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HCDA staff says new property manager in place for 4545 Queen Street; existing tenants to remain at current rents
Summary
HCDA staff reported that the limited partnership for the rental at 4545 Queen Street was dissolved, a new property manager began service in an overlap period, and staff aim to reconcile tenant accounts and fill vacancies by the end of October; board members were told existing tenants will not be relocated and current rents remain unchanged.
At the start of the meeting the Hawaiʻi Community Development Authority received a staff update on the property management transition for the rental property at 4545 Queen Street in Honolulu.
Chief Financial Officer Garrett Sosaki told the board that a limited partnership associated with the property was dissolved recently, which terminated the agreements under that partnership, and that HCDA, working under state and HED oversight, procured a new property manager who began in an overlap period and is effective as of today.
Sosaki said staff’s immediate financial goal is to reconcile tenant account balances and that occupancy targets call for filling vacant units by the end of October, with another update to the board planned for November. He also told members that age and income restrictions that had applied to the property were removed for future move‑ins; Sosaki said existing tenants will remain in their units at their current rents and will not be relocated due to the management change.
Members asked whether tenants and owners had been notified; Sosaki said there were two meetings with HED and tenants and a meeting with the new property manager to explain protocols, and that the communications were well received. The board did not take a formal vote on the management arrangement during the meeting.
