Waikiki's International Market Place Update

The International Market Place in Waikiki was originally founded in 1957, and was known by tourists and residents alike as a place to find various small businesses selling everything from candles to inexpensive aloha shirts.  Many found the shops to be "quaint" but the truth was that the market had not undergone any major renovation since 1970 and many of the trees and buildings had severe termite damage.  Now, through a joint venture between landowner Queen Emma Land Company, Taubman Centers Inc. and Coastwood Capital Group LLC, the historic International Market Place will undergo a complete transformation and a new $350 million retail complex will take its place.  The new property will have 360,000 sq ft retail, dining and entertainment and will be anchored by Saks Fifth Avenue.  There will a total of 750 parking spaces, 60 stores and 7 restaurants at the new market place. According to Taubman spokeswoman Rachel Ross, construction will start in February 2014 and should be completed by early 2016.

Some current tenants and neighborhood residents are very unhappy to see the transformation occurring. However supporters of the project note that the new development would create about 1,000 construction jobs and approximately 2,500 permanent jobs.  They also argue that creating the new market place would increase the value of surrounding properties, reduce crime in the area, and encourage other developers to come to Waikiki.  The Waikiki Improvement Association president, Rick Egged, commented, "Taubman has a reputation for doing quality work that fits into the local community. I really believe that they will create a whole new set of opportunities for Waikiki." 

Source: Honolulu Star Advertiser, 12-22-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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