November 16, 2005
Contributed by Thomas Yoshida
"This is a tremendous day for Kamehameha Schools as this project continues to develop under our concept of understanding and commitment to the community, stewardship of the land and creating an Urban Village," said Vice President for Endowment Kirk Belsby.
"We are extremely fortunate for KUD International and Phase 3 Properties to form a unique partnership in this venture. Each is uniquely qualified to make a major contribution to the growth of Kaka'ako. This project is a perfect complement to Hawai'i Community Development Authority and the University of Hawaii's vision of a 'live, work, learn and play' community."
The total project site is an "L" shaped parcel consisting of about 4.9 acres located immediately Diamond Head and makai of the Gold Bond building. The first phase will be approximately 150,000 square feet, and the total project will be approximately 400,000 square feet. The Complex is expected to cost at least $200 million and is anticipated to support more than 1,000 jobs.
KUD (Kajima Urban Development) is a master developer of complex, public/ private projects worldwide. KUD specializes in the financial structuring and the management of design and construction of unique, mixed-use projects. Current projects range from the development of Silvertown Quays in London, the single largest regeneration project in Europe, to the development of a major expansion of the campus for the University of Central Florida in Orlando. Kajima and its affiliates have been active in Hawai'i for more than 25 years. Significant Hawai'i projects include the Hualälai Resort on Hawai'i Island and the recent completion of the new John A. Burns School of Medicine facility in Kaka'ako for the University of Hawai'i by a joint venture of Hawaiian Dredging and Kajima Construction Services, both Kajima affiliates.
San Diego-based Phase 3 Properties, Inc. specializes in the development, leasing, and management of laboratory assets in selective biotech markets for the private sector as well as public institutions. Phase 3's services include tenant representation, investment sales, development, consulting and strategic planning. They also offer expertise in the areas of life science market analysis, joint ventures, creative financing, ground leases, and sale/leaseback transactions. Among Phase 3's major projects are the San Diego Science Center in California, Patriot Science Center in North Carolina and Nexus Canyon Science Park in Seattle, Washington.
"We are very excited about this project" said Larry Preble, Vice President for KUD. "We believe that it will be a catalyst for further development and that it will contribute to the vision that Ed Cadman and others have for a life science cluster in Kaka'ako. We especially appreciate the support from Kamehameha Schools and other stakeholders, both public and private, for this important project. It will create jobs and benefit the entire community."
KUD and Phase 3 agreed to collaborate and prepare a joint proposal for the development of the project. The merging of the strengths of the two companies is a unique approach in the development of the Life Sciences complex.
"We believe that KUD's tremendous experience in development, construction and financing and the tremendous strength of Phase 3 in marketing and leasing life science facilities and property management creates a world-class team to develop this ambitious project," said Susan Todani, director of Kamehameha Schools' planning and development division. "We appreciate the efforts of the two companies to combine their unique abilities to jointly work on this venture."
"We are truly honored in our association with such a monumental Hawaiian vision and look forward in delivering the most economically sound and culturally sensitive life science research institute possible," says Warner Bonner, Vice President of Phase 3 Properties.
The decision by the University of Hawai'i to locate its new John A. Burns School of Medicine (JABSOM) in Kaka'ako provided a highly visible commitment from the State of Hawai'i through the Hawai'i Community Development Authority (HCDA) to seed the development and future growth of this prime urban area.
Kamehameha Schools acknowledged this commitment by incorporating the inclusion of a life-sciences research facility as the first of its major new developments on its Kaka'ako lands.
Kamehameha has worked closely with JABSOM and the HCDA in supporting the life sciences industry by designating selected parcels in the immediate vicinity for development of new infrastructure and facilities that would further the growth of an emerging life-sciences industry in Hawai'i. The planned research complex, in conjunction with JABSOM and the proposed cancer research center, will act as a magnet to attract other life-sciences related businesses and services to the area, bringing new jobs and other opportunities to Kaka'ako that currently do not exist in the district, and, in some cases, in Hawai'i.
Kamehameha Schools is a statewide educational system founded and endowed by the legacy of Princess Bernice Pauahi Bishop. Currently, more than 6,900 students of Hawaiian ancestry are enrolled in K-12 campuses on three islands and at more than 30 preschool sites statewide. Kamehameha Schools also serves thousands of other Hawaiian learners each year through a range of outreach programs, community collaborations and financial aid opportunities in Hawai'i and across the continental United States.
Kamehameha Schools’ policy is to give preference to applicants of Hawaiian ancestry to the extent permitted by law.
