NAIOP

The Hawaii Chapter of NAIOP is one of 51 chapters within an extensive network that represents the interests of developers and owners of commercial real estate throughout North America.

NAIOP Hawaii provides effective legislative representation, relevant educational programs, and professional networking opportunities for our members.

Our members include developers, owners and investors of industrial, office and related commercial real estate in Hawaii.

Congratulations to the 2026 Kukulu Hale Award Winners and Special Honorees!

NAIOP Hawaii announced the winners of the 29th Kukulu Hale Awards on May 1^st at the Royal Hawaiian Monarch Room. This year’s sold-out event, themed “Lei Day at the Royal,” recognized excellence in seven project categories. Five special recognition awards also were announced.

Mahalo to our Kukulu Hale planning committee, jurors, and generous sponsors, including Ilima Sponsors: Alaka‘i Development, American Savings Bank, Bank of Hawai‘i, hi-arch-y, Honblue, and Prospac Holdings; Maile Sponsors: First Hawaiian Bank, Goodsill, and Layton Construction Hawaii‘; and Pikake Sponsors: Kapili Roofing & Painting, Old Republic Title, and Title Guaranty Hawaii

Special Recognition Awards

2026 Developer of the Year: Alaka‘i Development

For decades, Hawai‘i went without meaningful development of market-rate rental housing at scale. The barriers were simply too high, and many believed it couldn’t be done. Alakaʻi Development is proving otherwise through the persistence, vision, and leadership of co-owners Jon Wallenstrom and Cayenne Pe‘a. Since its founding in 2016, the company has delivered 817 rental homes in West O‘ahu, including The Element, a 318-unit community developed at the entrance to the rapidly maturing Ho‘opili master plan and adjacent to Skyline’s UH West Oahu rail stop. The firm recently completed the 240-key Hyatt Place/ Hyatt House adjacent to The Element. The Hyatt will provide an important community amenity while strengthening Skyline’s ridership.

LIFEtimE ACHIeVement: Vernon Inoshita, Chairman of the Board, Design Partners Incorporated

Vernon Inoshita is a distinguished architect, visionary leader, and the founding force behind Design Partners Incorporated (DPI), a firm he established in 1979 that has since become one of Hawai‘i’s most respected architectural practices. Over the course of his career, Inoshita has helped shape the built environment of Hawai‘i and the broader Pacific region, leading landmark projects that span affordable housing, high-rise residential communities, and resort developments. His legacy is found not only in the buildings he has helped bring to life, but in the generations of architects and industry professionals he has mentored and inspired.

Outstanding Service Award: Craig K. Nakamoto, Executive Director, Hawai‘i Community Development Authority

Craig Nakamoto was appointed to lead the Hawai‘i Community Development Authority in 2022, taking the helm of the state agency established in 1976 to revitalize underutilized and deteriorating urban areas, starting with the Kaka‘ako community development district and now including the Kalaeloa and Heeia community development districts on Oahu; the Pulehunui community development district on Maui; a transit-oriented infrastructure improvement program; and a 99-year leasehold pilot program. Leading by example, Nakamoto has brought a fresh approach and a “can do” attitude to the administration of much needed infrastructure and housing development in the state.

COMMErciAL BROKER of the Year: Jackson Nakasone, President, NAI CBI, Hawai‘i

Jackson Nakasone’s commercial real estate career began in 1978 when he joined the Grubb & Ellis Hawai‘i office. Four years later he formed his own real estate company, CBI, which stands for “Client’s Best Interest.” Now known as NAI CBI Hawai‘i after joining forces with NAI Global, the company handles sales, purchases, and leases for raw land and improved office and building space. It also manages a portfolio of commercial properties, and more than 1,500 residential units in apartment buildings and homes, including 300 HUD units.

Nakasone himself has handled over $200 million in commercial real estate sales in Hawai‘i.

NAIOP HAWAII MAHALO AWARD: Larry Heim, Senior Consultant, Honblue

NAIOP Hawaii extends a special Mahalo to Larry Heim whose enthusiasm and enduring support over the years – both personally and through Honblue – has had a direct and lasting impact on our chapter. From 2014 through 2025 Larry served on the NAIOP Hawaii board, including positions as Chapter President, Membership Chair, and Sponsorship Chair, and he has provided insight and invaluable contributions to many of our committees. Honblue has been a loyal NAIOP Hawaii Corporate Sponsor since 2010 and has contributed to the success of many chapter events. From flyers and programs to signage, banners, photo backdrops, and wacky props, Honblue has been NAIOP Hawaii’s go-to, can-do printing partner through the years.

2026 Project Winners: Kukulu Hale Awards of Excellence

NEW PROJECT AWARD – COMMERCIAL/OTHER OVER 40,000

The Park on Ke‘eaumoku

Submitted by: American Savings Bank & Design Partners Incorporated

Developer/Owner: Keeaumoku Development Owners LLC

Lead Design Firm: Design Partners Incorporated

General Contractor: Nan, Inc.

NEW PROJECT AWARD – COMMERCIAL/OTHER 40,000 SF OR LESS

Central Pacific Bank Kahului

Submitted by: Nordic PCL Construction, Inc. and Next Design

Developer/Owner: Central Pacific Bank

Lead Design Firm: Next Design