Pacific Business News published a stirring article about how one of our apartment properties, YMCA Central Branch located on Atkinson Drive, is developing. While there was a halt in development, they have finally worked out their zoning issues and the developer of the project confirmed that construction will begin early 2016. The first and foremost important part of the project is the new YMCA, which will be a redeveloped 3-story, 30,000 square-foot facility. They are working diligently to finish the plans for the new Central Branch of YMCA Honolulu before they begin focusing on the condo project.
In the article, Duane Shimogawa writes, “California-based MB Property Acquisitions LLC has partnered with the Japanese firm Tama Home on the development. Michael Blumenthal, president of MB Property Acquisitions, told PBN … , ‘It has taken a while, but we are moving forward,’ Blumenthal said, noting that the demolition of the YMCA Central branch should begin in about five months. ‘It took a little more than a year to get the zone change, but that enhanced the economics of the deal.’”
It’s very exciting to see a property we had a hand in being developed and moving forward with such promise for the community as well as the condominium and commercial real estate markets.