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HCDA authorizes exclusive negotiations with Historic Hawaii Foundation for Kakaʻako pumping station
Summary
The Hawaiʻi Community Development Authority on March 4 authorized the executive director to enter exclusive negotiations with Historic Hawaii Foundation for a lease of the historic Kakaʻako pumping station at 653 Ala Moana Boulevard; the board left the precise negotiation timeframe to the executive director and asked that maintenance responsibilities be clarified in future lease terms.
The Hawaiʻi Community Development Authority on March 4 authorized the executive director to enter into exclusive negotiations with Historic Hawaii Foundation for the lease of the historic Kakaʻako pumping station at 653 Ala Moana Boulevard in Honolulu.
Asset manager Lindseay Doy told the board the property has been marketed on LoopNet since the previous tenant terminated its lease in September 2025 and that a leasing committee is recommending Historic Hawaii Foundation as the negotiating partner. "Today's action is not related to approving the proposal," Doy said; "it is strictly limited to approving the executive director and staff to directly negotiate with Historic Hawaii Foundation."
Board members pressed staff on lease economics and maintenance obligations. One member noted the state has spent roughly $2 million on recent roofing repairs and said a nominal $1-per-year rent would shift disproportionate upkeep responsibility to the authority unless the lessee commits to a maintenance plan or pays market rent. Staff acknowledged the concern and said negotiated lease terms would address HCDA responsibilities before final approval is brought back to the board.
Members also debated how long an exclusive negotiation period should last. Staff said a pending capital roofing project could take about a year to complete, depending on permitting, and recommended allowing time for the prospective lessee's due diligence. The board ultimately approved a motion authorizing exclusive negotiations in a timeframe to be determined by the executive director, rather than setting a fixed term at the meeting.
The roll-call vote carried (eight in favor, one excused). The board directed staff to return with negotiated lease terms and any conditions that define maintenance obligations, rent, and timing for a future final lease decision.
