HONOLULU (AP) — Student housing will expand at the YMCA near the University of Hawaii-Manoa campus.
HONOLULU (AP) — Student housing will expand at the YMCA near the University of Hawaii-Manoa campus.
The University of Hawaii Foundation will spend $8 million to purchase the YMCA property and as much as $5 million on renovations, the Honolulu Star-Advertiser reported.
The sale’s expected closing date is in early 2017, YMCA of Honolulu president and CEO Michael Broderick said.
The deal allows Atherton YMCA staff to use space in a student services building at the lowest cost possible, he said. “The partnership and transfer of the property to the University of Hawaii Foundation will allow the Y to continue to support the youth of Hawaii and their pursuit of education, careers and as future leaders of our community,” Broderick said in an email.
Two historic buildings will house students.
University of Hawaii spokesman Dan Meisenzahl said the project maintains a landmark while adding to student housing.
“To have an opportunity to add to our overall footprint, especially in a community like Manoa, and this property has such historical significance — I think everyone involved realizes how important this property is to the University of Hawaii,” Meisenzahl said. “Even more importantly, it allows us to continue to provide affordable housing to our students near campus.”
A Board of Regents committee will discuss an agreement that leases the property to the university.
The lease agreement includes an option for the university to buy the property from the foundation.
“Foundations can be a little more nimble and responsive, whereas a public institution, it might take us a little while to get everything lined up to make something like this happen,” Meisenzahl said. “If the foundation didn’t exist, this opportunity wouldn’t exist.”