Goodbye to Waikiki's International Market Place. Hello, upscale mall.
The Market Place still stands. But its days are numbered.
Last year, it was reported that the landowner-Queen Emma Land Co.-was taking proposals for developing the Market Place's 6.48 acres in the heart of Waikiki. They expected to be done in several months.
It took longer, but last week Queen Emma Land signed an agreement with Taubman Centers. Taubman is a Bloomfield Hills, Mich., company that develops, owns and operates high-end malls across the country. For instance, they own Beverly Center in Los Angeles, the Short Hills Mall in New Jersey and Fair Oaks Mall in Virginia.
Taubman is not saying much about the agreement except it "will evaluate the market feasibility of developing the current International Market Place, as well as conduct more in-depth due diligence into physical and regulatory requirements as next steps before moving forward."
OK. What does that mean?
A major Hawai‘i project like redeveloping the Market Place will require jumping a fair number of regulatory hurdles-public input, environmental impact statements, approval from the Waikiki Special Design District and so forth. So Taubman's commitment is tentative.
"This is a step, perhaps not a final step, toward redeveloping the Market Place," says Queen Emma Land's Les Goya. "We're still in a fluid period, but this agreement with Taubman finally moves us forward toward getting it done."
Don't expect the Market Place to disappear overnight. Hawaii projects of this magnitude move forward at glacial speed.
However, Taubman already has a financing partner, San Francisco-based real estate investment firm CoastWood Capital Group.
Should all go well, Taubman will take a long-term ground lease on the property and proceed with redevelopment. Says Taubman vice-president, Stephen Kieras, "This popular area will be revitalized with destination retail and dining for tourists and residents alike."
In other words, the Market Place is likely to become an upscale mall.
The mall-ing of the Market Place will no doubt bring dismay to many who have happy memories of the place, its colorful jumble of kiosks and souvenir shops.
However, there are many in Hawai‘i who feel the prime Waikiki real estate occupied by the aging Market Place cries out for redevelopment. The Queen Emma Land Co. itself is a income-producing non-profit, which supports The Queen's Medical Center, a major hospital and healthcare provider for Hawai‘i residents and visitors.
Mahalo For Reading.
If you or anyone you know is thinking about buying or selling a condo in Honolulu, Hawaii, it would be my pleasure to help.
Douglas Fischer, R.A., REALTOR, ePro, C.D.P.E.
RE/MAX Honolulu
www.HNLCondos.com
808-497-3810
Douglas@HNLCondos.com
Douglas is an experienced and respected Honolulu, Hawaii Realtor Associate, in partnership with his Japanese speaking partner, Christopher Sumida, who specialize in residential Real Estate and the sale of Condos in the greater Honolulu area including the neighborhoods of: Waikiki, Diamond Head, Ala Moana, Kakaako, Kapiolani, Makiki, Chinatown and Downtown Honolulu.
One of my favorite ol hawaiian Waikiki locations, it will be sorely missed!
Aloha Brad,
I know exactly how you feel. However, unfortunately the International Market has become a little run down and tired looking over the years. I think, even though it sounds like another "mall" that they plan on replcing it with, I'm confident that they will do a tasteful modification of the original marketplace......and, I'm almost certain they will keep that fantastic, huge old Banyan tree in the center of the market. Mahalo for your comment.
I feel the city needs to step up and be sure the new mall keep the same character and offerings at the Wakiki Marketplace. This is one of few remaining historical landmarks in this area of Waikiki. How sad for it to go. I personally do not call this progress. We love to visit there often.
Hi Lori,
Yes, everyone is feeling sad about these plans. We're hoping there will be a City Planning meeting (or many) to take public comment. The Waikiki Community Center is very active. I'm hopeful they'll retain much of the old flavor. I think it would he truly sad, if they removed that gorgeous huge Banyan tree right in the middle of the market, as an example.
By the way....congratulations. I read where you are teaming up with an agent in Honolulu to help sell real estate in La Quinta, Calfornia (where we both share some history) and here. Good luck!