HONOLULU, June 14, 2013 /PRNewswire/ -- Queen Emma Land Company, Taubman Centers, Inc. (NYSE: TCO) and CoastWood Capital Group, LLC, are pleased to announce the commitment of retailer Saks Fifth Avenue to be the anchor store at the International Market Place as part of the planned revitalization of the iconic shopping center.
As one of the most valuable land assets of Queen Emma Land Company, International Market Place's redevelopment will support the mission of The Queen's Medical Center to improve the well-being of Native Hawaiians and the people of Hawai'i. Revenues generated from the redeveloped property will directly fund Queen's operations as well as upcoming community initiatives, such as the opening of The Queen's Medical Center – West O'ahu.
"We are excited to take another step forward in this process, as the redevelopment of the International Market Place will provide a renewed and sustainable income source for The Queen's Medical Center," said Eric Martinson, president of Queen Emma Land Company. "This project is needed to provide essential resources and will allow Queen's to continue to serve its mission providing access to specialized medical services.""This continues the steady progress we have made over the past two years in moving the project through the due diligence and feasibility stage," said Stephen J. Kieras, senior vice president of development for Taubman Centers. "Taubman and Queen Emma Land Company look forward to completing the process in the near future." "We are delighted to have the opportunity to open our first full-line Saks Fifth Avenue store in Hawai'i – particularly in this wonderful location in the heart of Waikiki," said Steve Sadove, chairman and chief executive officer of Saks Incorporated. "We look forward to offering the residents of and tourists to the area a great assortment of distinctive merchandise and our exemplary customer service, showcased in a beautiful new store within the International Market Place." This transaction is subject to customary closing conditions.