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DHHL approves amended rent structure for Kapolei’s Hamakana Ali‘i mall, preserving 4% community benefit
Summary
The Hawaiian Homes Commission voted to amend General Lease No. 276 for Kapolei Hawaii Property Company, approving a 15‑year reduced-rent period (retroactive to Dec. 1, 2024), structured repayment of deferred rent, 20% distributable‑cashflow participation and a 20% profit share on sale; commissioners kept a 4% community benefit tied to contract rent.
The Hawaiian Homes Commission on Nov. 20 approved a negotiated amendment to General Lease No. 276 for the Hamakana Ali‘i mall in Kapolei, adopting a multi-part restructuring the Department of Hawaiian Home Lands staff said is intended to stabilize the project’s financing and protect beneficiary dollars.
Acting Land Management Division administrator Linda Chin summarized the proposal as a three-part restructuring: a 15‑year “reduced rent” period retroactive to Dec. 1, 2024; a repayment schedule for $9.1 million of previously deferred rent and interest; and new participation payments to DHHL that include 20% of distributable cash flow each year and 20% of profit upon sale.…
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