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Gushman
to help develop Beach Walk
Outrigger Enterprises, Inc., announced a joint venture with
Hawaii-based developer Richard Gushman to build and lease the
entertainment-retail portion of its $460 million Waikiki Beach Walk
project.
Gushman, who co-developed the successful
Waikele
Shopping
Center
on
Oahu
,
will be Outrigger's partner in the joint venture. Construction is
scheduled to begin during the first phase of the project in the
second quarter of 2005 and be completed in mid-2007.
Outrigger's Waikiki Beach Walk project, unveiled in 2001,
envisions a combination of shops, restaurants, entertainment venues,
vacation ownership and hotel accommodations located on 7.7 acres
along Lewers Street, Beach Walk, Kalia Road and Saratoga Road.
Gushman will be in charge of developing roughly 100,000
square feet of retail/entertainment space. Barbara Campbell,
Outrigger's vice president of retail development and leasing, will
serve as the joint-venture's leasing director, and Kaulana
Corporation has signed on as the project's broker.
Campbell
currently oversees Outrigger's nearly 300,000 square feet of retail
space located in its
Waikiki
properties.
Cost for the first phase is estimated at $235 million and
includes removing three obsolescent hotels to make way for the new
retail-entertainment development. It also includes conversion of the
480-room
OHANA
Reef
Towers
into a 193-unit time-share property owned by Fairfield Resorts,
Outrigger's timeshare partner.
The second phase of the Waikiki Beach Walk consists of
renovating two existing hotels (
OHANA
Waikiki
Village
and
OHANA
Waikiki
Tower
),
and replacing three existing hotels with a 350-foot tower consisting
of a combination of hotel, timeshare and vacation residential units.
Construction on phase two is expected to begin in 2007 and cost
approximately $225 million.
Richard Gushman has owned and developed more than $1.2
billion in real estate in the
Western
United States
and the
Pacific
Basin
over the past 30 years. He is currently a trustee of the Estate of
James Campbell, a $2 billion diversified real estate company
headquartered in
Honolulu
with investment real estate all over the
United
States
,
as well as significant holdings in
Hawaii
.
He is also a director of Time-Warner Oceanic Cablevision,
Servco Pacific, Inc., American Savings Bank and Outrigger
Enterprises. He is a trustee of
Hawaii
Pacific
University
,
current chair of the Fort Street Business Improvement District
Association, and a member of the Department of Hawaiian Home Lands
Advisory Board. He recently won the Kukulu Hale Lifetime Achievement
Holo Pono Award from the National Association of Industrial and
Office Properties.
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