A new shopping center on Maui anchored by what will be the first Target store on the island is slated to open in March 2015.
Real estate development firm Property Development Centers announced Thursday that it has reached an agreement to buy 24 acres from major Maui landowner Alexander & Baldwin Inc. for the project in Kahului.
The Star-Advertiser reported details of the Target-anchored plan last June as leasing efforts and land sale negotiations were underway.
The 275,000-square-foot complex called Puunene Shopping Center is designed to provide space for roughly 20 retailers and restaurants. The developer has not announced tenants other than Target, which intends to build a 141,240-square-foot store.
Target presently has four stores in Hawaii: two on Oahu and two on Hawaii island.
Property Development Centers estimates that building the Maui retail center will create about 250 construction jobs followed by up to 300 permanent jobs.
"This new retail center in the heart of Kahului’s retail district is part of our ongoing commitment to provide new lifestyle shopping options for the Hawaii community," David Zylstra, chief operating officer of Property Development Centers, said in a written statement.
Puunene Shopping Center will be adjacent to Home Depot and Walmart, and not far from Kmart, Costco, Sports Authority and Lowe’s.
A purchase price for the land was not disclosed. A&B was asking $64 million. As part of the deal, Property Development Centers will sell about 12 acres to Target.
Property Development Centers is the development arm of Safeway formed in 2008. The company has been an active retail developer in Hawaii that typically, but not always, includes a Safeway store in its projects.
Safeway doesn’t plan to open a store at Puunene Shopping Center, as the company already has a store in Kahului. The grocery retailer also has stores in Kihei, Lahaina and one under development in Wailuku.
