A new world-class student housing facility at the Walter Dods Jr. RISE Center was made possible through the first public-private partnership at the University of Hawaii at Manoa campus in Honolulu.
In recognition of its community impact, the entrepreneurship center and student housing facility received a CoStar Impact Award for redevelopment of the year for Hawaii, as judged by real estate professionals familiar with the market.
Hunt Cos. Hawai‘i, the University of Hawaii and the nonprofit UH Foundation entered into a public-private partnership in 2017 that saw Hunt become responsible for the design, construction and financing of the RISE innovation center. When RISE opened its doors last August, it marked the first new student housing facility at the campus since 2008.
RISE provides the university with a modern facility that educates and nurtures the next generation of local entrepreneurs and innovators. As the only entrepreneurship center in the state, RISE presents a brand-new housing ecosystem. RISE residents also are in the center of entrepreneurship programs offered by the highly regarded Pacific Asian Center for Entrepreneurship in the University’s Shidler College of Business.
About the Project: RISE is a three-structure property at 1810 University Ave. composed of two new six-story wings that seamlessly wrap around the existing historic pink-hued Charles Atherton House, a 90-year-old local landmark. The center is pursuing LEED Gold certification with its innovative design incorporating various renewable energy and energy-conscious construction methods.
What the Judges Said: "This project sets a new standard for PPP partnership and repurposing a historic building into an institutional 21st-century building," said Yifan Chen, assistant professor of finance and real estate at the University of Hawaii at Manoa. MW Commercial Realty Leasing Manager Evan Ketter applauded the project for its efforts to restore a historic site while creating a place that benefited the surrounding community.
They Made It Happen: Mike Lam and Steve Colon of Hunt Cos. Hawaii Division, Lance Wilhelm of the Wilhelm Group, Robert Tomas with general contractor Moss and Associates, and John Han from the University of Hawaii Foundation contributed to the success of this project.
CoStar Market Manager Dominic Capocelli contributed.