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OHA trustees debate LLC and joint‑venture options for Kakaʻako Makai development; legal review and transparency urged
Summary
Trustees continued discussion Jan. 8 on options for developing Kakaʻako Makai, with consultants recommending a single‑purpose LLC but trustees demanding legal review and transparency safeguards before any governance change.
The Office of Hawaiian Affairs Committee on Investments and Land Management continued a months‑long discussion on Jan. 8 about a real‑estate strategy for OHA’s investment and legacy lands, including how to manage and develop Kakaʻako Makai. Consultants from Paragon Realty Partners described recommended tactics and identified four options to unlock embedded value: create a wholly owned single‑purpose limited liability company (LLC) with independent governance, enter a master joint venture, execute a master ground lease, or sell in bulk and reinvest proceeds.
Why it matters: trustees were told Kakaʻako Makai is an investment asset whose primary fiduciary objective is to generate a minimum real return and meet industry benchmarks; consultants said OHA currently lacks the organizational model and staffing to execute complex, time‑sensitive development in the current structure.
Consulta…
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