DeBartolo Development LLC held a blessing ceremony at the site of the planned Ka Makana Ali'i shopping mall in Kapolei despite not having signed an official lease agreement with the state Department of Hawaiian Home Lands, which owns the 67 acre site. The DHHL has provided a contract with DeBartolo to pay them $600 million in base rent over 65 years and a percentage of the rent that the mall would receive from their tenants, which would amount to approximately another $400 million. DeBartolo hopes to work out the final details of the lease shortly, as they have stated that they would like to begin construction of the 1.4 million sq ft mall by the end of this year.
Source: Honolulu Star Advertiser, 1-24-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
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