HONOLULU (KHON2) — From new hotel operators to new condominium developments, the Keeaumoku Street area will see plenty of changes, and some are even calling it the new Kakaako.

Letting go of the Pagoda Hotel was not an easy decision for Peter Savio. He said it was the lack of revenue due to the pandemic and pressure from lenders that forced him to sell.

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“I immediately said, ‘I have to sell it but I wanted to find someone that was local, that would keep it local, and keep the property as a local hotel, take care of it’,” Savio said. “And of course, Duane Kurisu and his son were a perfect choice.”

Kurisu is a Hawaii businessman and real estate investor. They tapped Highgate, a hospitality company that manages properties like Alohilani to operate the Pegoda Hotel moving forward.

The Pagoda Floating Restaurant & Catering operator John Teruya said they will continue to keep their doors open inside the property, but said there will be new life added to the neighborhood.

Teruya said, “This whole area as a whole is coming up, new condominiums, new people coming in so we look forward to the future and what’s going to hold.”

Right around the corner from the Pagoda, the mom and pop shops at the Keeaumoku International Village will be closing end at the of the month. A highrise with 42 levels of residences known as The Park on Keeaumoku will be taking its place. Construction is planned to begin during the first quarter of 2022.

Part of a statement from developer Nan Inc.’s Vice President Wyeth Matsubara said, “The Park is truly a mixed-use development with a substantial commercial component offering dining and business to functionally integrate with the residential component and community as well.”

Existing tenants like Sorabol tell KHON 2 News they are close to signing a lease at a new location, while others like Asahi Grill continue their search for a new home.

Savio said the Keeaumoki and surrounding areas will see more redevelopment.

Savio said, “I think all of the changes are good, this area is going to be kind of like, I think it is going to become the local Kakaako, where local people can buy units that are still relatively affordable.”

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The Park on Keeaumoki has units listed between $600,000 to $1.3 million.