HPU and Lifestyle Retail Properties Agree to Resolve All Matters
April 01, 2013
HONOLULU — Hawai‘i Pacific University, Hawaii Downtown Holdings LLC and Lifestyle Retail Properties LLC (wholly owned by Ed Bushor) have agreed to proceed with a buyout agreement that resolves all matters and finalizes full ownership of the Aloha Tower Marketplace (ATM) redevelopment project in HPU’s affiliate, Hawaii Downtown Holdings LLC.
Bushor, founder of the Honolulu-based development entity Lifestyle Retail Properties LLC, is happy that a mutually acceptable agreement was reached. Bushor stated, “I am honored to assist HPU, education and youth in the growth of the university. I believe this will further HPU’s ambitious program of development and place it on the map worldwide. This is a win-win for all – HPU, its students, Bushor and Hawaii.”
With the agreement, the university’s plans to redevelop ATM as a mixed-use destination featuring retail and dining establishments, entertainment and community gathering spaces and waterfront lofts for more than 300 HPU students are scheduled to move forward this spring. This will include a sale of special purpose revenue bonds to fund the project, as well as commencing a long list of facilities and IT upgrades on HPU’s Honolulu campuses.
“This project holds great potential, not only for Hawai‘i Pacific University, but also for downtown Honolulu and for everyone who believes that Aloha Tower Marketplace can be the downtown jewel that so many have hoped it would become,” said HPU President Geoffrey Bannister. “We look forward to working with the Aloha Tower Development Corporation and the community to make that vision a reality.”
Bushor is eager to devote his time and resources to pursue other development opportunities in Honolulu. Bushor’s Tower Development is planning to process a new internationally acclaimed hotel project that he intends to announce in the second quarter of 2013. “I remain very positive on the downtown Honolulu and Waikiki commercial real estate market. There are many opportunities to add to the vibrancy of our island, and in doing so we will continue to process developments to create new jobs and add to Honolulu’s tax base.”