“Tourism has returned; however, we do not have our high-spending international tourists returning till next year some time,” he says. “We do not expect to see any retail growth, except for some repositing of tenants. Hotel renovations at select properties may start proceeding for owners with deeper pockets.”

Hayashida says current projects in design and construction reflect this shift. KAI, founded in 1995 and now with 40 employees, is working on the $2-billion Koa Ridge Community, a 3,500-unit, 576-acre residential development; the $120-million affordable rental project HPHA School Street Redevelopment Phase 1; and Hawaii State Veterans Home, a 120-bed, long-term care facility, which will cost  $80 million. KAI is also working on several wastewater treatment plants.