A bankruptcy court judge has denied a Hawaii developer’s request for more time to come up with the money and ended its lease with the state for the long-delayed $23 million mixed-use project at the Ala Wai Small Boat Harbor in Waikiki, Pacific Business News reported yesterday. Honey Bee USA LLC, through its counsel Chuck Choi, asked U.S. Bankruptcy Judge Robert Faris to give the Honolulu-based developer more time to come up with back rent that it owes the state Department of Land and Natural Resources, which owns the land, and funding for the Waikiki Landing project. Choi proposed to continue the hearing to June 27 and said that it plans to file a motion to dismiss its chapter 11 case on Tuesday. Just an hour before the hearing started, Honolulu attorney Keith Kiuchi, president of Honey Bee USA and manager of Kalia Holdings LLC, the owner of Honey Bee, filed a motion that reached an agreement with a joint venture partnership between Immco Investments LLC and Azure Route 66 Partners LP to provide nearly $5 million for the project. The joint venture partners needed at least three weeks to complete their due diligence, which would end June 27. The two companies also said that they would be willing to pay the state rent for the month of June, and that they would buy out Honey Bee’s interest in the project.
