Hawaii Pacific University announced today that it has secured investors for its first $42 million issue of special purpose revenue bonds.

The bond revenue, which is expected to total $80 million, will fund various university projects — most notably its Aloha Tower Marketplace campus. The bonds were authorized by the Legislature this year and reflect a private-public partnership between HPU and the state.

According to university President Geoffrey Bannister, the funding is integral to the “the repositioning of HPU within the higher education landscape.”

The Aloha Tower project — which has garnered scrutiny in the past because of controversies over land ownership — is a key part of that endeavor.

HPU is renovating the second floor of the complex and converting existing spaces into student housing. It’s also redeveloping the entire marketplace, bringing in new retailers and creating community gathering places.

One of those retailers will be a 7,200-square-foot Barnes & Noble college bookstore, which will be open to both students and the public. 

Aloha Tower renovation is slated to begin this September.

HPU plans to issue a second set of bonds next year.

Photo courtesy of cliff1066™ via Flickr. 

— Alia Wong