The University of Hawaii Foundation is in discussions with the YMCA of Honolulu to purchase property near its main campus.
The UH Foundation, the main fundraising arm for the University of Hawaii system, is in "negotiations regarding the possible sale" of the Atherton YMCA branch, according to a statement released by Michael Broderick, CEO, YMCA of Honolulu, to Pacific Business News. The deal is expected to be finalized by the end of the year, according to the report.
The Atherton Y consists of two co-ed residence halls and is located across the street from the university on University Avenue. Most of Atherton's residents live at the Charles H. Atherton House, which was donated to the YMCA to be used as a resident facility for the university's students in 1932. The Mary Atherton Richards House contains the Y's administrative offices, the Healthy Start Center fitness area and a coffee shop.
The YMCA of Honolulu announced it would sell or lease the Atherton Y in 2014, and the UH Board of Regents discussed plans to purchase the property in May, according to Ka Leo O Hawai'i, the UH Student Newspaper.
The property is valued at $11.6 million, according to tax records cited by Pacific Business News. The Y's decision to sell the property came after "extensive research and evaluation" of options for the future of the branch, according to the Pacific Business News.
The YMCA of Honolulu is one of the largest non-profit organizations in Hawaii and serves more than 100,000 individuals annually through its programs. The Atherton branch is one of nine branches in its system that spans across Maui.