Economy Reduces New UH Hilo Dorm Plans From $200 Million to $74 Million

OUCH!  This hurts UH Hilo big time:

The nation’s financial meltdown has forced the developer of a long-planned student housing and retail complex in Hilo to scale back the project.

Bridgecreek International, based in Huntington Beach, Calif., had planned to build a $200 million complex that would include dormitories for 1,200 University of Hawaii at Hilo students on state land in exchange for rights to also develop a hotel and retail center on the property.

The project, called the U.S.-China Center, has been scaled back to $74 million and will house approximately 800 students, according to John Carlson, Bridgecreek’s president of development.

He said the redesign involves scrapping plans for four multistory dormitories and instead building clusters of two-story walk-up townhouses.

2 Responses

  1. So when is this NEW plan going to ACTUALLY start? When is complete date?

  2. For the developer to blame the changes on the recent economic downturn is a bit disingenuous. This project was first proposed at least six years ago and has been struggling since through several different developers, with most of the problems stemming from financing.

    Damon – Good Point… I just make up the headlines. ;)

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