Queen Emma Land Company has finalized a deal to lease the land under the International Market Place in Waikiki with the Taubman Centers. The Taubman Centers plans to completely redevelop the 56-year-old property and expects to spend $350 million to complete its new vision. The new International Market Place will have roughly 360,000 sq ft of retail space and has already had Saks Fifth Avenue sign on to be one of the main anchor tenants for the new project. Tentatively, the project will have about 60 stores, seven restaurants and a new 750-stall parking garage. Construction should start by the end of this year and should be completed in the spring of 2016.
The Queen Emma Land Company is affiliated with The Queen's Medical Center in downtown Honolulu. President of Queen Emma Land, Eric Martinson, stated, "This comes at a critical time for us, as health care reform is affecting hospital budgets nationwide. When it opens, the new International Market Place will provide a renewed and sustainable income source for The Queen's Medical Center, allowing us to continue caring for Hawaii's people for years to come."
Source: Honolulu Star Advertiser, 8-10-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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