Changes Coming to Craigside III
The Hawai'i Conference Foundation has owned and operated units in the Craigside (Tower III) apartment building for as long as the building has existed. The Foundation developed the building as a rental project in the mid-1960's, with a focus on being able to make affordable housing available for retired clergy and church workers. The apartments have also served as an important investment property for the Foundation.
Over the years the needs of the Conference and the Foundation have changed. The revenue stream of offerings shared with the Conference has declined for the past decade as the need for missional support has increased. The Conference has had to look to the Foundation for an increasingly larger share of income in order to support the mission work of the Conference. It has also recently had to cut back on mission expenditures.
As an investment property, Craigside III has not performed well in recent years. The building is aging, maintenance costs are on the rise, and the challenges of sharing control over maintenance and operation of the building with the Association of Unit Owners have been consistently difficult. As a mission property, the building meets the needs of only a very small number of retired people and disproportionally ties up resources that could be directed to broader strategic goals within the Conference.
For these reasons, the Board of Trustees of the Foundation has decided to sell the units in Craigside III. This is part of a larger plan to provide stronger missional support for the Conference. Part of our long-term strategy with the Conference is to raise money for a statewide program that will support Hawai'i Conference clergy who retire on the island of their choice. We will also try, as best our resources will permit, to provide support for our retired clergy who are currently living at Craigside III.
We are completing the process of engaging a broker to advise us on the best process to follow and the timing of sales. We are intentionally approaching this as a gradual process, with a plan to sell approximately six units a year following a divestment process that will take multiple years to complete. Once we have decided on a timeline for the marketing of specific units, we will give ample notice to our tenants. We will also do our best to minimize disturbances to our tenants as our broker and its agents work in the building.
Change is never easy, but it is sometimes necessary. We appreciate the understanding and patience of our Conference community as we go through this process.
Andy Bunn Executive Director Hawai'i Conference Foundation