NEWS RELEASE

ProsPac Selected to Develop Block G, Kaliʻu Residential Development

HONOLULU (August 4, 2022) – Kamehameha Schools selected ProsPac for the next redevelopment project on Block G in Our Kakaʻako named Kaliʻu. The property is bordered by Ala Moana Boulevard, Auahi, Coral and Cooke Streets. Kali‘u is a 400 foot structure comprised of 330 market-priced homes and 42,000 square feet of commercial space that will expand the neighborhood retail, grocery, and dining options in Our Kaka‘ako. The project continues to fulfill the vision of Kamehameha Schools’ Kaiāulu ʻo Kaka‘ako Master Plan, which is a diverse, inclusive, vibrant and sustainable neighborhood.

“We set out to bring thoughtful, community-oriented development to Hawaiʻi, and we are deeply honored for the opportunity to work with Kamehameha Schools,” said William Chen, vice president, ProsPac. “Our Kaka‘ako is a progressive, urban island neighborhood anchored in a sense of place, and we’re excited to participate in the vision to provide quality housing options.”

Kaliʻu, meaning well-seasoned in Hawaiian, embodies concepts of resource stewardship, sustainability and honors the contributions of the people and the community that thrived on the region’s famous salt- bed lands in old Hawaiʻi. In addition to new homes and retail space, Kali‘u is estimated to deliver $500 million in economic impact, creating 237 net new jobs and more than $30 million in total state and federal tax contributions.

Block G is entitled for condominium development and is adjacent to SALT at Our Kakaʻako, an award- winning city block home to passionate chefs, artists, and entrepreneurs.

“We look forward to working with ProsPac, who understands and shares our vision for Our Kakaʻako in creating diverse housing options rooted in cultural connection to this special place,” said Serge Krivatsy, senior director of planning and development, commercial real estate at Kamehameha Schools. “Kali‘u is the tenth project of our master plan, and KS remains committed to serving this vibrant community as part of our stewardship of ‘Āina Pauahi and in support of our educational mission to serve Native Hawaiian learners.”

ProsPac completed its latest project, Azure Ala Moana, in September 2021. The 41-story mixed-use condominium building features spacious one-, two- and three-bedroom homes and 78 affordable apartments complemented by exceptional amenities: a resort-style pool and cabanas, barbeque areas, fitness center, club room and guest suites. In addition to new residences, Azure Ala Moana has over 20,000 square feet of commercial space and a public outdoor plaza.