Avalon Group, a Honolulu-based real estate development, sales and consulting company, purchased the former Walmart property at South King and Bethel streets in downtown Honolulu, it announced Thursday.
The property, which spans 87,000 square feet of store space and 454 parking spaces, sold for $38.25 million, according to an email from Avalon Group President and CEO Christine Camp. It is “a significant part of Avalon’s continuing plans to reimagine Downtown Honolulu” and “will form the heart of a vibrant new Downtown Honolulu,” the email read.
The company said it will soon release its plans for the property, which will include residential, recreational and commercial activities for area businesses, residents, workers, students and visitors.
Camp said Avalon Group hopes to build residential units above the property’s parking garage and set aside half of the building for recreational entertainment and half for commercial use. It also hopes to include a “destination dog park” for residents and guests outside of the building.
The company also purchased the 378,000- square-foot Davies Pacific Center office building at the end of January, and is converting the building into a one-third office space, two-thirds residential building called Modea, with 352 units.
“We imagined creating urban oases at key blocks that will help connect our residents (and) enhance their quality of life in Downtown,” Camp said. “The Fort Street Mall is an amazing walkable avenue. The block is a central location to the residences already in Downtown — the Bishop Place, Harbor Court, Capitol Plaza, Honolulu Park Place and our Modea.”
Avalon Group is also working on Hawaii Pacific University’s three-story Science Hall, which is expected to be completed by summer and is next door to the former Walmart property.
“It just made sense for us to acquire Walmart and really create a destination for the students, businesses and residents,” Camp said. “It will be buzzing with up to 5,000 students of HPU, a destination for all dog owners and many other indoor recreational activities that we will activate at the location.”
The former Fort Street Mall Walmart closed in April. It had replaced a Macy’s, which closed in February 2013.
