SPI Insights

Hawaii – The Aloha Stadium Authority voted on May 6 to demolish the 46-year-old stadium to make way for a mixed-use development that could include residential, retail, entertainment, hotel, office, and other spaces.

The date for demolition of the existing facility will not be known until the request for proposals (RFP) phase is completed for the stadium project, which is projected for the second quarter of 2022. Demolition will likely occur in the latter months of 2022.

On May 4, Hawaii launched its market outreach for the real estate development portion of the New Aloha Stadium Entertainment District (NASED) project with a webinar that was open to the development industry and the public.

The state’s Department of Accounting and General Services will issue two RFPs in July for redevelopment of the 70 to 80 acres surrounding the 20-acre stadium site. The state anticipates awarding a contract in the first or second quarter of 2022 and beginning construction in late 2022 or early 2023. Completion of the NASED real estate component will be in line with the opening of the new Aloha Stadium.

Plans call for about 1.2 million square feet of development within the first five years after construction begins. An additional 1 million square feet of development is expected to be added every five years.

Completion of the entire master plan is expected to take approximately 20 years.