The Hawaii Tribune Herald (HTH) is reporting that the owners of Ken's House of Pancakes are opening a new steakhouse restaurant in Hilo in the old Harrington's location at 135 Kalanianaole St., overlooking the Ice Pond on Reed's Bay. The new upscale eatery will be called "Ponds Hilo Dining on the Edge", and is expected to open on April 1 (no fooling?).

Although the HTH article makes it seems as though Ric & Debra Maiava have purchased the property, the public record data on the MLS indicates that on March 2, 2009 a 10-year long term lease was recorded for DebRic's, LLC for the amount of $618,240, with a one-time option to extend the lease. This works out to $5,152 per month.

Three TMK parcels are included in the lease (3-2-1-6-11, 12, 20), with a total land area of 16,843 sq. ft.

The longtime owners of the property, the Furtado family, had listed the property for sale back in July of 2006; originally at $2,495,500, and reduced the price to $2,000,000 in Feb. 2007, before withdrawing it from the market in March 2007. 

There is currently another waterfront property for sale in the area, listed at $7,900,000.