The $543 million redevelopment of the Ala Moana Center in Honolulu is expected to start early next year, the Pacific Business News reports. The completion date has been set for late 2015, General Growth Properties Inc. said in a filing with the U.S. Securities and Exchange Commission.
The Chicago-based company plans to expand Hawaii’s largest shopping mall by replacing the current 340,000-square-foot Sears store with approximately 700,000 square feet of retail and restaurant space, including a three-level, 160,000-square-foot anchor tenant. Plans also call for a fourth-level parking deck.
In April, General Growth completed the acquisition of 11 Sears anchor pads from Sears Holdings Corp. for a total of $270 million. Under the agreement, the lease on the space at Ala Moana – one of the country’s most lucrative malls, with sales surpassing $1,300 per square foot – accounted for $250 million. Sears will continue to operate the store through the end of 2013, the newspaper reports.
In other news, Hawaii developer Stanford Carr is planning 203 residential units on a vacant 22-acre site along Front Street in Lahaina on Maui. The $60 million Kahoma Village housing project will be developed on land owned by The Harry & Jeanette Weinberg Foundation, the Maui News reports.
Kahoma Village will offer a mix of three- and four-bedroom single-family dwellings and two- and three-bedroom multifamily units. According to a recent draft environmental assessment, a total of 102 multifamily units will be affordable to households making between 80 and 160 percent of the island’s median income.
Developer Stanford Carr told the newspaper that he was confident the project would appeal to residents.
“Where else can you find — on Front Street — an opportunity to buy a brand-new home? As well as starter homes?” he asked.
Recent market studies show that Kahoma Village will experience a reduced level of competition since there is a limited supply of housing on the market in the West Maui region. The build-out period is expected to take two years.
Photo credits: www.malls-info.com