The conclusion of the Supreme Court that the Hawaii Superferry must conduct an environmental assessment seems obvious but deserves applause from anyone out there who cares about maintaining the quality of life that we knew when we were growing up here.
So let me get this straight; hundreds of vehicles arriving from Oahu to Kauai should warrant an environmental impact statement. But thousands of cars and people and a massive development of prime ag/conservation land at Kawela Bay-Kahuku on Oahu should not. Makes perfect sense to me!
And they want us to conserve water by shortening our showers and starving our plants, yet the Hawaii Visitors Bureau is constantly trying to increase our visitor count.
Maybe the Hawaiian people are finally realizing that our resources are running out and we can't rely on the government to embrace what many of us hold dear. And maybe the government should realize that we are through putting up with its lack of leadership.
Toby Morris
Kailua
Friday, August 31, 2007
Monday, August 20, 2007
Defend Oahu Coalition calling for support at public hearing
DOC is encouraging residents to voice their concerns and opinions at the 2007 review of Ko'olauloa Sustainable Community Plan. The public hearing will be on Thursday, August 30, 2007 at 7:00 pm in the Laie Elementary School Cafeteria.
The organization is asking community members to keep in mind issues relating to the proposed Turtle Bay Resort expansion. In 1999, the City and County of Honolulu approved the Ko'olauloa Sustainable Community Plan that included the 1986 proposed expansion of Turtle Bay Resort. Eight years later, Defend Oahu Coalition is asking: Is a community plan that includes the proposed expansion of Turtle Bay Resort really “sustainable”?
The organization is asking community members to keep in mind issues relating to the proposed Turtle Bay Resort expansion. In 1999, the City and County of Honolulu approved the Ko'olauloa Sustainable Community Plan that included the 1986 proposed expansion of Turtle Bay Resort. Eight years later, Defend Oahu Coalition is asking: Is a community plan that includes the proposed expansion of Turtle Bay Resort really “sustainable”?
Saturday, August 04, 2007
L.A. Hedge Fund Facing Opposition on Hawaiian Plans
San Diego Business Journal
By SARAH FILUS - 7/23/2007
Los Angeles Business Journal Staff
Six years after gaining full ownership of Turtle Bay Resort in Hawaii, one of the only oceanfront getaways on Oahu's quiet North Shore, Oaktree Capital finds itself involved in a growing controversy over its plans to further develop the property.
The L.A.-based vulture hedge fund announced last year it planned to expand the 443-unit resort and was looking for either a financial partner or a buyer for the entire 880-acre site.
Hilton Hospitality Inc., Beny Alagem's Alagem Capital and Michael Dell's MSD Capital all were said to be interested in the site, but the announcement also caused a public outcry, protests and lawsuits that may have chilled any deal.
More recently, Starwood Hotels & Resorts Worldwide Inc., the owner of the Sheraton and Westin brands and a major developer of time shares, fell out of active negotiations for a purchase or partnership, though Hawaiian media reports indicate the company has not completely scuttled a deal.
"When all the press coverage and uproar sprang up from the local community about the expansion, that became one of the major reasons that investment firms who looked at it didn't want to pursue it," said Mike Hamasu, the consulting and research director for Colliers Monroe Friedlander Inc. in Honolulu. "There is an extreme sensitivity to development in Hawaii, especially along the North Shore."
Oaktree, through its subsidiary Kuilima Resort Co., wants to add about 3,500 hotel and condominium units to the property it acquired full control of in 2001. It has already spent $60 million to renovate the existing hotel and to add a condominium complex called Ocean Villa. In 1998, it had teamed with developer Bill Mills to gain an interest in the resort.
The resort, originally developed by Prudential Insurance Co. and Del Webb Corp., has expansion entitlements from the city of Honolulu that date back to 1986 but were never pursued. Since that time, though, opposition has grown to further construction of the largely undeveloped North Shore.
Keep the North Shore Country, a group opposed to the resort's planned expansion, sued for an environmental impact report. The group also alleges the development will disturb ancient Hawaiian burial grounds. The suit was thrown out once and last month it was appealed, with a decision still pending.
"(Honolulu) allowed the developer to expand as if nothing has changed since 1986," said Gil Riviere of Keep the North Shore Country. "Our position is that everything has changed. Even the impact of those 4,000 units is greater now and they should be studied."
New York-based real estate investment banking firm, Eastdil Secured LLC is helping to market the property.
Oaktree representatives declined to comment.
Fund closure
Turtle Bay is not Oaktree's first venture in Hawaii. During the 1990s recession, Oaktree purchased a number of high-end properties on Hawaii.
The North Shore controversy comes as Oaktree is looking to divest the resort and close the investment fund that owns the property. The OCM Real Estate Opportunity Fund was set to expire last year, according to a story by Pacific Business News.
However, Lloyd Greif, chief executive of L.A.-based investment banking firm, Greif & Co., said it is not unusual for companies to get fund extensions if they still have holdings they would like to sell off.
Typically, investment funds such as OCM Real Estate Opportunity Fund have 10-year life spans, he said. The money raised by institutional investors is usually spent acquiring assets during the first three to four years of the fund's life. From years four and on, the holdings are divested and money is distributed to the investors.
"Oaktree has very savvy investors. It makes perfect sense to sell," said Greif. "A few years ago, people were still trying to figure out what life was going to be like after 9/11. Now, there is a lot of money out there and people are spending it on themselves. They want to go to exotic places and Hawaii is an exotic place. I expect that Oaktree will come out smelling like a rose."
By SARAH FILUS - 7/23/2007
Los Angeles Business Journal Staff
Six years after gaining full ownership of Turtle Bay Resort in Hawaii, one of the only oceanfront getaways on Oahu's quiet North Shore, Oaktree Capital finds itself involved in a growing controversy over its plans to further develop the property.
The L.A.-based vulture hedge fund announced last year it planned to expand the 443-unit resort and was looking for either a financial partner or a buyer for the entire 880-acre site.
Hilton Hospitality Inc., Beny Alagem's Alagem Capital and Michael Dell's MSD Capital all were said to be interested in the site, but the announcement also caused a public outcry, protests and lawsuits that may have chilled any deal.
More recently, Starwood Hotels & Resorts Worldwide Inc., the owner of the Sheraton and Westin brands and a major developer of time shares, fell out of active negotiations for a purchase or partnership, though Hawaiian media reports indicate the company has not completely scuttled a deal.
"When all the press coverage and uproar sprang up from the local community about the expansion, that became one of the major reasons that investment firms who looked at it didn't want to pursue it," said Mike Hamasu, the consulting and research director for Colliers Monroe Friedlander Inc. in Honolulu. "There is an extreme sensitivity to development in Hawaii, especially along the North Shore."
Oaktree, through its subsidiary Kuilima Resort Co., wants to add about 3,500 hotel and condominium units to the property it acquired full control of in 2001. It has already spent $60 million to renovate the existing hotel and to add a condominium complex called Ocean Villa. In 1998, it had teamed with developer Bill Mills to gain an interest in the resort.
The resort, originally developed by Prudential Insurance Co. and Del Webb Corp., has expansion entitlements from the city of Honolulu that date back to 1986 but were never pursued. Since that time, though, opposition has grown to further construction of the largely undeveloped North Shore.
Keep the North Shore Country, a group opposed to the resort's planned expansion, sued for an environmental impact report. The group also alleges the development will disturb ancient Hawaiian burial grounds. The suit was thrown out once and last month it was appealed, with a decision still pending.
"(Honolulu) allowed the developer to expand as if nothing has changed since 1986," said Gil Riviere of Keep the North Shore Country. "Our position is that everything has changed. Even the impact of those 4,000 units is greater now and they should be studied."
New York-based real estate investment banking firm, Eastdil Secured LLC is helping to market the property.
Oaktree representatives declined to comment.
Fund closure
Turtle Bay is not Oaktree's first venture in Hawaii. During the 1990s recession, Oaktree purchased a number of high-end properties on Hawaii.
The North Shore controversy comes as Oaktree is looking to divest the resort and close the investment fund that owns the property. The OCM Real Estate Opportunity Fund was set to expire last year, according to a story by Pacific Business News.
However, Lloyd Greif, chief executive of L.A.-based investment banking firm, Greif & Co., said it is not unusual for companies to get fund extensions if they still have holdings they would like to sell off.
Typically, investment funds such as OCM Real Estate Opportunity Fund have 10-year life spans, he said. The money raised by institutional investors is usually spent acquiring assets during the first three to four years of the fund's life. From years four and on, the holdings are divested and money is distributed to the investors.
"Oaktree has very savvy investors. It makes perfect sense to sell," said Greif. "A few years ago, people were still trying to figure out what life was going to be like after 9/11. Now, there is a lot of money out there and people are spending it on themselves. They want to go to exotic places and Hawaii is an exotic place. I expect that Oaktree will come out smelling like a rose."
Defend Oahu Coalition to join mayor in clean up of North Shore
Honolulu Mayor Hannemann and his Cabinet will be on the North Shore of Oahu cleaning up beach parks this Saturday, August 4, starting at 7:45 a.m. DOC members are asked to join him wearing your green Keep the Country Country t-shirts to remind the Mayor of our commitment to Keep the Country Country!
Volunteers will meet at 7:45 a.m. at Hale'iwa Ali'i Beach Park, on the Mokule'ia side of the Hale'iwa Boat Harbor. Volunteers plan to work through the morning at Hale'iwa Ali'i Beach Park and Kaiaka Beach Park. At midday the mayor and his Cabinet will be available to talk story and have lunch at the park. Parks scheduled to receive attention that morning include Hale'iwa Ali'i Beach Park and Kaiaka Beach Park.
Anyone interested in helping should report to the Mayor's aloha tent at Hale'iwa Ali'i Beach Park before 8a.m. Saturday.
Remember to wear your green Keep the Country Country T-shirt!
Volunteers will meet at 7:45 a.m. at Hale'iwa Ali'i Beach Park, on the Mokule'ia side of the Hale'iwa Boat Harbor. Volunteers plan to work through the morning at Hale'iwa Ali'i Beach Park and Kaiaka Beach Park. At midday the mayor and his Cabinet will be available to talk story and have lunch at the park. Parks scheduled to receive attention that morning include Hale'iwa Ali'i Beach Park and Kaiaka Beach Park.
Anyone interested in helping should report to the Mayor's aloha tent at Hale'iwa Ali'i Beach Park before 8a.m. Saturday.
Remember to wear your green Keep the Country Country T-shirt!
Thursday, August 02, 2007
Proposed tax worries owner of Turtle Bay
By Dennis Camire
Gannett News Service
WASHINGTON — A top official of Oaktree Capital Management, owner of Turtle Bay Resort on O'ahu's North Shore, says he is concerned proposed tax increases on managers of private equity and hedge funds would encourage them to keep their operations shielded from public scrutiny.
Read more at Honolulu Advertiser
Gannett News Service
WASHINGTON — A top official of Oaktree Capital Management, owner of Turtle Bay Resort on O'ahu's North Shore, says he is concerned proposed tax increases on managers of private equity and hedge funds would encourage them to keep their operations shielded from public scrutiny.
Read more at Honolulu Advertiser
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