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A rare real estate deal to help keep local businesses IN BUSINESS is underway in Niu Valley. We’re told it’s a move that’s never been seen before in Hawaii. KITV4’s Brenton Awa is here to explain. Kenny — the Niu Valley Shopping Center off Kalanianaole Highway is getting sold. There’s a bunch of local shops in the center — and a lot of them say — this is a good thing.
That’s because they’ve been renting for years and now they’ll get the chance to buy their slots at a low rate. Developer Peter Savio is in the process of buying the shopping center — then selling the commercial condo’s individually to businesses as fee simple owners. 55 – 110 “IT’S ALL ABOUT HELPING LOCAL PEOPLE BE BETTER OFF.
NOBODY REALLY LOOKING OUT FOR US LOCAL GUYS. THE MAINLAND GUYS ARE BUYING EVERYTHING, THEY’RE RAISING RENTS THEY’RE GOOD OPERATORS, THEY’RE MAKING MONEY BUT IT FORCES A LOT OF THE LOCAL BUSINESSES TO GO OUT.
” 10 – 20 “WHAT THIS DOES FOR US IS IT GIVES US AN OPPORTUNITY TO LAY OUR ROOTS DEEPER SO FOR US WE’RE MORE THAN INTERESTED. WE WANT TO BUY AND WE’LL FIND A WAY TO DO IT.” Savio told us that what usually happens when a shopping center’s sold is that the new owner might raise those businesses rents — causing them to move out.
He’s goal is to do the opposite. Savio’s buying the property from the King’s Cathedral and Chapel.
He says a contract has already been accepted. If everything goes as planned — he says the transaction should close sometime towards the end of this summer..
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