, are expected to vary from neighborhood to neighborhood, with some median price declines exceeding 15 percent.

PEOPLE

Parker Ranch CEO steps down

Parker Ranch Inc. said yesterday that Chris Kanazawa, right, who served as president and chief executive for the past four years, will step down. Kanazawa will continue with the ranch as a private consultant, handling special projects.

  William Maris, who recently joined the ranch as chief financial officer, will serve as interim chief operating officer responsible for day-to-day operations.

A search for new leadership will begin soon.

Parker Ranch is one of the largest ranches in the United States, spanning over 130,000 acres across the Big Island.