The International Market Place in Waikiki has begun the groundbreaking process for a $350 million redevelopment that will completely update the property. Queen Emma Land Co. has partnered with Taubman Centers to design and create a three-story mall, which will house 75 tenants and have a new 700-stall parking garage. There will be a total of 360,000 sq ft of retail space anchored by Sacks Fifth Avenue which will be approximately 80,000 sq ft in size. At the ground breaking ceremony, chairman of the board of trustees for Queen Emma Land Co., Rick Tsujimura, stated, "This is really a historic day for all of us. The International Market Place has been an iconic fixture in Waikiki. We should treasure those memories, but they should not constrain our future."
It is estimated that this redevelopment would provide about 1,000 construction jobs and 2,500 permanent jobs once the project is completed. The International Market Place is scheduled to reopen in the spring of 2016.
Source: Honolulu Star Advertiser, 3-4-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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