Hawaii Reserves, Inc., the real estate affiliate of the Mormon Church, suddenly announced earlier this month that it has stopped development work on its proposed workforce housing project on hundreds of acres of land in Malaekahana, just outside of Laie.
According to a statement issued by Hawaii Reserves president R. Eric Beaver, a bid to add the project to the Koolauloa Sustainable Communities Plan is being withdrawn.
“Feasibility estimates pose an unacceptable risk at this time,” Beaver said in the March 6 statement. “Cost of the entitlement process, current market and political conditions, moderate community support, and other nearby residential development plans were key factors in our decision to stop the project.”
Beaver’s statement was read at a meeting of the Laie Community Association, and reported by KaLeo: Koolauloa News.
Just last month, Hawaii Reserves touted its project at a community meeting sponsored by the Koolauloa Neighborhood Board to review all pending projects in the area.
Other reading for the day: Check out The State of the News Media 2008, a new report by the Project for Excellence in Journalism. Slate.com attempts an explanation of “What is a mortgage-backed security?” and, the subtitle might read, “how are they melting down our financial system?”…A column in Mother Jones takes on “The U.S. military’s assassination problem“, while TomDispatch.com adds another take on the same issue.
Another article I found useful in explaining the various esoteric (and confusing) securities, including mortgage backed-, was in the London Review of Books a few months ago:
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