The state land lease for the Country Club-Hawaii condos on Hilo’s Banyan Drive was transferred Wednesday to its association of apartment owners.
The state land lease for the Country Club-Hawaii condos on Hilo’s Banyan Drive was transferred Wednesday to its association of apartment owners.
The state Board of Land and Natural Resources agreed to the transfer at its meeting last Friday in Honolulu. The building’s master lease, which officially expired March 14, was in the hands of Herbert Arata.
The agreement allows the association board to hold the lease on a month-to-month basis while state officials develop a redevelopment plan for the area.
Arata paid the lease rent through Tuesday.
As of April, the condos owed $250,000 to Hawaii Electric Light Co., $150,000 in sewer fees, $600,000 for insurance premiums, in addition to other fees.
The building includes 142 residential units and six commercial units.