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Taubman Centers And Queen Emma Land Company Announce Plans To Move Forward With The Revitalization Of The International Market Place In Waikiki

Stocks in this article: TCO

BLOOMFIELD HILLS, Mich., Aug. 9, 2013 /PRNewswire/ -- Queen Emma Land Company, Taubman Centers, Inc. (NYSE: TCO) and CoastWood Capital Group, LLC, announced today that they are officially moving forward with their plans to revitalize the International Market Place in Waikiki, Honolulu, Hawaii. 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 all the people of Hawaii.

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"Revitalizing the International Market Place will ensure that this destination can continue to be a gathering place for island residents and visitors from around the world," said Gov. Neil Abercrombie. "The benefits of this project are deep-rooted and far-reaching, creating jobs for local people and bolstering our tourism industry, while providing The Queen's Medical Center with the revenue to provide life-saving services to residents and visitors across Hawaii."

"After years of planning, we are very excited to finally move forward with the revitalization of the International Market Place," said Eric Martinson, president of Queen Emma Land Company.  "This comes at a critical time for us, as healthcare reform is affecting hospital budgets nationwide. When it opens, the new International Market Place will provide a renewed and sustainable income source for The Queen's Medical Center allowing us to continue caring for Hawaii's people for years to come."

The new project, currently scheduled to open in spring 2016, will feature 360,000-square-feet of retail, dining and entertainment.

Located on six acres in the heart of Waikiki, the center will include approximately 60 stores, many of which are anticipated to be unique to Waikiki, a three-level Saks Fifth Avenue and seven restaurants on a third-level grand lanai. A parking garage with approximately 750 parking spaces will provide convenient access for visitors and locals alike.

"We are deeply committed to Hawaii and believe the renewed International Market Place will be exceedingly positive for both The Queen's Health Systems and the local community.  In its new form, the center will continue to serve as a must-see attraction for the people of Hawaii and its visitors," said Stephen J. Kieras, senior vice president of development for Taubman. "We have worked closely with our team of Hawaiian cultural advisors, local consultants and Queen Emma Land Company to develop a retail project, that although contemporary in design, incorporates a deep respect for the culture and rich heritage of this dynamic community."

The redeveloped International Market Place will provide guests with a true Hawaiian sense of place by incorporating natural water features, natural stone, indigenous landscaping, educational discoveries and an area honoring Queen Emma's legacy. A grand lanai on the third level will provide a varied selection of outdoor dining venues under the stars.

"Having spent many years working with Taubman and the last 10 years investing in Hawaii, I am excited to partner with Taubman on what we envision will be a very unique and dynamic retail project," said Cordell Lietz, president of CoastWood Capital Group.

The well-known iconic banyan tree on the property will be preserved and incorporated into the design. Taubman has engaged a registered arborist, who has been monitoring and attending to the trees in the International Market Place for more than 40 years, to preserve and enhance the health of the tree. A plan is in place to protect the tree during the construction phase, and ensure its well-being on a long-term basis.

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