Hawaiʻi Community Development Authority extends Waka USA lease at 955 Kawaihau Street for one year

The Hawaiʻi Community Development Authority on Jan. 8 authorized the executive director to amend a lease with Waka USA Incorporated, extending the commercial lease for space at 955 Kawaihau Street by one year to Feb. 28, 2026, and approving a modest rent increase.

The action affects a lease originally dated Jan. 1, 2016, for retail/commercial space at the Block P property (TMK 1-2-003-0-941). Asset manager Lindsay Doi told the board the amendment would raise rent by approximately 3% and leave all other lease terms unchanged, including a clause permitting the authority to terminate the lease with six months’ notice if the site is slated for imminent development.

Doi said the authority acquired the Block P property from Victoria Ward and that the lessee, a rice wholesaler operating as Waka USA, expressed an interest in remaining on site if a short extension were granted. “So that is the action before the board today to authorize that amendment to their lease to extend it for one additional year. The rent would increase slightly, as is typical, a 3% increase, and all the other terms and conditions would remain the same,” Doi said.

Board members moved and seconded the motion to authorize the executive director to execute the amendment; the motion passed unanimously with nine members recorded in favor. The board instructed staff to undertake “all tasks necessary to effectuate the purpose of this action,” language included in the motion.

The amended lease keeps the existing termination language intact, maintaining the authority’s ability to give six months’ notice if it moves forward with development of the Block P parcel. The authority’s presentation materials and staff remarks note the property is part of the Block P holdings acquired from Victoria Ward.

With the vote concluded, staff will prepare and execute the lease amendment and any related administrative steps.