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Savio’s plan for Waiakea Villas in Hilo moving forward

July 11, 2013 Destination Hawaii No Comments Email Email

egtmedia59Honolulu-based developer Peter Savio is planning to spend $25 million to redevelop the Waiakea Villas complex in Hilo and plans to build a new hotel and attract new tenants to the commercial side of the complex next to Waiakea Pond.

The Hawaii Tribune Herald reports Savio, who recently closed on the commercial side of the complex for $1.95 million, said he is currently negotiating to purchase the residential side of the complex for between $6 million and $7 million. The newspaper reports Savio plans to spend about $500,000 on renovations to the commercial side and plans to develop a new hotel on the site in the style of the Pagoda Hotel in Honolulu, which he acquired in 2010. The newspaper reports Day-Lum Rentals and Management Inc. will be managing the leased units.

Edited by : Bill Hurley

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