KAPA‘A — A deeply rooted financial institution plans on expanding its presence on the island following the purchase of a historic building in north Kapa‘a.
Kaua‘i Federal Credit Union acquired the Otsuka Building, which formerly housed Otsuka’s Furniture at 1624 Kuhio Highway, the credit union said in a statement on Thursday, Oct. 27. Financial terms were not disclosed.
The credit union plans on restoring the building for the purpose of opening an Economic Resiliency Center and a new branch. The new branch will bring products and services, such as housing stability resources, small business and nonprofit support, to the east side community.
“We will always offer traditional financial services, yet this growth and evolution of our credit union has the power to create a more equitable, diverse and, most importantly, socially responsible, regenerative economic model for the island,” said Monica Belz, president and CEO of Kaua‘i Federal Credit Union, in a statement on Oct. 27.
The acquisition of the Otsuka Building, which measures approximately 20,000 square feet, will build on the financial institution’s foundation as a community development credit union. The aim is to reduce dependency on imports and diversify local employment opportunities, with an emphasis on climate resiliency, cooperative business models and social and cultural enterprise.
“Our model is one of a circular economy,” Belz said. “With rising inflation and a severe lack of affordable housing, we are committed to building an economy that puts people over profits.”
As part of its plan for the building, the north Kapa‘a branch will honor the sense of place and history of the location, which includes displaying artifacts, utilizing local materials and employing local artists, crafters and designers.
The new branch will also partner with the Kaua‘i Museum to celebrate the legacy of the Hawaiian monarchy, fair leadership and regenerative land practices that were built into Kaua‘i’s ahupua‘a system.
“We have a unique opportunity to serve the community by creating innovative settings, experiences and partnerships,” said Bria Greer, director of development, in a statement on Oct. 27.
Greer, who comes to the project from G70, an architectural firm in Honolulu, added she is delighted to help.
“We are excited to
co-create with our community and reimagine how the built environment can enhance resiliency and contribute to a regenerative economy.”
Roberta Charles, chair of the Kaua‘i Federal Credit Union board of directors, said she is looking forward to seeing the project unfold.
“We are honored to assume stewardship of this property. This iconic building, once restored, will serve as a hub for the community and an investment in three pillars (housing stability, small business innovation and entrepreneurship) and disaster relief and nonprofit capacity building,” Charles said in a statement on Oct. 27.
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Wyatt Haupt Jr., editor, can be reached at 808-245-0457 or whaupt@thegardenisland.com.
