Adaptive Reuse: A Pathway to Making Home Ownership Affordable in Hawaii

Hawaii’s housing market has long faced challenges, with a shortage of affordable homes and growing demand for residential space. At Central Pacific Bank, we believe in finding innovative, sustainable solutions to help meet the needs of our community, and adaptive reuse is a key part of that vision.

What Is Adaptive Reuse?

Adaptive reuse transforms vacant or underutilized commercial buildings into much-needed housing. By repurposing existing structures, developers can create more housing quickly and efficiently, reducing the need for new construction. In Hawaii, where developable land is scarce, adaptive reuse provides a practical solution that aligns with our commitment to sustainability and responsible growth.

Act 37: A Landmark Moment for Hawaii Housing

The passage of Act 37 in 2024, supported by CPB, marked a turning point for adaptive reuse in Hawaii. This legislation simplifies the conversion of underused commercial properties into residential units, addressing the state’s critical housing needs.

"Act 37 provides a sustainable path to increasing our housing supply while preserving the cultural and historical integrity of our urban spaces." says Cathy Camp, CPB’s Executive Vice President of Real Estate

Why Adaptive Reuse Matters

• Making Home Ownership More Affordable: Repurposing existing structures reduces costs and time compared to new construction, lowering housing prices.
• Environmental Sustainability: Repurposing buildings helps reduce waste and limits the environmental impact of new development.
• Preservation of History: Many adaptive reuse projects maintain the character and history of Hawaii’s architectural landscape.

CPB’s Commitment to Adaptive Reuse

At CPB, we advocate for adaptive reuse legislation and support these projects financially. In addition to our work on Act 37, we’re backing Bill 51, promoting adaptive reuse in Honolulu. Our tailored financing solutions are helping developers transform properties like Davies Tower and 1132 Bishop into residential spaces.

Building Stronger Communities

Adaptive reuse projects not only address housing needs but also enhance urban areas, reducing commute times and creating vibrant, walkable communities. This fosters stronger connections and a sustainable lifestyle for residents.

Looking Ahead: CPB’s Role in Hawaii’s Housing Future

As Hawaii faces housing challenges, adaptive reuse offers a practical solution. Central Pacific Bank is committed to advocating for legislative changes, providing financial backing, and educating the community on the value of adaptive reuse. "From supporting legislation to guiding developers, CPB will continue to be a key partner in these efforts," says Camp.

Adaptive reuse represents a critical step in making Hawaii more affordable for everyone. With the support of CPB, this approach will help transform not only buildings but also communities.