Hawaiian Electric Industries and American Savings Bank have each donated $250,000 to the University of Hawaii Foundation for Residences for Innovative Student Entrepreneurs, or RISE, a live-learn-work community for future entrepreneurs.
The innovation and entrepreneurship center, which is being built on the site of the former Atherton YMCA, will be operated by the Pacific Asian Center for Entrepreneurship, or PACE, at UH Manoa’s Shidler College of Business. Last month, Sandra Fujiyama was named as the new executive director of PACE, where she will direct entrepreneurial programming at RISE, according to previous reporting by Pacific Business News.
The facility’s main entry will be named for HEI, while a rooftop deck will be named for American Savings Bank.
“HEI is thrilled to continue our ongoing partnership with PACE and the University of Hawaii,” said Connie Lau, HEI president and CEO, in a statement. “RISE will be home to Hawaii’s next generation of innovators and entrepreneurs. These future leaders are the catalysts that will help us build a better Hawaii.”
The joint donations from HEI and ASB are among the largest corporate gifts toward the UH Foundation’s goal of raising $3 million to fund the RISE center’s furnishings, fixtures and equipment, along with operational programs and student scholarships over the first 10 years, according to UH officials.
“American Savings Bank is proud to support PACE’s efforts to cultivate and prepare students for careers in research, innovation and entrepreneurship—areas that are key to diversifying Hawaii’s economy," said Ann Teranishi, ASB president and CEO, in a statement. "We are excited for this new era for the University of Hawaii and share its commitment to develop our state’s future leaders and entrepreneurs.”
The $70 million project is being developed by a public-private partnership between UH, Hunt Development Group and UH Foundation, which purchased the one-acre site in 2017 for $8 million. Moss is the general contractor on the project, The Wilhelm Group is the construction manager and Design Partners Inc. is the lead architect.
“We are delighted to have the support of Hawaiian Electric Industries and American Savings Bank in our community because a large component of the success of RISE depends on private and community partnership,” Shidler College Dean Vance Roley said in a statement. “RISE will be accessible to all UH student entrepreneurs to develop themselves within an ecosystem of interdisciplinary collaboration and experiential learning. This type of private investment will stimulate long-term innovation and economic diversity in Hawaii.”
