|
VAN PERNIS: - - -
<br />CARR SMITH: —we've been told what area was in the study, and it's front of us, so let's accept
<br />the study and move on. Are there any other—
<br />VAN PERNIS: I have a question for Mr. Fuke.
<br />CARR SMITH: Yes, Mark, go ahead.
<br />VAN PERNIS: Since, from prior testimony in prior hearings, I understand that development is not
<br />going to take place for many years. I also understand that the applicant LLC, Suffolk and Puaa, is
<br />not going to develop. So what's the rush? - - - Mr. Kay, _:getting everything done by July 31 St and/or
<br />getting, going to the Land Court right away. Why can't yoy takeJhe time to do those things?
<br />CARR SMITH: Go ahead, Sid.
<br />FUKE: Yeah, I don't understand the Land Court -question, but all I know is that the applicant
<br />already has a very solid buyer in terms of solid, Spring Capital, -,-and understandably, no potential
<br />buyer would want to purchase a property, if entitlement is not --there. And that's the reason why Ken
<br />was here earlier and, you know, he would. -have attested that, -yes, you know, subject to the approvals,
<br />that Spring Capital, you know, its plan would be, you know; stand ready and willing and able to do
<br />the project. Now, in terms of when actually`the,project can be shovel -ready, it's obviously not going
<br />to be within a year, you know, from now because'there are so many premise that are required; they
<br />have to update the drainage -A `although they did have one;,they-have to kind of prepare and
<br />update the construction drawings for the new mauka-makai highway, I mean roadway, within the
<br />project area; let alone like. -having to''come up with;a'master plan that's going to be vetted and
<br />approved by the Planning, Director: So,there are -,like a number of steps, so, you know, I think it
<br />would be remiss on..myself or„anybody else to represent that next year this time the project is going
<br />to be shovel -ready.: But I think .what's important is like the message that this Commission is sending
<br />up to say, itis a, it's a desirable project, it'll provide - - you know, like, much needed infrastructure
<br />and community service vis- a"' -'vis in terms of affordable rental housing, those kind of things, and it
<br />makes it a little bit more palatable for"existing or future investors to look at this island as seeing that,
<br />yes, we have a_relatively developer-friendly'island.
<br />VAN PERNIS: Is it because the applicants, Suffolk and Puaa, is not going to be the developer?
<br />FUKE: I think we made"it clear'that, yes, Puaa and Suffolk are not in the position right now to do
<br />the development. It's, it's a -project that's too large for them, and also given the age of the owners,
<br />they don't want to, you know, carry on a, you know, financial commitment that's going to stretch,
<br />you know, an excess of ten years. Somebody like - - - development - - - like Spring Capital would
<br />be in a better position to do it. If not Spring Capital, some other developer.
<br />VAN PERNIS: Do you agree that conditions have changed and infrastructure needs are increased - -
<br />- of the project, since the original approval in 2005? - - - need the next ten or 20 years?
<br />33
<br />
|