WAIKIKI (HawaiiNewsNow)- PBS Hawaii today closed the sale of its Waikiki property for $3.5 million. The 28,761-square-foot land parcel, located at 1812 Kalakaua Avenue, was sold to locally owned developer MW Group, which plans to build the Plaza @ Waikiki, an assisted living facility for seniors. Today's transaction marked the conclusion of an 18-month-long process that involved rezoning and infrastructure credits.
Hawaii's only public television acquired the property in November, 2003 for $2.4 million from the bankruptcy of Indonesian financier Sukamto Sia. "At one time we thought that we would put our new home on this land," said PBS Hawaii Board Chair Robbie Alm. "That turned out not to be possible because of technology issues and we needed to sell it.