$350M International Market Place Redevelopment Begins in Waikiki; Castle & Cooke, Kamehameha Schools Develop Workforce Housing in Kakaako
- Mar 10, 2014
By Adriana Pop, Associate Editor
Michigan-based developer Taubman Centers Inc. and its partners CoastWood Capital Group LLC of San Francisco and landowner Queen Emma Land Co. of Honolulu celebrated the groundbreaking of the new International Market Place in Waikiki.
Upon completion in the spring of 2016, the 360,000-square-foot shopping center will feature approximately 75 retailers, seven restaurants and the island’s first full-line Saks Fifth Avenue. According to the Pacific Business News, the redevelopment entails an investment of $350 million.
In addition to creating an estimated 1,000 construction jobs and about 2,500 permanent jobs, the project will bring revenues to support The Queen’s Medical Center, the state’s largest private, nonprofit hospital.
“The new International Market Place will become a new and sustainable income source for The Queen’s Medical Center, helping us provide much-needed quality healthcare and access to specialized medical services,” Eric Martinson, president of Queen Emma Land Co., said in a news release. “The groundbreaking ceremony marks a milestone for us as we continue to honor the legacy of Queen Emma.”
In other news, Castle & Cooke Homes Hawaii and Kamehameha Schools officially announced their plan to develop a 183-unit mixed-use workforce housing project in Kakaako.
The new development is slated to rise in an area known as the “Third City,” on a block bounded by Auahi, Keawe and Pohukaina streets.
The Castle & Cooke component of the project will be located on the makai end of the block and will include a 65-foot, six-story mixed-use building with 75 market-priced and 20 workforce condominiums, and 10,000 square feet of commercial space.
On the remainder of the land, Kamehameha Schools will be developing a 65-foot building, with 88 rentals reserved for middle-income workers and their families. Plans call for four floors of residential units and three levels of parking.
The entire project, which will be part of Kamehameha Schools’ “Our Kakaako” master plan, will cost $60 million to develop, the Pacific Business News reports.
“Castle & Cooke understands and shares our vision for Our Kakaako and has a deep respect for Hawaii’s culture and lands. We are extremely pleased to be collaborating with them,” said Elizabeth Hokada, vice president for endowment for Kamehameha Schools.
Photo credit: Taubman Centers