By Steve Parnes

Site preparation and remediation is well underway at 616 Iwilei Road, an EFG-financed brownfield development project in Honolulu Harbor which was first announced in our Fall 2008 e-newsletter. (Click here to read the story.)

The borrower, Weston Solutions, Inc. (WESTON®), has plans to execute an innovative in-situ chemical oxidation process in order to remove the benzene contamination resulting from over 70 years of industrial operations.

Progress thus far in the remedial efforts has been extremely encouraging. Pilot tests for the likely remedial approach have shown favorable results, and negotiations with the Hawaii Department of Health have been positive. WESTON has also been working with the City of Honolulu on the site redevelopment plan, including traffic improvements for the entire area that would improve traffic flow and reduce congestion.

Last May, WESTON presented a marketing plan for 616 Iwilei Road at the International Council of Shopping Centers (ICSC) Conference in Las Vegas. And in June, the group presented at the regional ICSC convention in Hawaii. Presentations at both conferences were well-received and generated positive feedback from potential investors.

EnviroFinance Group provided $11 million in financing to WESTON for the remediation, infrastructure and site development of this four-acre, 174,240-square-foot contaminated land parcel. Situated approximately 15 minutes from Pearl Harbor, the property is adjacent to a lively retail district and will likely house an expansive retail center.

For those interested in learning more about this real estate opportunity, please visit www.616iwilei.com.