Aloha Tower Development Corporation

From dKosopedia

The Aloha Tower Development Corporation (ATDC) was established in 1981 to redevelop land surrounding the historic Aloha Tower in downtown Honolulu. The Aloha Tower Complex is part of a master plan created as a stimulus for economic activities on the ocean front State lands within Honolulu Harbor.

Part of the Aloha Tower Complex has been included in the State of Hawaii's Enterprise Zone. This designation will afford qualified businesses located within the zone to enjoy multiple State and local tax benefits that they would otherwise not receive if located outside of the zone.

Presently, the ATDC is trying to jump-start a redevelopment effort that began in 1994 with the completion of the $100 million Aloha Tower Marketplace. The 170,000 Sq. Ft. Aloha Tower Marketplace boasts well over 60 merchants, including 10 restaurants on waterfront property. The marketplace was intended as the first phase of a $700 million, five-phase revitalization of the area into a vibrant waterfront district.

However, developer Aloha Tower Associates ran out of money and defaulted on lease payments to the state, which three years ago reclaimed development rights.

The Aloha Tower Development Corp. (ATDC) entered into a development agreement with UC Urban, a Dallas based developer, in October of 2004, that pledges the two sides to move forward on their ambitious $350 million blueprint for revitalizing the state-owned area and enhancing its integration with the rest of downtown Honolulu.

Tentative plans for the Aloha Tower waterfront revamp include:

A mixed-use complex, called Pacific Quay, featuring around 500 condominiums, 50,000 square feet of retail and restaurant space, and several floors of parking. It would be located on the waterfront along Piers 5 and 6, which is presently occupied by a parking lot and be developed by UC Urban.
A trolley system linking the waterfront with the downtown district.
Redeveloping Piers 10 and 11 to include a new cruise ship terminal, parking structure, and bus/taxi terminus.
An additional parking garage near Pier 2.
The demolition of the HECO power plant.
Three new parks to provide open space in the area.
A subterranean roadway under Nimitz Highway to allow through-traffic to bypass the area.
Changes to Aloha Tower Drive and Nimitz Highway to improve pedestrian and vehicular access.

The ATDC is preparing a formal plan so it can present funding requests to the Legislature in the next session. It is hoped first ground can be broken in the Fall of 2005.