Posted on: Friday, June 17, 2005

Advertiser News Building may share space with condo

Advertiser Staff

The property under The Honolulu Advertiser's Kapi'olani Boulevard headquarters could soon give rise to a residential condominium as high as 400 feet while possibly preserving the historic News Building.

A broker for Gannett Co. Inc., owner of The Advertiser, recently began distributing a request for proposals to redevelop the newspaper's 3.7-acre site at the corner of South Street and Kapi'olani.

Promotional materials for the proposed redevelopment suggest a developer will be able to capitalize on Honolulu's strong condo market, while preferably providing new or remodeled on-site facilities for the newspaper.

Restoration of the News Building, built in 1929 with a red-tile roof and Renaissance Revival decorative architecture, may be eligible for a 20 percent tax credit if the building were placed on the National Register of Historic Places, according to Gannett broker Grubb & Ellis.

Grubb & Ellis said in its offering that an architectural historian determined that the building, which is one of three on the property, meets criteria for inclusion on the register.

However, restoration and reuse of the News Building would be determined by development proposals and the selection process.

Gannett is seeking a joint-venture proposal, in which case a developer would finance redevelopment, as well as an offer to buy the Advertiser property. Preference would be given to proposals that retain newspaper offices and distribution operations on the property. However, proposals that relocate Advertiser operations also would be considered.

Grubb & Ellis estimated that initial offers will be due July 30, with final offers due Oct. 15.