A local real estate development firm last week celebrated the completion of a new road in Kapolei that connects an emerging 54-acre industrial business park with Oahu’s growing “Second City.”

Avalon Development Co. said land parcels within Kapolei Business Park have been bought by tenants that include an indoor soccer facility operator, a truck rental firm, a tire supplier and a medical supply company.

Christine Camp, Avalon president and CEO, said $50 million has been spent to date on the project, which is being developed in phases. She also said another $60 million is expected to be spent on buildings in the park this year.

The first business to break ground at the business park was American Tire Warehouse, which is building a 24,000-square-foot warehouse.

Other lot buyers include medical supply firm Medline Industries, beverage maker Ito En, truck rental company Penske and entrepreneur Richard Pentacost, who is developing an indoor soccer complex.

Island Air hires 27 for revived Kauai service

Island Air has hired 27 employees, including 19 from Kauai and eight from Oahu, as it prepares to restore daily service to Lihue starting Tuesday. The employees include eight who previously worked for Island Air. The airline had dropped service to Kauai in June amid a company restructuring.

“In anticipation of our relaunch of service to Kauai, the returning employees and the new hires have been undergoing extensive training and working toward our shared goal of providing customers with the best interisland travel experience,” Island Air President and CEO Les Murashige said.

Leina Alcos, who previously worked for Island Air for eight years, will return as the Lihue station manager, where she will oversee all station operations.

Former employees were invited to reapply, and new team members were recruited through job fairs and other outreach efforts to fill positions that include customer service agents, ramp agents and station managers.

Average 30-year mortgage rate edges up to 3.68%

WASHINGTON >> Average long-term U.S. mortgage rates rose this week for only the second time this year.

It was the second straight weekly increase for long-term loan rates, which had declined since the start of the year amid global economic anxiety and market turbulence. Rates still remain at historically low levels at the start of the spring homebuying season.

Mortgage buyer Freddie Mac said Thursday the average rate on a 30-year, fixed-rate mortgage edged up to 3.68 percent from 3.64 percent last week. The benchmark rate remains below the 3.86 percent level it marked a year ago. The average rate on 15-year, fixed-rate mortgages increased to 2.96 percent from 2.94 percent last week.

Economists are seeing some positive signs in new data. A robust U.S. employment report for February, issued by the government last Friday, highlighted a resilient U.S. economy just as fears of a new recession had begun to surface. Though markets have stabilized and some economic worry has abated, most experts don’t expect the Federal Reserve to raise the short-term interest rate it controls at its policy meeting next week. In December, the Fed increased the rate from a record low near zero for the first time in seven years.

On The Move

>> Sheraton Waikiki has named Tomo Kuriyama as its deputy general manager. He has five years’ experience in Thailand, where he served as the executive assistant manager at the Sheraton Grand Sukhumvit and general manager of the Sheraton Pattaya Resort. Kuriyama also previously served as front office manager and director of rooms at Sheraton Waikiki, as well as guest service agent, outlet manager and assistant front office manager for Sheraton Maui.

>> Berkshire Hathaway HomeServices Hawai‘i Realty has announced that Realtor associate Lisa Camacho has joined the company. She was previously working for Locations LLC.

Ship Ahoy!

Today’s ship arrivals and departures: